Must-Have Features for Life Sciences ERP Software
ERP stands for “enterprise resource planning” and is software that helps businesses manage their day-to-day operations and processes. It integrates the management of business activities such as finance, operations, manufacturing, supply-chain management, risk management, and project management.
Life Sciences – The Ever-Evolving Industry
The life sciences industry is constantly evolving as new technologies and research strategies become available. Not to mention, the complex transition for individual companies as they move from R&D, to preclinical trials, to go-to-market phases. The right life sciences ERP software supports the continued evolution of life science companies through the different phases while providing support for quality control, cost management, FDA compliance and market integration.
Each phase of business has its own unique requirements, tasks and challenges. A life sciences ERP software that can manage the variables and complexities of each phase will help you realize long-term growth. The question is – how do you ensure you have selected the right life sciences ERP software?
How to Choose the Right Life Science-Specific ERP Software?
Scalability
If the life science software gives you the flexibility to start small and grow into a larger operation, then it’s a winner. The right ERP solution for life sciences should allow you and your business to scale without replacing your existing system so that you can accommodate growth.
In the life science industry, it’s common for companies to grow from a start-up to a multi-million dollar company in just a few years. A scalable ERP system gives you the flexibility to scale up operations as your business grows.
Cost and Quality Management
Multiple factors contribute to the creation, manufacturing, launch and distribution of a new drug/ device. Your business needs to have visibility into material costs and other variable spends outside of just monitoring vendor pricing. You also need to flag cost exceptions and have visibility into cost trends over time.
The life sciences industry demands a more sophisticated ERP solution than other industries, therefore, the right life sciences-specific ERP solution must have a built-in full-feature cost and quality management functionality.
Traceability
It’s a nightmare for any life sciences company when a product recall happens. But if it does, a life sciences ERP software must be able to quickly and accurately trace and track each such product/product component’s location (whether it is in stock, in the finished form, or at the customer’s site).
In other words, the right ERP solution should be able to assign a serial number and a lot number to products as well as product components to carry out the trace-and-track functions smoothly.
Customization
Another thing to look out for in life sciences software solutions is its flexibility to handle changing business processes, such as regulations and changing business elements. Especially since changes can occur at any time and are not restricted to only when implementation begins.
Smart Business Insights
A great ERP like NetSuite is designed to provide data visualization and analysis features, as well as functionalities that allow life science sectors to check compliance with industry regulations. This allows for an in-depth analysis of business operations, manufacturing, sales, and finances. This makes another compelling reason why NetSuite is the ERP of choice for life science firms. With this flexibility, the life science ERP system confers enhanced risk management, efficiency, and effectiveness to the business operations of a company.
Commercialization support
Another key component of a great life science solution is the ability to quickly ramp up manufacturing, production, supply chain, sales and fulfillment before a product goes to market on a commercial scale. The right life sciences solution will provide you with all of the above capabilities plus 3PL integrations, demand planning, quality management and more.
Real-time visibility
The need for real-time visibility into a supplier and operational data is crucial in order to detect issues and adjust operations suitably. The right ERP solution will give you a full picture of your business’ current status, with analytics and reporting allowing you to make the necessary adjustments and pivots.
With a life science ERP software like NetSuite, all of the company’s data is stored in one place, allowing everyone to access accurate cross-departmental data anytime, anywhere. This greatly simplifies the task of collaborating with other team members and facilitates seamless business processes and operations.
Takeaway
In a world of unprecedented financial pressures, unique market demands and strict regulatory requirements, life sciences companies face an uphill battle.
Meeting business requirements and optimizing processes such as product development, manufacturing, supply chain management, risk management, and quality control can be quite a challenge when you’re a small company trying to stay afloat in a big ocean—not to mention all the regulations you need to keep up with.
Thus, having an effective life science ERP software in place can streamline workflows and optimize business processes. Implemented and optimized by a leading ERP solutions provider like ScaleNorth, NetSuite ERP offers a cost-effective, flexible, and scalable solution to enhance the business efficiencies of life science firms.
If you’re looking to take your life sciences and biotech firm to the next level with NetSuite, contact ScaleNorth to get started today.