Just like every other aspect of life, the field of medicine and medical device manufacturing has also undergone changes to deal with the current environment. Technology is imperative to today’s world, it can help treat diseases like Covid-19. Many medical device manufacturers are striving to deliver quality products to the market. However, here is a list of 10 Key Performance Indicators that they should keep in mind to improve their service delivery:
1. First, medical device manufacturers should refer to the concept of adverse events. The adverse event metric will help manufacturers determine the number of devices that failed to produce effective results and led to some serious conditions like rendering a patient disabled or even death.
2. Second, a careful analysis of inventory is needed as it is imperative for the manufacturer to know the number of products produced and sold by the company within a given time period.
3. Third, a medical device manufacturer needs to have a record of all the products that were delivered to the customer on time.
4. Moreover, the company should be aware of the inventory they have in hand before it is dispatched to their clients as this will help determine if there are any surplus products that can be delivered if the demand for that particular product increases.
5. Every country has a set of rules and regulations that should be followed under all circumstances. By keeping a record of all products a manufacturer will be able to determine whether it has been compliant.
6. A medical device company should be aware of their cost of goods sold. It is vital to have such information as it will help a company to determine the price at which their products need to be sold in the market to turn a profit.
7. Operating margin is another factor that needs to be taken care of, as only then can a medical device company find out the actual revenue they are going to generate at the end of each month.
8. Gross profit is another very important KPI for a medical device manufacturer as it will help the company to find out the amount of money they have that can be invested to further promote or develop their organization.
9. Mean time between failure - Service management software can help you reduce downtime and determine how long it takes your organization to get back up and running after a pause in production.
10. Capacity Utilization - Buildings and equipment are expensive assets. You'll want to maximize their use. Service management software will help you balance the workload to improve capacity utilization.
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