How to Ensure that your Consignment and Field Inventory is a Sure-Fire Success!

It’s easy to have full control and visibility of your inventory – you just need the right tools to do it!
Consignment Inventory Management | Field Inventory Management | Loanset Inventory Management | mymediset | SAP Add-ons in the Healthcare Industry
May 10, 2022

On the one hand, consignment and field inventory is the most common and cost-effective way to make medical supplies and devices available to customers, but on the other hand, it also seems to be the most complicated type of inventory that MedTech companies are struggling to keep organized!

Medical supplies, medical loan sets, and equipment need to be moving quickly. Procedures are often scheduled for the same day, within hours, or even last-minute which is why making medical supplies immediately available is always a top priority. So, it’s self-explanatory that inventory stored with the sales rep or directly at the hospital is inventory type number 1 to ensure quick turnarounds.

Now let’s look at the reality lived by so many medical device companies and distributors around the world: Sales Reps carry medical devices and equipment in their trunk stock. Whenever one is required for a procedure by a hospital, they simply take it out of their trunk stock and hand it to the hospital. That’s it, business is done… or is it?

Unfortunately, business is only done if this action is somehow mapped inside the Enterprise Resource Planning system. Otherwise, no invoice will be issued! And to make matter worse, this particular medical device or equipment will still officially show as being ‘stored’ in the trunk stock of the Sales Rep! As you may be able to guess, this can cause numerous issues.

Who will make sure that this action is also mapped inside your Enterprise Resource Planning system? Who will be responsible for issuing the invoice to the customer? Who will order the replenishment?

If someone from Customer Service is informed via telephone or email, then it’s your lucky day, because they will most likely make all these system updates for you. But what if the Sales Rep is in a rush and can’t inform Customer Service immediately so they wait until the day after? What if this 24-hour delay has led to further missed sales opportunities? These scenarios might be hypothetical, but in fact these things happen each and every day and are a very real part of the medical industry.

So, what is the ideal solution to make this process better, much more efficient, or even fully automated? It’s simple. You only need the right software solution and the right app for your Sales Rep to make the process seamless and simple. If you manage to have both simultaneously and fully integrated into your ERP system, you are on top of things!

Now let’s imagine a different reality. One that can be attained with the right software! What if your Sales Rep could make the necessary system update on his own. Now imagine that he could do it in the same three seconds as he takes the medical equipment out of his trunk stock! Only a few clicks and the system knows that this specific equipment with a specific serial/ batch number and expiry date has been sold to this specific customer. The invoice is issued automatically and the replenishment is also immediately ordered. All is happening in the background in real time with an immediate effect on the whole ERP system, worldwide.

Sounds wonderful, right? That’s because it is! Plus, it’s simple and extremely user-friendly!

If you’re running SAP ECC or S/4HANA and feel overwhelmed by your consignment and field inventory, then you need mymediset.

mymediset is an innovative turnkey solution that’s designed to manage eventually every type of field and consignment inventory scenario and specification:

Field transfers (from one Sales Rep to another, from Sales Rep to customer, from customer to another customer, and more)
Consignment processes (Automatic invoicing and replenishment once a consumption is recorded, i.e., with our mobile app and barcode functionality)
Full visibility (What inventory is with which sales rep or customer? What serial, batch, lot, shelf lifetime information do they have?)
Reporting options (Which products are expiring soon, which ones are the quick turning ones)
• Applicable for all kinds of medical supplies, devices, and equipment. Even for medical loan sets.

mymediset comes with an app that has been specifically developed to cover the needs of Sales Reps. What’s so unique about it? This app is seamlessly connected to your SAP system! No middleware is needed, no time delays due to irregular synchronization periods; all changes done within the app are immediately reflected inside your SAP system, throughout the whole organization.

It’s time to truly reflect on how you manage your consignment and field inventory to ensure that the process is as streamlined and efficient as possible, and with mymediset, it can be! Speak to one of our experts now to unlock your full potential with mymediset!

Take the next step and find out more in a tailor-made demo! Get in touch to learn more.

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