Your “trunk stock” is mobile, so your consignment inventory management should be too. In this post, we’ll review the challenges medical device manufacturers face when managing their inventory of trunk stock, and introduce a solution to painlessly simplify the whole process.
Merchandise that a sales rep carries around for demonstration or immediate sales is called “trunk stock”. A rep might carry this inventory in rolling cases, or even in an actual trunk. Inventory that a life sciences sales rep keeps on hand is another kind of “trunk stock.” Medical device manufacturers have to contend with managing a complicated and potentially costly type of trunk stock inventory. For example, during implant surgeries, physicians typically use 25 percent or less of the products provided in the implant surgical kit. The idea is that the practitioner is totally prepared for unexpected events—and this is a good thing. The problem for the manufacturer comes when unused items must be returned to active inventory, and that’s where effective consignment inventory management comes in.
Typically, unused surgical kit products must be sent to a centralized facility to be cleansed, sanitized, reassembled as necessary, repackaged and eventually re-stocked. This kind of trunk stock is actually a time intensive consignment inventory management exercise with plenty of opportunity for errors.
Poor management of trunk stock consignment inventory results in higher costs for both suppliers and their customers:
To address these challenges, Strategic Information Group offers a mobile-enabled QAD ERP bolt-on application that makes trunk stock and consignment processes automatic, simple and accurate—from anywhere, on any device.
Strategic’s proprietary “Mobile Trunk Stock App” automates all the tedious, error-prone manual processes associated with ordering, transferring, shipping, and replenishing consignment inventory. The module is designed for mobility, ensuring users high performance and real-time data access anywhere on any device. The Mobile Trunk Stock App can be deployed in the field on mobile devices, or in the office in a client/server model.
The Mobile Trunk Stock App provides visibility into and management of all consignment inventory, including leased and loaner inventory. The application seamlessly moves inventory from warehouse to consignment trunk stock location and creates neutral financial transactions for trunk stock sales orders.
Automate consignment replenishment:
Easily customize trunk stock shipment processing:
Strategic’s Mobile Trunk Stock App meshes seamlessly with your QAD ERP, and utilizes standard QAD reports and browses. It’s so quick to implement, you can be up and running, making the most of consignment inventory management, in just days.
If you’re interested in learning more about Strategic’s smart approach to consignment inventory management using our proprietary Mobile Trunk Stock App, connect with us! We’re ready to bring turnkey inventory efficiencies to your medical device organization.