Increased efficiency is an ongoing goal for any organization looking to stay ahead in today’s market, especially those in the Pharmaceutical industry. There’s often a lot of focus placed on things like increasing productivity, lowering operating costs, enhancing operational efficiency and improving product-based profitability, to name a few.
On top of that, pharmaceutical organizations need to devote a considerable amount of time towards operational planning, drug commercialization, go-to-market strategy and more.
While today’s best-in-class companies conduct these operations using automated tools, smaller pharma and biotech companies end up handling these operations with manual processes. Especially for these companies, a modern Enterprise Resource Planning(ERP) system that can handle end-to-end business processes and be used to collect, track, manage, and distribute critical information across all departments is invaluable.
A few high-level benefits of a modern ERP System include the ability to
Today’s ERP systems have evolved into powerful, agile platforms designed to integrate core and incremental business functions into one unified system. These modern ERP applications automate the flow of real-time information across departments, allowing easier collaboration and actionable insights to help drive important business decisions.
Based on experience, here are some of the differences seen in higher-end ERPs.
ERP SYSTEM | ORACLE | SAP | MICROSOFT |
---|---|---|---|
ATTRIBUTE | |||
COLLABORATION | MEDIUM | MEDIUM | HIGH |
LOW CODE INTEGRATION | MEDIUM | MEDIUM | HIGH |
USER ADOPTION | MEDIUM | LOW | HIGH |
UPGRADE COSTS | HIGH | HIGH | LOW-MEDIUM |
CHANGE MANAGEMENT | MEDIUM | MEDIUM | MEDIUM |
ENHANCEMENT COSTS | MEDIUM | HIGH | MEDIUM |
EASE OF INTEGRATION | LOW | LOW | MEDIUM |
SCALABILITY TO BUSINESS GROWTH | HIGH | HIGH | HIGH |
A cloud-based solution delivered over the internet using Software as a Service (SaaS).
Benefits
The ERP system is installed locally in the client environment, and data is stored on internal servers.
Benefits
Splitting ERP functions between on-premise systems and the cloud server to receive the best outputs.
Benefits
93%
percent of organizations apply cloud-based software or system architecture. Also, the application of hybrid cloud systems has escalated from 19% to 57% in 2017, a three times rise in a year.
Source: Mcafee
At present, the pharmaceutical industry faces numerous business challenges including
The growing consumer demand for superior-quality healthcare products at compelling costs and the competitive market makes it essential for pharmaceutical companies to streamline operations, reduce cost, and maximize efficiency.
From planning and purchasing to things like inventory, supply chain management, sales, marketing, and human resources, a modern ERP technology solution can enhance operational transparency with better collaboration across all departments.
When current systems become the reason for slowed business growth most companies start looking for other options. Some companies just want to positively change the way they function and switching to an agile ERP system can help trigger a major change.
Some additional reasons a company may choose to implement an ERP solution include
One of the big detractors of new ERP implementations is budget, as it can be easy to underestimate the complexity involved. There are numerous reasons for a budget overrun during an ERP implementation, including
23%of budget overruns take place due to unexpected technical issues.
22% for the additional technical necessity
20%for increased scope
17% for underrated project staffing
In an industry that is so highly regulated, implementing an ERP can help streamline your organization’s ability to operate efficiently. Below are a few major benefits that pharma companies can gain from a modern ERP
Despite widespread ERP usage, there are still companies that face difficulty moving to a modern solution. Can the same ERP implementation strategy and formula work for every business? Unfortunately not, as each organization follows a distinct process, and has unique needs and expectations.
Here are a few challenges that companies usually encounter:
Finally, here are some things to consider when you begin the task of finding the right solution
The right ERP solution, along with proper planning can improve your business processes and catapult your business to the top of it’s game.
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