MTS Blog: Time Is Money, Our Total Med Device Inventory Management Solution Proves It
In a 1748 essay, entitled “Advice to a Young Tradesman,” Benjamin Franklin said, “Time is money.” Medical device inventory sales reps probably know this truth better than anyone. For decades sales reps spent countless hours managing inventory. They stashed secret caches of product in their cars, jealously guarded precious space in hospitals, and lived in fear of not having kits in time for surgery. All this time and effort wasted because their ultimate goal, the part of the job that really paid, was to sell medical devices.
At Medical Tracking Solutions we had a theory. If there was a solid system that efficiently and effectively managed medical device inventory and ensured cases would be delivered on time every time, sales reps would spend less time managing inventory and more time selling. Reliable inventory management would, in effect, drive sales growth. In concert with our 3PL partners, we created a combined solution to prove this theory true.
Here’s what sales reps using the solution have to say:
“This program allows me to spend more time with surgeons and residents.”
“I hit my sales quota in large part because of it.”
“With more sets in the program, we would see sales go through the roof.”
“This is a game changer and sets me apart from my competition.”
“Because of poor quality of life, I was going to change careers until this started.”
“If this program was around earlier, we almost certainly wouldn't have lost tenured consultants.”
How does the program work? Through our 3PL partners, medical device inventory is inspected, stocked, and distributed through localized warehousing and fulfillment centers and is professionally delivered right to central processing. iTraycer, the proprietary MTS software, enables case scheduling and advanced medical device inventory tracking, ordering, usage, and replenishment through a robust combination of a mobile app and web-based platform.
The bottom line? Medical device sales reps schedule cases on their phones, and they meet their sets in the operating room. In addition to the hours saved schlepping product, all the paperwork that was so time-consuming and cumbersome is now managed on the mobile app. Sales reps are saving in excess of 10 hours per week that they now spend selling. In fact, sales are up by 26% for all active sales reps. And, 99% of deliveries were on time, and 95% were completed with white-glove, carry-in service.
For years we thought the most important outcome of improving medical inventory management was to reduce inventory and see an impact on the bottom line through cost reduction. Now we know that inventory reduction is a sweet by-product. The real impact and value of this program is sales growth because sales reps are spending more time selling and being productive and successful. And, oh by the way, there’s another great result. Sales reps are happier because they are making more money, and they have more time to spend with their families.
This program is a winning proposition for sales reps because they are more successful. It makes it possible for manufacturers and distributors to release their death grip on inventory management and turn the function over to a system that is designed to efficiently and effectively manage and deliver inventory with the highest degree of professionalism and integrity. Cost reductions come from the level setting of inventory. But, most importantly, it has a dramatic influence on sales growth. Ben Franklin was right; time is money.