According to a recent study, this trend is likely to continue for 12 to 18 months. This has pushed the entire ecosystem towards digital disruption and faster technological adoption. The impact is felt across patient care, treatment dissemination, and service delivery to practice management and the development of advanced medical devices.
M&A deals are now frequent and a welcoming change as the healthcare industry seeks to meet value-driven goals. IT is a primary consideration when two entities are merging and needs a major revisit before planning begins. It is also not the only factor. A robust IT integration strategy is important; however, it takes more than that to bring efficiency and coherence to the entire system.
The MedTech industry is covering a fair share of the entire healthcare pie. Medical devices form an integral part of this industry. M&A in this area are becoming popular by the day. But success brings in challenges. Let’s throw some light on these challenges.
Challenges Stemming From M&A in the Medical Devices Industry
The era has rapidly transformed to digital. But, certain traditional industries like the medical device manufacturers mostly depend on paper-based operations that are archaic and slow to bring value. Demand in production is becoming a challenge for these manufacturers because of the manual processes and silos in system operations. Though M&A are rampant workers, they don’t have quick access to the right data and information to perform their jobs. This impacts compliance and risks quality on the shop floor.
There is an increasing need for centralized systems, unifying all the customer data and process metrics in one place. A system that can track, and disseminate content aligned to mobile applications and offer easy access to any process, is what these manufacturers are looking at. As an outcome, companies are integrating advanced mobile and cloud solutions that put shop floors online.
The job of IT is to carefully scrutinize people, technology, process, and delivery across both source and target organizations based on the priorities and objectives of the two in contracts. Bringing two companies' data under one roof and creating a Master Data is a tough task, but it could be seamless with the right tools and processes. On this note, let’s try and understand what Master Data Management is all about.
What is Master Data Management
Master data management (MDM) consolidates each person, place, or process in a business, from across all verticals, internal and external data sources and applications, to bring it under one unified system. This information eliminates redundancies and duplicates to provide quick access to enriched, reliable and consistent data.
Once put together, this master data forms a trusted one-point source to view critical business data that helps people in the system to make informed decisions.
Master Data—A Problem For The Enterprise, Not Only IT
Stakeholder management, primarily customers, vendors, and workers, has been a complex task when there’s a growing demand for faster and efficient outcomes across all the areas. But, let’s say, when customers’ information is loosely scattered across hundreds of applications, it is tough to meet the timelines with efficiency and ease.
Without consolidation and coherence, this small task appears to be a massive roadblock for all businesses, withholding them to perform their best. Especially during a crisis, this adds to the chaos, detracting the company’s performance both in terms of cost-effectiveness and customer experience. Even if the information is present in the consolidated form, it is organized poorly, often leading to incomplete or obsolete information. Thus, Master Data is a major concern for IT, but its mismanagement stunts organizational growth.
