You already know that better data = better decisions in almost any function—and any industry. But not all data is created equal. Eliminating data lag and ensuring access to high-quality data can boost your business in more ways than you think, especially in a fiercely competitive industry such as the orthopedic medical device industry. Let’s take a closer look.
The high costs of poor data quality
To understand the upsides of better data it’s essential to first understand the high costs of poor data. Data quality and data lag can drive up cost from decreased productivity, errors, and missed opportunities. In fact, according to research, costs associated with bad data quality can top $3.1 trillion annually. Statistical analyses peg the average cost of poor data quality at 20% to 35% of the operating revenue of the average organization.
A lot of this cost can be traced back to the need to compensate in some way for data quality. The pace of business is fast, and when time is of the essence, it’s sometimes easier to fix data in the moment than revert to the source and engineer a better solution. Or data must be cajoled into supporting decisions—it has to be cleaned, or filtered, or extracted from one system to be put into another, compromising fidelity and causing a lag.
These activities are all hallmarks of an inefficient data cycle, and it’s more common than most of us want to admit. Think about your sales reporting, for example. Is the data real-time, or does it need to be massaged in some way? If you’re inputting it into a financial system or ERP, and then someone must compile a sales report and push it out to regional directors and field reps, it’s not real-time. It’s data that lags real time, and by the time it gets to where it needs to be for your team to act on it, it’s had an operational cost (compilation/reporting) and an opportunity cost (perhaps a lag in sales trends or missed opportunities).
But solving it creates significant upside for your business. Let’s look at four key ways better data can help your team work smarter—and improve your business.
#1. More accurate forecasting
How would real-time sales data empower your team, especially in forecasting? It can be challenging to match demand with supply, which is why so many orthopedic OEMs struggle with over- or underproduction. Overproduction locks up too much working capital, while a lack of inventory can anger key accounts or cause lost sales.
Real-time sales data and real-time reporting are critically important for helping your team be more precise in forecasting—and stay on top of the supply chain, an important consideration given current pressures.
#2. Better inventory visibility
What would solving the inventory scramble feel like for your sales operations team? In one word: relief. Access to real-time inventory data gives your team the ability to see where devices and sets are and get them where they need to be on time.
With better data and by eliminating data lags, your team won’t have to wait until the last second to get product where it needs to be. They will have more trust that you can provide what they need in time. They’ll be less stressed and more productive. They can also focus on a job well done, and on nurturing and growing customer relationships.
#3. Improved case coverage
Can your team see all upcoming surgeries? Many firms struggle with data lags because of the necessity of moving data between systems. As a result, they don’t have real-time visibility into upcoming surgeries. Without knowing that a case is scheduled, it’s challenging to input (and assure) an inventory request.
Access to real-time data can solve this for your team. They can see every upcoming surgery and ensure that devices and sets are available. It’s better for your team, accounts, and sales.
#4. Real-time sales data
Is your team on top of sales trends, or are they looking in the rearview mirror? Things can change fast month to month. With daily sales reports, your team can stay on top of the trends—and stay ahead of any potential issues in inventory or customer relationships that need to be addressed. With access to better data, your team doesn’t have to wait for a sales report to be compiled and sent; they’re already on top of what’s trending with surgeons. This helps them focus on higher-value tasks like customer relationships and sales growth.
Ready to change how your team works for the better? ImplantBase can help. Implementing ImplantBase is the fastest, most effective way to enable real-time data, visibility, and inventory control. ImplantBase is orthopedic-specific, and is designed exactly for how your teams work together— Sales operations, supply chain, field reps, and finance. Our mobile app provides on-demand, real-time access to inventory, data, and processes to bring the field to you—and your teams together. Orthopedics is our entire focus, and we’re constantly working on new developments and enhancements to help you navigate changes in the market and your business, so you can be proactive.
Ready to learn more? Schedule your free assessment with our team to talk about ImplantBase, and how it can help you access better data in real-time.