ERP Software Logo

Microsoft Dynamics vendors provide comparisons and opinions to professionals in the ERP/Accounting software selection process

 
 

Tridea Partners - A Columbus Company

5 Key Features for a Life Sciences Company to Look For in an ERP System


    Email | Print

    The Life Sciences industry is unique in many ways, especially because it “evolves” as companies go through the life cycle from pre-clinical to market.   Each of the phases of this life cycle have their own unique requirements, but commonly we come back to the same 5 key features that companies need to address with their business management and ERP systems.  While some of these features aren’t necessarily processed directly in their own software systems (for example, very commonly companies outsource manufacturing), they are still important processes to support for access to the right information to make informed decisions.

    Compliance

    When the FDA is in charge of the market you’re launching your new Life Sciences product into, patient and customer safety extends far beyond company guidelines. They set the standards for thresholds, and processes include: validation of your business systems for areas of security, manufacturing, and quality controls, audit trails, and overall Good Informatics Practices.

    Traceability

    You hope the day never comes where your product has quality issues or has some adverse effect, but you can’t be any too careful to ensure you have the right tools to minimize the impact on the patients or customers.  It also makes good business sense to understand the quality of products that are going to the customer in order to make improvements to future products.

    Real time access to information

    There aren’t too many industries where change is so rapid or control of ‘spend’ is more important than in the Life Sciences industry. Therefore, you need a system that can give you the right information at the right time through powerful reporting tools.

    Cost Management

    Access to funds isn’t quite as easy as it once was, and a significant amount of funding is needed to support R&D efforts for the creation of the next big drug or device.  Therefore, you need a system that can monitor the ‘spend’ to vendors and provide visibility into day to day expenses.

    Commercialization Support

    The big day comes with approval of your new drug or device and now you need to ramp up sales, production, and fulfillment.  This needs to happen yesterday and you need a system that can support the many processes that come with the product going to market; including manufacturing (or integration to manufacturer), 3PL integration, sales and marketing, production planning and quality management.

    Written by Andy Collins, Partner at Tridea Partners, a Gold Certified Microsoft Dynamics Partner focused in the Life Sciences industry.

     

    Ask This Expert a Question / Leave a Comment

     

     
     
    Show Buttons
    Hide Buttons