They also need pharmaceutical SMEs to gain complete visibility into their inventory management and materials to minimize costs and ensure compliance with regulatory requirements.
By ensuring uniformity in the control of their drug recipes by meticulously tracking historical information and monitoring the batches of products throughout the process.
A Pharma ERP software offers a broad array of functions and features that integrates information from all your business processes and offers you a single data source in real-time to make well-informed business decisions immediately.
Benefits that pharmaceutical companies around the globe have benefited from the introduction of ERP software.
- Achieving Real-Time Visibility into Key Business Functions
Every company within the pharmaceutical industry needs to manage a large quantity of data generated through its back-end operations, which includes standard processes like inventory and order tracking and specific processes for the sector like recipe management and document management.
However, suppose your SME is still using enterprise software that isn’t capable of automatically transferring data between one another. In that case, you may discover that employees must manually complete information entry and transfer across different systems.
It could cause delays in producing reports, which can reduce your ability to see the processes that run behind your business, such as manufacturing, inventory, and quality control, among other things. It could also be difficult to spot issues in these processes, which can prevent you from taking action to resolve them immediately.
It is necessary to find an application that integrates the various business software you use and bring all of the data produced by these systems to create a single data source. ERP software was specifically designed for this purpose, and the implementation of such an option for your pharmaceutical SME will greatly improve the effectiveness of your back-end operations.
Since their point-of-sale (POS) does not connect to their existing accounting software, their staff required manual entry of the sales information in their software for accounting. The dispensing system also required their employees to invoice their customers by hand.
Because both processes needed to be completed using manually entered data, Pasture Pharma encountered inaccuracies when processing data and slowdowns in their customer’s support efforts. To connect their business systems and eliminate manual tasks, the company changed their accounting software to SAP Business One.
- Maintaining Compliance with Industry Regulations
Pharmaceutical companies have a challenge in a business-specific to their industry: strict regulations that they must adhere to for the sake of staying in business.
To protect consumers from ensuring the safety of consumers to ensure the safety of consumers, HSA is constantly updating rules and regulations each year. To manage and account for the ever-changing requirements of the regulatory system, Your SME must implement an approach that can be flexible and adaptable in line with the evolving requirements.
An ERP software will provide Pharmaceutical SMEs with tools that it requires to ensure conformity with the rules, like First, Expired Out (FEFO), first Out (FEFO) managing inventory and quality control (QC) in addition to batch monitoring of the products throughout the supply chain.
Its ability to integrate different business systems and unite the information from each business process an ERP software can provide data integrity that pharmaceutical SMEs must ensure that it complies with regulations across all aspects of its operations.
- Transitioning to A Dual-Focus Business Model
Although many companies within the pharmaceutical industry utilized to focus their business models solely on R&D and research (R&D) however, numerous SMEs similar to yours are shifting away from this and moving towards a dual-focus model that emphasizes sales and marketing.
But, if your pharmaceutical business wants to succeed using the dual-focus model, it must be aware of the most effective methods for keeping relationships with customers, increasing its influence with consumers, and enhancing the effectiveness of its sales processes.
It implies that you’ll require an application that has CRM (CRM) capabilities that can assist your business in performing market research, running multi-channel campaigns, entering into profitable partnerships with doctors, and increasing your share of market share.
While a CRM program would give you the features your pharmaceutical SME requires to implement the dual-focus model of business effectively, Many ERP software also offers identical CRM features and functions in addition to other capabilities.
- Maintaining A Positive Public Perception
In the field of pharmaceuticals, companies are more impacted by their reputation than other industries for well-founded reasons, since accidents or other incidents that affect their products may be the key to life or death for their customers.
It is why it is crucial to ensure that the public’s perception of a pharmaceutical SME such as yours is that of a reliable company that produces high-quality products.
One of the most important aspects of maintaining trustworthiness in your public image is to ensure that your SME can track all of your goods at any time within the supply chain to be able to respond quickly and efficiently in the event of a recall being issued for the product by regulatory bodies like the HSA.
It will require an application that can provide the ability to track lots or batches for your company and is compatible with the technology that allows automation like the scanning of barcodes or RFID technologies.
It is allowed the company to implement an auditable, robust manufacturing process that gives the full transparency of their products throughout the supply chain, not only to the company but also to its customers, which improves the trustworthiness of the company significantly among its customers.
- ERP software package Solves Modern-day Challenges of the Pharmaceutical trade
To face the challenges of the current Pharmaceutical industry SMEs operating in this field need to gain total transparency of their activities. To stay in conformity with the industry’s ever-changing regulations and shift to a dual-focus business model, and keep an outstanding reputation with the general public.
These issues place a higher burden upon SMEs’ financial resources and capabilities like yours than they did before. Your company needs to invest in the right solution to help you overcome the issues.
A fully-featured ERP software program like SAP Business One achieves this by integrating business functions to give you the one source of truth that you require to have complete visibility into your company.
It also has the necessary features and could be integrated with relevant third-party extensions to address the specific challenges of the pharmaceutical industry.
These issues place a higher burden upon SMEs’ financial resources and capabilities like yours than they did before. Your company needs to invest in the right solution to help you overcome the issues.
A fully-featured ERP software program like SAP Business One achieves this by integrating business functions to give you the one source of truth that you require to have complete visibility into your company.
It also has the necessary features and could be integrated with relevant third-party extensions to address the specific challenges of the pharmaceutical industry.
Author Bio
Advika Apte is a serial entrepreneur at Techimply, with experience in the technology-driven field. She’s keen to share her knowledge on a few technology-related topics with readers that can assist any kind of business. Her passion for helping others keeps her motivated.
To read more on topics like this, check out the Business category