The life sciences industry is steadily growing and attracting billions of dollars in venture capital each year as companies develop solutions to help cure diseases and improve quality of life for patients worldwide. However, whether they’re developing new drug therapies, designing innovative medical devices or creating more accurate medical diagnostic tools, life sciences organizations have complex technology needs.
For example, in the startup phase, many life sciences companies utilize manual and spreadsheet-based business processes with very minimal technology infrastructures. However, as companies grow and begin the regulatory approval process, needs quickly change, and NetSuite cloud ERP solutions can help keep pace. With NetSuite, companies can manage common challenges while gaining real-time visibility into expenses and revenue and effectively managing financial consolidation, project reporting, cost management, internal controls and compliance.
More specifically, a NetSuite ERP platform can help growing life sciences companies achieve sustained growth and success through:
- Enhanced purchasing: Purchasing is a challenge for many life sciences companies, and NetSuite can be configured to meet a growing organization’s needs.
- Easier approval workflows: Approval workflows can be created to meet specific requirements and enforce unique business rules.
- Better purchase order (PO) management: NetSuite can combine many similar POs, streamline approvals and automate payments.
- Increased performance: NetSuite provides several key benefits for several facets of a growing life sciences company, from increased functionality and visibility to real-time consolidation.
In addition to these benefits, a NetSuite provider with extensive experience in the life sciences industry can often accelerate the implementation process.
With the life sciences industry in growth mode, firms need unified, modern technology solutions that can scale with increased demand. Companies that are slow to replace outdated financial and back office infrastructure may rapidly fall behind competitors, but those that think ahead and act quickly will be best positioned for success.