All of the examples I gave were direct ways businesses had to counter this new normal. Many are realizing efficiencies they wish they had found years earlier. Industries indirectly in the crosshairs will have to find more unique ways to transform digitally, whether it be to cut costs or increase efficiencies in the face of this crisis. An example of one, I anticipate at least, will be orthopedics- specifically, orthopedic service providers, distributors, and manufacturers. With the crisis taking the spotlight off elective surgery, OEMs have found problems with demand. These organizations already overbuild inventory in order to meet demand, so the sudden drop off has exacerbated this excess supply problem.
Anticipating some pent-up demand in this space makes this fact even more crucial. So how can the orthopedic industry get ahead of the game and follow the rest of the world through this global digital transformation trend?
Thankfully, there is a solution, and it happens to be offered by a company I’m lucky enough to work for. At QMed Innovations, we offer a solution that not only allows OEMs to cut inventory-associated costs but actually increases the efficiencies of this inventory. Our Quest device is an IoT device that attaches to surgical kits and relays analytics such as location and kit turns through our QVue software portal. Organizations can now get real-time and autonomous location of their inventory, as well as monitor their performance in the field. Previously, many organizations couldn’t even count how many kits they own.
The benefits don’t stop there. Quest connects various stakeholders, whether they’re within finance, sales, or compliance, by reducing costs associated with lost kits and overbuilding, increasing kit turns, and allowing for more easily managed product recalls. It’s time orthopedics joins the world in realizing the efficiencies brought by the digital transformation wave. If you’re in this industry, be the person that helps revolutionize inventory management- it all starts with Quest.