Nocturnal Product Development is an end-to-end medical device development firm in Durham, North Carolina. They develop Class I, Class II, and Class III implantable and life-saving medical devices, focusing mainly in the cardiac area.
The Nocturnal PD team has accumulated thousands of hours of clinical and preclinical experience. They manage complex projects with state-of-the-art technology.
KC Armstrong is the Founder and President of Nocturnal Product Development. With over 20 years experience in development and engineering plus 14 US patents filed, KC has led the development of a business that started as a side-passion and transformed into one of the most trusted partners for medical device development.
For Armstrong, part of turning his passion into a thriving business meant managing the finance and operations himself. He committed to a fixed-cost billing structure for customers, which differentiates Nocturnal from competitors but also requires meticulous project management and financial discipline.
“Our pricing model is a major advantage but relies heavily on our financial planning,” said Armstrong. “We forecast revenue and expense data for 18 months. The business depends on my ability to manage cash flow.”
He’s really good at it, and it’s helped the business triple in size and grow its revenue 500% since 2016. But the growth has introduced two challenges for Armstrong.
“First, our expense tracking is far more complex now,” explained Armstrong.
Not only has it become easier for expenses and outliers to slip through the cracks, but it also takes more and more time from Armstrong.
“I want to spend more time with the customers, and the customers want me involved with projects,” said Armstrong. “The more time I spend on operations or in QuickBooks, the less time I can spend on the projects themselves.”
QuickBooks serves its purpose for accounting and bookkeeping, but Armstrong needed something more proactive.
“I needed something to tell me what I need to know without me having to ask for it,” Armstrong said.
Nocturnal PD needed tighter expense tracking, and they needed to free up their founder and president to get back to his passion.
“With Viably, I have a tool that is more proactive at identifying the things I’m not good at finding on my own,” Armstrong explained. “It allows me to visualize the data in ways that I can’t with QuickBooks.”
It gives him real-time snapshots of spending and cash flow, helping him stay on top of finances while working with customers on critical projects.
“I’ll have the information I need to keep making good decisions, and it won’t take all my time to keep track of it all,” said Armstrong.
Viably allows him to redirect his time from building contingencies and monitoring cash flow and turn it toward helping customers meet their goals. It also frees up his employees to buy the things they need to do great work.
“I trust my team to make decisions, and that’s how we like to operate,” said Armstrong. “Now, they can buy what they need, and there’s no danger of it slipping through the cracks.”
Nocturnal’s founder and president can now refocus on the primary reason he started the business.
“We started this side-project not only because we love to build things, but we take so much pride in building things that improve peoples’ lives,” said Armstrong. “When we deliver for our customers, it means we’re helping them change lives—sometimes thousands of lives.”
Through a single view of cash flow, categorized expenses, and insights into Nocturnal’s spending, Armstrong can project manage and allow his team the freedom to solve problems.
“I want the team to buy what they need for the job—I trust them and they don’t need to ask me for anything,” said Armstrong. “But seeing everything we spend will help me plan, make decisions, and continue to grow a successful business.”