How To Increase Your ROI and Operational Efficiency As A Life Sciences Organization
The simple truth is that every life sciences and pharmaceutical company lives and dies by its ROI (return on investment). The reasoning for this is simple: ROI is a measurement of success. Success for a life sciences organization usually translates directly to new products, patents, and breakthrough research. Therefore, the ability to produce in these areas will ultimately determine if a life sciences organization is a success or a failure.
Thankfully, businesses have identified ways to increase their ROI. One of the most significant ways to increase ROI is by focusing on the ROI of ERP implementation. Indeed, your life sciences organization can increase its productivity, efficiency, and ROI by using robust ERP software.
The Benefits of Increased Productivity & Efficiency
Simply put, the benefits of increased productivity & efficiency for a life science organization are massive, and this helps explain why the ROI of ERP implementation is so critical. Benefits include:
· Reduced production costs, enabling you to produce more with less and save on purchasing materials
· High production and quicker trial results, allowing you to produce results faster than the competition and gain an edge on other organizations
· Creation of a positive work culture where results are valued, potentially giving you a leg up on recruiting high-quality staff
Ways to Improve Productivity & Efficiency
First, ask yourself this question: What measurements do you use for productivity and efficiency? Are the projects completed? Expenses? Total labor hours? Before you know how to improve productivity and efficiency, you must know what values you will use to measure it.
An appropriate data collection method is critical to improving productivity and efficiency. First, you have to ensure that you are collecting data. Data collection requires the appropriate use of technology to ensure that you have all the correct data at your fingertips.
As such, your organization can’t overlook the ROI of ERP implementation. ERP implementation allows you to track employee productivity, their use of materials, and what they ultimately produce. You can also better examine the factors that lead to productivity and efficiency, enabling you to make better staffing, scheduling, experimentation, and more decisions.
Furthermore, don’t forget that the ROI of ERP implementation can often lead to non-data-based solutions. For example, use your ERP and identify a broad-based weakness in a particular area. Then, you can use that measurement to determine where you may need better training or where you may need to improve your hiring processes.
How to Boost & Measure ROI
One of the top ways to boost and measure ROI is by having the right software. For example, let’s say you are a pharmaceutical company: Accounting software for pharmaceutical companies has been designed to directly determine your ROI and what factors may be dragging it down. A more thorough examination of the data from this accounting software should yield ways to improve the ROI.
Your organization cannot overlook the ROI of ERP implementation. A properly configured ERP will allow you to properly implement supply chain management, accounting, robotic automation, and more. In addition, it can allow you easy and streamlined access to clinical trials and ensure that they are both patient-centric and data-driven. This allows you to easily export data, integrate results into health care, and ensure the results of any trial are quickly used to manage clinical care better.
Proper ERP implementation can lead to increased profits. But, more importantly, it can result in better lives and improved quality of life. This is the ultimate ROI determination for any life sciences organization.
How FRC Can Help
Need more information on how to boost and measure ROI in your life sciences organization? At FRC, we help you identify KPIs that give insight into changes in spending and work with you to forecast upcoming cash flow. Contact FRC today, and speak with one of our specialists. We can help you implement an ERP to increase productivity and efficiency, while better boosting and measuring your ROI.
Contact FRC today, and speak with one of our specialists. We can help you implement an ERP to increase productivity and efficiency, while better boosting and measuring your ROI.