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Four ways cloud-based ERP can fuel life sciences growth
March 20, 2023
Our leading digital practices can offer a path to growth in a changing world
The pandemic caused supply chain disruptions in every sector around the globe that may continue for some time. But the reverberations in life sciences were particularly pronounced. Not only that, there’s more pressure than ever on pharmaceutical and life sciences (PLS) companies to keep up with the dizzying pace of innovation.
In response, many pharmaceutical and life sciences (PLS) companies have accelerated investments in digital transformation. Many are also recognizing the urgent need to consolidate processes performed in standalone systems into one connected platform that offers industry-leading technology enablement for key functions including finance, supply chain, quality assurance and human capital.
Key stats
- 39% of life science companies worldwide cited “significant benefits” from implementing digital transformation efforts in intelligent supply chain applications.
- Two-thirds of CROs and about half of pharma companies considered intelligent supply chain the primary use case in their digital transformation efforts.
- 55% of life sciences companies plan to fine-tune their data integration strategies to enhance ROI.
Source: IDC Life Sciences Digital Transformation Survey, March 2022
Bottom line
More PLS companies are investing in technology that can connect people and processes — employees, suppliers, customers and logistics — through interoperable, integrated cloud-based ERP platforms.
Rising to the challenge
PLS companies should uphold rigorous standards of safety and quality — and when something goes wrong, they’re expected to respond with the utmost speed. This can be a tall order considering the many players and touchpoints. Product recalls, for example, involve hospitals, pharmacies, distributors, manufacturing sites, third-party logistics providers (3PLs), suppliers and, of course, end-users.
Moving to the cloud and using a single platform with a single data model provides a more transparent and holistic view of your supplier ecosystem. You can spend less time synthesizing critical data, which frees up more time to analyze information and make better decisions faster. You can trust that your data is accurate and up-to-date. And the quicker you can make data-driven decisions that directly impact end-user safety, the more you can strengthen the trust of clinicians, patients and the public at large.
Our leading digital practices combined with our Oracle Alliance are intended for use within the PwC BXT (Business, Experience, Technology) agile framework. BXT enables faster assimilation of industry-specific leading practices to help clients achieve the business outcomes they seek. With BXT, we can deliver tailored design workshops, help clients finalize business requirements and plan for future prototypes.
Our cloud-based ecosystem can help you compete in an ever-changing environment by allowing you to:
- Scale global business growth by enabling compliance with generally accepted accounting principles (GAAP), dual ledgers, statutory regulatory reporting, and compliance.
- Drive process improvements by replacing niche systems and discrete processes with technology-enabled, integrated end-to-end process flows.
- Increase visibility across the value chain by expanding the line of sight into financial and operational data, exception-based reporting and scaling the integrity of master data (metadata) by generating a single source of truth.
- Amplify platform efficiencies by eliminating legacy version conflicts and significantly reducing the need for extensive technical customizations.
Additionally, our process:
- Is designed to help address life sciences-specific planning, supply chain and finance requirements for third-party logistics providers (3PLs), contract research organizations (CROs) and internal or external manufacturing.
- Is based on GAMP-5 computer system validation guidelines, with an understanding of regulations from jurisdictions relevant to life sciences.
- Utilizes efficient revenue management design with respect to pharmacies, integrated delivery networks, hospitals, clinics and group practices.
Move forward with confidence
PLS organizations are complex ecosystems of suppliers, manufacturers, distributors and customers — each of them having different processes and systems. Simplifying your enterprise application architecture by moving to cloud-based ERP can increase efficiencies and offer a better user experience, while enhancing transparency across the enterprise.
Our leading digital practices can help companies accelerate business transformation, shorten time to deployment, define predictable value and become agile enough to evolve along with business needs and market conditions. Most cloud-based ERP implementation initiatives pay for themselves within three years — and sometimes sooner — so your organization can confidently tackle whatever comes next.
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