Healthcare
Elevating a medical device company’s performance with new metrics and KPIs.
Situation
A private equity owned global medical manufacturer aggressively expanded into new product lines with numerous add-on acquisitions. Each new acquisition added a new business with a new system containing product-line data in myriad different levels of detail. Trying to make any sense of product profitability became a fool’s errand. They knew their executives and managers needed one consistent version of the truth to understand performance and empower value-based decisions. They turned to Growth Operators’ Planning & Analytics advisors to make it happen.
Execution
- Developed a unified standard costing methodology to be employed at the product line level and for material, labor and overhead
- Standardized the disparate data across multiple entities to allow for consistent universal reporting
- Created key product line metrics and analytics, and developed a repeatable process and cadence to report key product line level metrics to company stakeholders
- Created an interactive tool for analysts and leaders to analyze data in many different dimensions, enabling them to quickly understand key drivers of their profitability
Result
Executives and managers in the company now have apples-to apples comparisons of business performance across all entities and product lines. They also have a tool they can use to slice and dice performance information in many different ways. Their data no longer overwhelms them, it informs them. And that empowers their team with the confidence to make decisions that are likely to create value.
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