How medical technology businesses are managing business data with automation

The medical technology industry is a niche governed by strict regulations, data protection requirements, and legal obligations to keep customer information from being mishandled. Despite these restrictions, the use of business data in this industry is incredibly valuable and can make a wide-reaching positive impact across the company when done correctly. In this article, we take a brief look at the current position of the medical technology industry, the challenges that come from managing large volumes of data, and what technology can help to handle it.

An overview of the medical technology industry

The medical technology (MedTech) industry saw an uneven 2023, with revenue growth and new novel-product approvals increasing the core capabilities of businesses, but with new drugs pulling investors away from MedTech in favour of more robust profit margins.

According to Today’s Medical Developments, the MedTech industry is set to grow at a CAGR of 5.6% and reach $595 billion (USD) in 2024, and their look at device areas (by sales) reveals the top areas are:

1. In Vitro diagnostics
2. Cardiology
3. Diagnostic imaging
4. Orthopaedics
5. Ophthalmics
6. General & Plastic surgery
7. Endoscopy
8. Drug delivery
9. Dental
10. Diabetes care

The medical technology market is influenced by a number of trends and new directions, often bought about by changes in technology, availability of new options, and consumer desires.

Key trends that are making an impact include:

• Integration of Virtual Reality (VR) into different parts of patient analysis, evaluation, and demonstration.
• 3D bioprinting offering more affordable, cost-effective, and flexible options in parts and (in some cases) overall care option.
• Artificial Intelligence (AI) augmentation to engage with customers, sort through databases for information, etc.
• Data analysis that operates at a faster and more efficient level to source, support, and handle operations.
• Digital therapeutics that utilise software to prevent, manage, or treat medical disorders.

Much of the progression in the medical technology industry is revolving around how to utilise advances, and ensure new products, ideas, and applications remain relevant.

Working with a tool that understands these pressures, and is capable of growing and supporting you is Why Medical Manufacturers are Adopting TEB Apps in order to make the most of every element of your information, and ensure the best opportunities are always taken.

Challenges when managing large volumes of data

The business data generated by medical technology services is often extremely sensitive both in the information it contains (especially when related to individualised custom-built solutions), and sensitive in how it must be handled to keep up with legal, moral, and ethical obligations.

This alone can make handling the data tricky, but once you also then start generating larger quantities, other issues and challenges can occur such as:

• Managing the actual volume of the data and ensuring it is accessible by those that should have access to it.
• Delays in integrating the data from various sources and ensuring it is updated as regularly as it needs to be.
• Lack of appropriate data cleaning to ensure no corruption, data loss, or vulnerabilities.
• Data security not being enough to handle the influx of information.
• Data quality declining due to insufficient data-infrastructure and processes.

There is also the issue of cost, both of storing and processing, and having the right tools in place to make use of the information to its fullest potential.

Sourcing and selecting the right tools and having a robust data architectural structure is essential. Supporting your team and your business with an all encompassing suite of programs and applications that also pay attention to the way data is handled can prove to be far more cost effective and useful than looking at too many different individual tool providers.

What technology can help manage data for medical technology businesses?

There are plenty of options on the market that claim their programs, applications, and functions are exactly what you need to make your business grow. At the end of the day however, you need a provider that is capable of working flexibly with your existing needs and is capable of growing with you – and one that is constantly innovating so you are always at the cutting edge.

Some of the most important technologies you need to support your business data include:

• Strategic automation that supports your activities and ensures a robust and reliable structure for your team to work with.
• Customer Relationship Management (CRM) software that has mobile and app functionality, in order for you to make the most of your customer data in a real-time setting.
• Team management tools that work with traditional, remote, and hybrid working patterns.
• Data pipeline structure that makes sense for the flow of data coming from individual sources and ensures it arrives safely at the centralised database / storage location.
• Analytics and monitoring tools which offer functions that work with what you want to monitor and measure.
• Reporting software that takes the data and makes it accessible and understandable to appropriate audiences.

The more you can structure your data, the more you can work with it. This allows you to delve deeper into your customers, your competitors, and the industry as a whole. This knowledge, when put to full effect can have a considerable positive impact on your business and your bottom line.

TEB Apps – Make managing data easy

Take the hassle out of data management and ensure that you are able to use your business data in the ways that suit your business.

When you adopt TEB Apps into your business, amongst other things you can expect to benefit from:

• Centralised data with the information accessible at every stage of your sales process.
• User-friendly funnel views that make it quick and easy to understand the information.
• Updatate data on the move so you and your team are always working with the latest information.
• Flexible generated reports which you can customise to show the datasets that matter to you.

Book your demo today, and discover why TEB Apps has been the program of choice for so many businesses, and has helped them upgrade their digital processes and put them on the road to success.