Incumbent players, in the Pharma industry, have been pushed by competitors, foreign investors, and changing market dynamics to innovate and stay ahead of the curve. However, technology is driving change at an unprecedented pace. New players in the Pharma space are joining the bandwagon and posing challenges to already established players.
To thrive, Pharma companies need to evaluate and consider next-gen technology to automate their business processes. They need to have real-time visibility of clinical trials, frictionless supply chain activities and meet new expectations to stay relevant and lead in the new normal.
Recalibrate your Pharma business with next-gen ERP
As Pharma companies start recalibrating their business processes, they have the opportunity to explore how next-generation ERP can drive growth. There are still many Pharmaceutical companies that have held onto the traditional way of running a business. But, as the benefits of automation are hard to ignore, even those healthcare companies who were earlier skeptical are digitizing their business environment. These Pharma companies have acknowledged how ERP software can help improve the speed of decision making, quality of care, daily production analysis, cost management and so much more.
In this blog, we will quickly funnel down a few major benefits of having an ERP for your business.
- Handle complexity in managing GMP compliance
- Resolve tedious activity of material traceability
- Effortlessly manage BMR/BPR
- Perform group wise expenditure analysis
- Track multi-branches inventory in a real-time scenario
- Improve bi-directional material traceability
- Monitor waste through expiry alerts & FEFO based material consumption
- Manage quality- IPQC, In-process inspection, and ensure compliance
- Perform stage-wise revaluation of product costing and its calculation
Digitization is thus transforming the DNA of the Pharma industry. Those who transform stay resilient, agile and gain a competitive edge over their peers. Investing in a smart ERP is becoming increasingly relevant to address the perennial challenges of trust, quality, and speed in this complex industry. For instance, having visibility in the stock movement to rest informed business decisions and so much more.
Need for an ERP intensified in Novel Coronavirus
COVID-19 unleashed a catastrophe of unprecedented challenges and the Pharma industry has borne the impact of COVID-19 more than any other industry. It disrupted the way the drugs were developed and disturbed crucial supply chain equilibrium. Suddenly, there was an upsurge in demand for test kits, potential vaccines and supply medical equipment’s.
For the Pharma industry, it is the best time to explore ways SAP Business One can mitigate the impact of the Corona Virus and drive growth.
Cloud ERP: A Growth enabler in the Pharma industry
Access to the latest innovation, reduce TCO, ease of scalability, faster time-to-market, quick deployment, and the ability to access data on the move are all benefits that are driving Pharma leaders to contemplate Cloud ERP. Also, the disaster recovery scenarios, pay-as-you-go model and higher availability options further push Pharma companies towards the cloud. The best time is now to map new routes to success and make the right choices to step on the cloud bandwagon. The current business environment driven by complexities and opportunities reinforces the case for businesses to move to ERP cloud for various reasons. So, be on the path of intelligence, agility, speed, transparency with Cloud ERP.
Drive Quantum Leap in Your Pharma Business with Cloud ERP
SAP Business One ERP for Pharma is becoming increasingly relevant and garnering attention worldwide from medical care practitioners, health care companies and leading Pharmacists. SAP Business One is a missing piece your growing business needs to function optimally and magically. The smart ERP such as SAP Business One not only handles the primary requirements of GMP compliance, automates the complex batch manufacturing records but also helps you centrally manage the entire statutory process and be GST compliant. Overall, it makes the life of Pharma leaders easy who wears several hats to grow their business to new heights.