KPIs and Metrics
Penumbra (founded c. 2004) designs, develops, manufactures and markets medical devices for two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures. The Company focuses on developing, manufacturing and marketing products for use by specialist physicians, including interventional neuroradiologists, neurosurgeons, interventional neurologists, interventional radiologists and vascular surgeons. Penumbra’s annual revenue is ~$320 million.
Penumbra’s Accounts Payable Department was getting ready to invest in a new software solution to automate invoice payments and felt that it would be better to lean out their process before automating it. In other words, they did not want to automate waste.
Six processes were identified and mapped by an inter-departmental team that also included field personnel. Process steps in the longest of the six selected processes were reduced by more than 80%.
The engagement is ongoing.