Home 9 NetSuite 9 4 Reasons Why Life Sciences and Pharmaceutical Businesses Need Cloud ERP (2023)

4 Reasons Why Life Sciences and Pharmaceutical Businesses Need Cloud ERP (2023)

by | Nov 7, 2022 | NetSuite

The life sciences, pharmaceuticals, and biotech industries are booming, with small businesses and huge corporations alike all vying for a piece of the pie. From pharmaceuticals to biotech and everything in between, these organizations work to improve quality of life worldwide. Today’s advances in technology and artificial intelligence have opened up new opportunities for entrepreneurs who are looking to make money by designing, developing, and marketing products that will change people’s lives for the better.

The Life Sciences industry is rapidly expanding, and this trend is expected to continue as researchers combine advances in technology such as Artificial Intelligence with consumers’ persisting desire to remain healthy, agile, and virile. While much of the focus has been on the technology that pertains to the actual research, having the proper technologies in place to manage the day to day operations and complex business structures of these firms is equally crucial. 

Apart from navigating complex governmental regulations, funding events, complex accounting and finance practices, and meticulous project management, biotech firms need to remain agile as they transition from pre-revenue research to going to market. In this area, many biotech companies are lacking and do not have the technology they need to succeed.

netsuite for life science companies integration

NetSuite Life Sciences Software

Having an integrated cloud platform that can efficiently manage costs and operational requirements involves checking off numerous boxes including clinical trials, project management, planning & budgeting, financial reporting, inventory management, clinical supply chain, procurement, and more.

By utilizing a cloud-based ERP solution that checks all these boxes, you’re not only increasing operational efficiency but improving organization wide visibility and avoiding the unnecessary costs of running multiple systems. Here are four reasons why life science businesses should replace their aging, disparate systems with a unified cloud ERP like NetSuite.

Save Money With Life Sciences Software

Significant cost savings can arise from using one single system to run the majority of your operations. Multiple point systems require multiple areas of technical expertise, and often require APIs to be built and maintained between them to ensure operational efficiency. Businesses that implement NetSuite see a drastic decrease in IT spending.

Improve Communication

With NetSuite’s advanced CRM functionality, you’ll be able to simplify and streamline communications with vendors, suppliers, investors, regulators, customers, leads and more. By streamlining communications and data-sharing, NetSuite can cut companies’ operational expenses significantly. Plus, the cloud-based and mobile friendly solution is accessible anytime and anywhere, so you’ll never miss a beat.

Decrease Implementation Time

When life sciences companies decide to ditch their basic accounting systems and move to NetSuite Cloud ERP, the “wins” begin to surface quickly. Out of the top ERP options available, NetSuite boasts an implementation time that is significantly less than the industry average. ScaleNorth’s NetSuite implementation experts can get your team up and running quickly, allowing you to quickly realize ROI.

Automate workflows and eliminate manual tasks

Automated workflows keep you from duplicating manual efforts, while improving data accuracy and streamlining departments. From marketing to accounting, workflows can be used to automate routine processes, alert specific parties to milestones or deadlines, send strategic marketing campaigns and a whole lot more.

Life Sciences Software: Conclusion

Life sciences companies face a wide range of challenges while trying to meet regulatory requirements in a competitive environment filled with unprecedented financial pressures and unique market demands. It’s challenging to meet business requirements and optimize processes while ensuring compliance with industry regulations and staying within budget.

Thus, having a robust ERP system in place can greatly enhance core business processes. Life sciences ERP software like NetSuite provides a cost-effective, flexible, and scalable solution to streamline your business functions and improve efficiencies.

If you’re looking to take your life sciences and biotech firm to the next level with NetSuite, contact ScaleNorth’s NetSuite ERP advisors  to get started today!

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