Intuitively speaking, it seems any sell-side technology investment would be a force multiplier of greater growth. However, the fastest-growing medical device manufacturers are looking at tech investments from an entirely different vantage point than driving new sales leads and creating a packed sales pipeline. Instead, the fastest-growing companies are more obsessed with finding technologies that can quickly defeat data breakdowns and alleviate broken communication links across departments, suppliers, vendors, and customers.
 
In planning for growth in 2019, medical product and component manufacturers can take a cue from the technology strategies now being employed by the fastest growing companies in this industry. These strategies were captured in a recent survey of 151 North American manufacturers that research firm Decision Analyst conducted on behalf of IQMS. Through the survey, Decision Analyst was able to identify those medical device companies growing at least 10 percent faster than their peers, as well as the technology practices of these manufacturers.
 
Notably, the group of highest performing medical product and component manufacturers are obsessed with getting product and process quality data permeating through their supply chains and production networks in real time to find ways to improve. And in so doing, they are creating analytics-driven cultures that value data above all else when making decisions. Moreover, these businesses are successfully integrating analytics, business intelligence (BI), real-time monitoring, mobile reporting access, and quality management to gain valuable insights that enable them to capture new opportunities quicker than competitors.
 
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