Next Steps: What Happens To Life Sciences Organizations After Implementing A New ERP System?
Perhaps more than most organizations, life science businesses need an appropriately scaled ERP system to manage reporting and data collection, ensure compliance, and maximize their ROI while minimizing expenses. However, to get the most out of an ERP, a life science business must thoroughly understand how an ERP functions. Thus, a life science organization may ask themselves this critical question: What are the primary business benefits of an ERP system, and how can you maximize them?
The Life Science Industry – And Pain Points
There is no question that the life sciences industry is a thriving one. This industry was always performing relatively strong, and COVID-19 supercharged its growth. Currently, the industry is expected to grow at a rate of 7.5-8.4%, year-over-year, for the next five years. This industry is responsible for many scientific breakthroughs that have generated millions of dollars. Furthermore, technological innovation has helped to improve company profitability within this industry. This makes it less risky and efficient.
However, there are many pain points within the life sciences industry. These include:
- Sifting through the mass of data available and using it most efficiently.
- Lack of staff and shrinking international pipelines to bring staff to the United States.
- Need for constant technological innovation to maximize ROI.
- Ensuring that data connects to the patient in the most efficient and effective way possible.
What are the primary business benefits of an ERP system?
If you work in the life sciences industry, you may have asked yourself, “What are the primary business benefits of an ERP system?” There are many.
An ERP system can ensure that your management team has complete visibility into critical operational metrics. ERPs real time reporting offers enhanced cost tracking across company initiatives and efficient procurement systems accessible by the entire team.
Different ERP systems have other tools that can be expanded or contracted on an as-needed basis. This ensures that you can add or remove modules as your organization develops, thus allowing your ERP to grow with your organization.
Many ERP systems built for life sciences organizations have specific compliance modules. These will automatically populate data into appropriate reports and create reminders that ensure you are operating within appropriate scientific and governmental boundaries. This automation can save you considerable time and ensure that you are operating as you are legally required to do so. Furthermore, if systems aren’t automated, project management enhancements can ensure that all necessary data is collected and reporting completed.
There are many risks and benefits of an ERP. For example, NetSuite ERP benefits include automated data entry, cash flow management, and real-time data collection and analytics. At the same time, there are risks involved. ERP systems can be expensive, and you don’t want to purchase systems that you won’t use and will waste your money.
The primary business benefits of an ERP system are plentiful. First, however, your life sciences organization must do the proper research and ensure that you purchase the right system.
How FRC Can Help
Implementing an ERP can be a challenge. Does your life science organization need help doing so? Contact FRC today, and speak with one of our implementation specialists. We can help you enhance the implementation of your ERP in order to ensure that it is adequately serving your organization.