5 compelling reasons why pharmaceutical organizations need an ERP solution
Today, most pharmaceutical companies or organizations are faced with myriad business challenges such as stringent regulatory requirements, sweeping healthcare reforms, a demanding and demanding customer base, fickle market trends, global competition, and much more. Today, consumers are trying to look for health care products that are available at lucrative prices without compromising on quality.
Therefore, pharmaceutical distributors and manufacturers are looking for some solution that can effectively decrease production cost, maximize efficiency and optimize operations. In this scenario, ERP solutions are becoming immensely popular in the pharmaceutical industry. Here is a list of 5 compelling reasons why pharmaceutical organizations need a powerful ERP solution.
#1 Materials and inventory management
An efficient ERP system dedicated to the pharmaceutical industry has special modules that can not only control material waste, but also check inventory levels. Additionally, such modules are perfect for setting targets, flagging production material requirements, monitoring all material usage, generating triggers for replenishment and procurement. Apart from all these, this powerful pharmaceutical ERP system helps formulate inventory status reports along with reconciliation of inventory balances.
#2 Marketing and Sales Management
With the help of an ERP system, contract management and sales order processing instantly becomes easier. Tasks like maintaining all customer history and records, automatically migrating information to sales order, generating accurate quotes, running all promotional campaigns to drive ROI, etc. become easier So integrating a strong ERP solution can help you take charge of marketing and sales activities.
#3 Distribution management
A pharmaceutical ERP solution offers a flawless lot and lot tracking feature. With the help of this absolutely efficient module, the tracking and verification of all batches from the material request stage to the IPQC (ongoing quality control) stage becomes noticeably smoother.
#4 Document management and control
Due to the needs of compliance and legal surveillance, document management is extremely vital for this pharmaceutical industry. For audit verification along with future analysis, it is mandatory to record every process and every historical data. A well-designed ERP system can easily accomplish all of these tasks. Also, accessing any lab information becomes easy as the ERP solution would record everything in one place.
#5 Recipe management
To sustain themselves in today’s tough competitive commercial marketplace, most drug manufacturers are trying to gouge the price. This industry is all about dealing with the formulation of critical ingredients. Therefore, controlling the effectiveness of the drug along with the price becomes quite difficult for the manufacturers. Using a powerful ERP solution can put an end to this problem by keeping a well-balanced track of all these aspects in an effective manner.
Apart from all the reasons mentioned above, with the help of a systematic ERP currency for the pharmaceutical industry, it becomes easier to meet all the regulatory requirements of the business. It would not only offer a productive business model that complies with all government regulations and industry norms, but also increase business revenue.