Beating Software Systems Bloat in the Biotech Industry

One of the most common problems faced by companies in the biotech industry is software systems bloat. This can happen when multiple systems are used to manage different departments and processes, resulting in inefficient overall performance. Companies need to find solutions that will allow them to streamline their operations and reduce bloat while still enabling them to access critical data and technology.

What causes software system bloat?

The first step to beating software systems bloat is understanding its causes. Often, the main cause of bloat can be traced back to a lack of planning and foresight when it comes to technology investments. Companies may add new pieces of software or hardware without considering how it fits into their existing systems or how they will manage and maintain it long-term. This can lead to a patchwork of different systems, all with their own configuration, settings and data storage methods.

The issue with integrations

Another common side-effect of system bloat is complex and overlapping integrations between multiple systems. This can make data sharing difficult, leading to silos of information that can be hard to access or analyze. It also means that each system must be managed separately, which increases the time and effort required for maintenance and upgrades.

For companies that have multiple integrated systems, the thought of upgrading any of them is often met with trepidation, as it can be difficult to assess the impact on other systems. This can lead to a reluctance to make any changes, even when they may be necessary for improved performance or security, resulting in a network of applications that are outdated and underutilized.

How to beat software system bloat

Fortunately, there are ways for companies in the biotech industry to beat software systems bloat. Companies should begin by evaluating their current technology investments and identifying areas where they can consolidate multiple systems into one. By streamlining their systems, companies can reduce the complexity of integrations and make it easier to share data across departments.

Undertaking a Business Transformation project can help identify all areas where a single Biotech ERP, such as NetSuite, could streamline processes. By replacing multiple applications with a single cloud-based system, biotech companies can reduce costs, improve operational efficiency and gain access to real-time insights into their business.

Companies should also consider implementing automation tools to streamline processes such as data extraction and reporting. Automating repetitive tasks can help free up valuable time for other tasks, as well as reduce the risk of errors.

Finally, companies should take a proactive approach to system upgrades and security patches. By keeping their systems up-to-date, companies can ensure that they are running at peak performance and are protected from cyber threats.

By taking these steps, biotech firms can make sure that their technology investments are optimized and that they are getting the most out of their software systems. This can help them reduce bloat, improve efficiency and create a more secure environment for data sharing.

Future proofing your software ecosystem

The key to beating software system bloat is to take a strategic approach and plan for the future. Biotech companies should consider how they can use technology to create an agile and secure ecosystem that can adapt as their organization grows.

Modern cloud technology is the key to future-proofing your investment. By leveraging cloud-based software, such as NetSuite for Life Sciences, biotech companies can gain access to powerful tools that can help them make better data-driven decisions and remain competitive in the marketplace.

In doing so, biotech firms can ensure that their technology investments are working for them and not against them. This will allow them to focus on what matters most: developing breakthrough technologies and treatments.

Key modules of a cloud ERP for Biotech companies

In order to create an agile and secure software ecosystem, biotech companies should consider investing in a cloud ERP system. Such systems can provide a range of powerful modules that can help streamline operations, improve data management and make it easier to comply with regulatory requirements.

Some of the key modules that a Biotech ERP should include

PROGRAM MANAGEMENT

The Life Sciences industry is driven by program management. Programs in this industry are often large, multi-disciplinary and involve a wide range of stakeholders and need to be tracked with a level of granularity. Zanovoy’s Life Sciences bundles extend NetSuite’s native functionality to be able to manage Programs and Indications.

We are also able to manage the automation of CRO contract management, as well as accruals, prepaid positions, and rebalances depending on the billing and delivery cycles of your program research partners.

ACCOUNTING AND FINANCE

The Life Sciences industry is a complex and ever-changing field, and keeping on top of the latest financial developments is essential for success. From accounting for research and development costs to managing pricing and rebalances, there are several unique challenges that Life Sciences companies face when it comes to financial management.

To stay ahead of the curve, it is important to have a strong understanding of the accounting and finance issues specific to the Life Sciences industry, including revenue recognition, cost of goods sold, inventory accounting, and more.

INVENTORY & SUPPLY CHAIN

The Life Sciences industry is highly regulated, and compliance is essential for success. Good inventory and supply chain management are critical to ensuring compliance with regulations. Advanced inventory and supply chain management systems can help Life Sciences companies track inventory, manage the procurement process, and ensure that products are delivered on time and comply with regulatory requirements.

Inventory and supply chain management systems can also help Life Sciences companies reduce costs and improve efficiency. Advanced systems can automate the process of tracking inventory, ordering supplies, and managing the delivery of products. This can help Life Sciences companies save time and money by reducing the need for manual processes and eliminating errors.

COMPLIANCE

The Life Sciences industry is one of the most heavily regulated industries in the world. To stay compliant with all the applicable regulations, companies in this industry need to have robust compliance software in place. 

Compliance software helps companies track and manage their compliance obligations, ensure that they are meeting all the relevant requirements, and identify potential areas of non-compliance. It is an essential tool for Life Sciences companies that want to stay compliant with the myriad of regulations that apply to their business.

NetSuite for Life Sciences provides users with a library of reports to help manage compliance and reporting to relevant governing bodies.

DEMAND & SUPPLY PLANNING

The Life Sciences industry is a highly competitive and rapidly changing sector. To stay ahead of the competition, companies need to have an effective demand and supply planning strategy in place.

An effective demand and supply planning strategy takes into account several factors, including customer demand, production capacity, regulatory requirements and market trends. By taking all of these factors into account, companies can develop a plan that will ensure they can meet customer demand and stay ahead of the competition.

FIXED ASSET MANAGEMENT

Managing fixed assets and equipment is a critical part of ensuring that Life Sciences companies can operate effectively and efficiently. To meet regulatory requirements, manage costs, and optimize operations, Life Sciences companies must have a robust system for tracking and managing their fixed assets and equipment.

A well-designed fixed asset and equipment management system will provide visibility into the location and status of all assets, allow for easy tracking of depreciation and other financial information, and give users the ability to generate reports and analytics to support decision-making.

CONTACT MANAGEMENT

NetSuite’s comprehensive Contact Management module offers many benefits for Life Sciences companies. Perhaps most importantly, these tools can help improve communications, track correspondence and provide accurate and up-to-date contact, supplier and partner updates. Additionally, NetSuite’s Contact Management system can help Life Sciences organizations better manage their contacts relationships, providing more personalized service and support to all team members.

WORKFLOW & AUTOMATION

In recent years, the Life Sciences industry has begun to adopt workflow and automation technologies to help streamline operations and improve efficiencies.

Workflow and automation can help Life Sciences organizations manage their complex processes more effectively and efficiently.

Workflow solutions can automate repetitive tasks, thus reducing the need for manual input and increasing accuracy. Automation can also help to optimize and monitor processes, providing real-time visibility into program performance.

MULTI-ENTITY MANAGEMENT

Multi-entity management is a term used in the business world to describe the process of managing multiple legal entities within a single organization. In the Life Sciences industry, managing multiple entities is often necessary in order to comply with regulations and maintain a clear separation between different areas of the business.

MANUFACTURING RESOURCE PLANNING

NetSuite’s Manufacturing resource planning functionality has been developed to support the efficient management of manufacturing resources. It encompasses all aspects of the manufacturing process, from raw materials to finished products. NetSuite for Life Sciences is an integrated system that considers both the financial and operational aspects of the manufacturing process.

The goal is to optimize the use of resources and minimize the cost of manufacturing. NetSuite takes into account all of the constraints that are inherent in the manufacturing process, such as capacity, material availability, and quality.

Interested in Learning More About NetSuite for Biotech Companies?

NetSuite for Life Sciences is a powerful, easy-to-use solution that can help companies beat software systems bloat and optimize their operations. Contact us today to learn more about the features and functionality available with NetSuite and Zanovoy’s Life Sciences industry enhancements.

NetSuite: A Modern Cloud ERP for Medical Device Companies

With NetSuite, medical device manufacturers and distributors can quickly get their products on the market while also streamlining various business functions. NetSuite’s cloud-based technology offers a wide range of features to help medical device companies manage operations, including inventory and supply chain management, order tracking and fulfillment, financials, and analytics. NetSuite also provides an end-to-end platform for in-house and contract manufacturing, contact relationship management (CRM) and quality control.

This comprehensive suite helps medical device companies save time, money and resources while maintaining compliance with industry regulations. NetSuite is an ideal choice for medical device businesses of all sizes, from small startups to established enterprises. By harnessing the power of cloud-based technology, medical device companies can improve efficiency and simplify their business processes – ultimately leading to greater success.

Challenges Medical Device Manufacturers and Distributors Face

The medical device industry is highly regulated, making it challenging for businesses to remain compliant while also meeting customer demands. Companies must find ways to reduce costs and increase efficiency without sacrificing quality or compliance with industry standards. With NetSuite, medical device companies can gain 360-degree operational visibility into all aspects of their business, allowing them to make better-informed decisions that improve customer experience and increase profitability.

Supply Chain Optimization

One of the biggest challenges for Medical Device Companies is streamlining their supply chain to ensure that all parts of the process are managed accurately and efficiently. NetSuite’s cloud-based technology provides a comprehensive solution for streamlining supply chain management, allowing companies to track inventory and manage orders at a global scale across multiple locations. With powerful analytics tools, medical device manufacturers can quickly identify inefficiencies and make adjustments to optimize their supply chain.

Finance and Accounting Automation

NetSuite also provides powerful tools for automating finance and accounting functions. Companies can easily manage accounts payable, accounts receivable, payroll, taxes and other financial processes in one convenient place – saving time and money while ensuring compliance with industry regulations. Additionally, NetSuite’s intuitive dashboard provides insight into financial performance, allowing companies to quickly identify areas needing improvement.

Streamlining Customer Relationship Management

NetSuite’s CRM technology is designed to help medical device companies improve customer engagement and satisfaction and streamline their complex sales cycles. With powerful tools for managing existing customer relationships and new business channels, medical device businesses can easily keep track of quotes, opportunities, sales, and customer service inquiries.

Gaining Visibility Over Manufacturing (Internal and CMO)

NetSuite offers a comprehensive solution for managing in-house and contract manufacturing. Companies can easily track their production process from start to finish, ensuring that each step is completed accurately and on time. With this visibility, medical device manufacturers can quickly identify any potential bottlenecks in their manufacturing process and adjust work order plans to ensure their production line is fully optimized.

Complex Global Inventory Management

Medical Device companies exist in a global market, making effective inventory management essential for maintaining customer satisfaction. With NetSuite’s multi-site inventory functionality, companies can easily keep track of their stock across multiple locations and channels to ensure customers have access to the products they need when they need them.

Staying on Top of Quality Control

NetSuite also provides a comprehensive set of tools designed to help medical device companies stay on top of quality control. With real-time analytics and powerful reporting capabilities, companies can easily identify non-conforming products and take corrective action quickly to ensure their products are being made to the highest standards.

Remaining Compliant

NetSuite’s modern cloud software is the perfect solution for medical device companies looking to streamline their operations and increase efficiency while remaining compliant with industry regulations. With its powerful reporting and saved search capabilities, as well as a fully accessible audit trail, you can be sure that your business is continually compliant with industry standards and able to prove it to relevant authorities and governing bodies.

Benefits of NetSuite for Medical Device Companies

NetSuite provides an array of features and benefits to medical device companies, including:

  • Streamlined operations – Automate processes and eliminate manual data entry to save time and money.
  • Real-time visibility – Monitor operations in real-time to quickly identify and mitigate risks.
  • Reduced costs – Reduced overhead costs while maintaining compliance with industry regulations.
  • Improved customer satisfaction – Streamline the sales cycle to improve customer engagement and satisfaction.
  • Comprehensive analytics – Gain insight into financial performance and quality control processes.

Zanovoy are Medical Device Industry Experts

Zanovoy is a leading IT Consultancy based in New York, USA. Since 2015, we have been helping medical device companies implement NetSuite and leverage its powerful cloud-based technology. We have also created extensive enhancements to NetSuite to further align the system to the industry requirements, resulting in a modern and holistic business management platform.

With a team of experienced professionals, we provide complete implementation services from start to finish – including system selection, implementation, customization, training and ongoing support. We also offer custom development solutions tailored to your business to provide additional functionality and advantages.

We also offer comprehensive IT Managed Services, Business Transformation and Data Transformation consulting to help your company not only make the most of NetSuite but also a wide range of software solutions for the Medical Device industry, including Coupa, Gainsoft, Celigo, Adaptive Insights and Avalara.

To take your business to the next level, contact us today to discuss your medical device company’s needs and how NetSuite can help you achieve your business goals. We look forward to hearing from you.

Why More Pharmaceutical Companies are Choosing NetSuite

As the Life Sciences and Pharmaceutical industry becomes more complex and regulated, the need for comprehensive, unified and cloud-based business management systems has never been greater. That’s why an increasing number of pharmaceutical companies are turning to NetSuite.

NetSuite provides a complete, real-time view of all your critical business operations – from inventory and order management to financials and CRM. And because NetSuite is delivered as a cloud-based solution, you can be up and running quickly and easily, without the need for expensive on-premise hardware or software.

What’s more, NetSuite offers the flexibility to scale your system as your business grows, so you can be sure you have the right solution in place to meet your future needs.

Streamlining the Pharma Supply Chain with NetSuite

Pharmaceutical companies face a unique set of challenges when it comes to managing their supply chains. They must adhere to strict regulations, maintain a high level of quality control, and manage a complex network of suppliers and distributors. NetSuite is a comprehensive ERP system that can help pharmaceutical companies to overcome these challenges. NetSuite’s inventory management module can be used to track both finished goods and raw materials, ensuring that all products are properly accounted for. In addition, NetSuite’s financial management module provides full visibility into the financial performance of the company. As a result, NetSuite provides a complete solution for managing the pharmaceutical supply chain.

Improving Regulatory Compliance with NetSuite

The pharmaceutical industry is highly regulated, and companies must comply with a number of different regulatory obligations. NetSuite can help companies to meet these regulatory requirements by providing customizable reporting, giving you access to the data and reports you need to stay on top of reporting. The software also includes a suite of compliance tools, such as audit trails and control reports. In addition, NetSuite’s workflow engine can be used to automate and streamline compliance-related processes. As a result, NetSuite provides a complete solution for managing regulatory compliance.

NetSuite offers a single system of record, which means that all data is stored in one place

A centralized database offers many benefits for Pharmaceutical businesses. Perhaps most notably, it provides a single system of record, which means that all data is stored in one place and can be accessed by authorized users. This can simplify data management and ensure that information is consistently accurate across the organization. In addition, a central database can help to improve security and compliance by making it easier to track and manage user permissions. Finally, a centralized database can enable better decision-making by providing users with quick and easy access to the information they need. For all these reasons, a centralized database is an attractive solution for any Pharmaceutical business.

NetSuite is cloud-based which means it can be accessed from any device with a browser and an internet connection

NetSuite is a cloud-based software system that provides businesses with a comprehensive suite of tools for managing their operations. NetSuite can be accessed from anywhere with an internet connection, making it an ideal solution for businesses with employees who work remotely or travel frequently. With NetSuite, businesses can track inventory, customers, and finances in real-time, providing them with the information they need to make informed decisions and run their operations efficiently. In addition, NetSuite integrates with many popular third-party software applications, making it easy to add new features and extend the functionality of the system. As a result, NetSuite is a powerful and flexible tool that can be customized to meet the unique needs of any business.

It has robust security features to protect sensitive data for Pharmaceutical companies

In recent years, data security has become a major concern for businesses in a variety of industries. In particular, the pharmaceutical industry holds vast amounts of sensitive information that must be protected from unauthorized access. Fortunately, there are a number of robust security features that can be used to safeguard data in this industry. For example, pharmaceutical companies can encrypt their data to make it unreadable by unauthorized individuals. They can also use access control measures to limit which employees have access to certain types of information. By implementing these and other security measures, pharmaceutical companies can protect their data from unauthorized access and ensure that only authorized individuals have access to sensitive information.

The user interface is customizable, so it can be tailored to meet the specific needs of pharmaceutical companies

As the pharmaceutical industry continues to grow, so too does the need for sophisticated software to manage drug development, program management and clinical trials. Pharmaceutical companies need a user interface that is not only easy to use but also customizable so that it can be adapted to meet the unique needs of each company. The good news is that NetSuite now offers configurable user interface options to meet these needs. With NetSuite, pharmaceutical companies can tailor the system to meet their specific needs, making it easier to manage their operations and improve their bottom line.

NetSuite’s modern technology platform makes integration with Pharmaceutical industry-specific software solutions simple and secure

In the past, businesses in the pharmaceutical industry had to rely on disparate software solutions to manage their operations. This often led to data silos and duplicate data sets, making it difficult to get a clear picture of what was happening across the organization. Thanks to NetSuite’s modern technology platform, businesses in this industry can now integrate their software solutions and get a unified view of their data. This makes it easier to make informed decisions and run their operations more efficiently. In addition, NetSuite’s platform is secure, so businesses can rest assured that their data is safe from unauthorized access.

NetSuite provides pharmaceutical companies with the ability to scale their operations quickly and easily

As the pharmaceutical industry continues to grow, so too does the need for businesses to be able to scale their operations quickly and easily. With NetSuite, businesses in this industry can take advantage of a number of features that make it easy to scale their operations. For example, NetSuite’s suite of cloud-based applications can be deployed into new regions or locations quickly and easily, so businesses can start using them right away. In addition, NetSuite’s platform is highly scalable, so businesses can add new users and applications as their needs change. This makes it easy for businesses to keep up with the demands of the ever-changing pharmaceutical industry.

Are You Interested in Learning More About NetSuite for Pharmaceutical Companies?

If you are interested in learning more about how NetSuite can benefit pharmaceutical companies, please contact us. Zanovoy has worked with hundreds of companies in the Life Sciences space to implement and support a wide range of business management applications including NetSuite, Coupa, Adaptive Insights, Avalara, Gainsight and more. We would be happy to answer any questions you have and provide you with more information about our products and services.

Life Sciences ERP Explained: how modern cloud software is driving innovation in the Life Sciences industry

The life sciences industry is under pressure to do more with less. Increasingly stringent regulations, combined with flat or declining budgets, are putting a squeeze on life science companies. In order to remain competitive, these companies are turning to Life Sciences ERP systems to help them optimize their operations and drive innovation.

Centralized ERP Systems Simplify Data Management and Streamline Communication

ERP systems centralize data and processes, providing life science companies with a single source of truth. This visibility enables companies to make better-informed decisions, improve communication and collaboration across departments, and drive efficiencies throughout the organization.

In addition, communications with 3rd party service providers such as contract research organizations (CROs) and contract manufacturer organization’s (CMO’s) are critical to the success of life science companies. By integrating communication automation into their ERP systems, life science companies can streamline these relationships and improve communication throughout the organization.

The Role of Cloud Technology in the Life Sciences Industry

The cloud is playing a major role in the adoption of ERP by life science companies. Cloud-based ERP systems are more flexible and scalable than traditional on-premise systems, making them better suited to the needs of life science companies. In addition, cloud-based ERP systems are usually more affordable and easier to implement than on-premise systems, making them a more attractive option for companies in the early stages of research and development.

Critical Components of a Good Life Sciences ERP System

The goal of any ERP is to provide the tools and features to meet the needs of the various departments in a business. The Life Sciences industry is quite unique when compared to other product focussed businesses as they have to consider program management, as well as manufacturing and regulatory compliance and approval processes for their products.

A good ERP system for life science companies should include the following components:

Program Management

The lifeblood of any Life Sciences business, whether in the early stages of research or during commercialization is Program Management. Pharmaceutical, biotech, and medical device development is a complex, global, and expensive undertaking that requires the management of large amounts of data and the coordination of multiple teams, often across different geographical locations.

A good Life Sciences ERP system will provide a centralized repository for all program-related information, enabling program managers to track the progress of their programs and make informed decisions about resource allocation. The system should also offer tools for collaboration and communication between team members, as well as the ability to generate reports on program progress.

Manufacturing Resource Planning

Life Sciences companies need to have a flexible manufacturing process that can be adapted to meet the changing needs of the industry. A good Life Sciences ERP system will provide manufacturers with the ability to track materials, manage production schedules, and control costs. The system should also offer tools for quality control and regulatory compliance.

Many Life Sciences companies also need to manage outsourced manufacturing partners, also known as CMOs. A good ERP system will offer tools for managing these relationships, including the ability to track purchase orders, invoices, payments, and communications at the task level.

Contact Relationship Management

From vendors, approval bodies, distributors, and contract research organizations, a good Contact Relationship Management solution helps Life Sciences businesses to keep track of communications, manage tasks and centralize all the information related to a company’s partners.

In the Life Sciences industry, stakeholder relationships are a key to success. A good Life Sciences ERP system will provide companies with the ability to track contact interactions, manage contact information, and generate reports on contact activity.

Accounting, Finance and Treasury Management

Life Sciences companies need a robust financial management system to track revenue, expenses, and cash flow. A good Life Sciences ERP system will provide companies with the ability to generate financial reports, manage costs, and track payments. The system should also offer tools for managing risk and complying with financial regulations such as localized tax management, multi-book budgeting and intercompany accounting automations.

Inventory & Supply Chain Management

The ability to track inventory levels, manage supplier relationships, and generate reports on supply chain activity across multiple locations is critical for companies in the life sciences space.

A good Life Sciences ERP system will offer a comprehensive suite of features and functionality to support the unique needs of the industry. Look for a system that is flexible and can be configured to manage complex inventory management processes.

The Future of Life Sciences ERP

As the life sciences industry continues to evolve, so too will the ERP systems that support it. Your company needs a system that is cloud-based and offers the ability to scale as your business grows. The system should also be able to support the industry-specific processes and compliance requirements of the life sciences industry.

A good Life Sciences ERP system, like NetSuite, will provide you with the ability to manage the complexity of managing your company, while also driving innovation and growth within the organization.

Zanovoy Are Dedicated to Revolutionizing Life Sciences ERP with NetSuite

Zanovoy has worked with hundreds of Life Sciences companies to provide a customized solution that enhances NetSuite to help manage the day-to-day system challenges that Life Sciences companies face.

We have worked with over 100 companies across pharmaceuticals, cosmeceuticals, nutraceuticals, biotech, medical device manufacturing, and healthcare. Our mission is to help these businesses simplify their technology ecosystem with a single platform of technology, eliminating the complexity of managing multiple legacy systems.

Zanovoy provides full-service, comprehensive NetSuite services, support, and managed services for all Life Sciences business types.

Some of the key benefits that our clients have seen are:

  • Reduced time to market
  • Improved compliance
  • Greater agility to respond to change
  • Increased operational efficiency
  • Improved customer satisfaction scores

If you are interested in learning more about Zanovoy‘s custom solutions for the Life Sciences industry, reach out to our team of experts for an obligation-free discussion.

The Importance of Transparency in Life Sciences Department Spending

In many industries, including life sciences, departments must have access to complete transparency regarding their spending. This allows for an accurate portrayal of the overall financial picture of the company, with a few key reasons as to why this is the case;

Pinpointing Areas of Improvement

To make necessary changes and improvements, it is important to be able to identify areas where money is being wasted or correctly budgeted. This can only be done with a full understanding of where the money is being spent in the first place. 

Making Decisions Based on Data

When department heads have access to all of the information surrounding their department’s spending, they can make more informed decisions. This leads to better decision-making overall for the company. 

Increased Accountability

When spending is out in the open, department heads are held accountable for how they are using company funds. This helps to keep spending under control and allows for a better-allocated use of resources. 

Creating Transparency: The Modern CFO Challenge

CFOs know that managing departmental spending can be a tricky task. On one hand, you need to make sure that each department has the budget it needs to function properly. On the other hand, you need to keep an eye on overall spending to make sure that the company is staying within its means. Balancing these two objectives is not always easy, but it is essential to the success of any life sciences business.

One way to strike this balance is by implementing a system of complete transparency, Like Coupa Spend Management, when it comes to departmental spending. That means that each department must keep track of every penny it spends and report this information to the CFO on a regular basis. This level of transparency may seem like a lot of work, but it is vital to the success of any life sciences company, and with the right spend management software in place, the burden is much less.

Life Science Business Impacts of Achieving Spend Transparency

Total Visibility

Spend transparency allows CFOs to see where every dollar is being spent. This makes it easy to identify areas where spending could be cut without adversely affecting the department’s operation.

Monitoring Company Spend in Real-Time

Spend transparency provides CFOs with the information they need to make informed decisions about departmental budgets. When CFOs have a clear picture of how money is being spent, they can allocate resources more efficiently and ensure that each department has the funds it needs to function properly. 

Increased Accountability for Department Leaders

Spend transparency ensures that department heads understand the importance of their spending and the impact it has on the wider organization. When CFOs encourage transparency, this influences department leaders to be more mindful of spending and avoids budget blowouts.

How Does Spend Management Software Support Life Sciences Companies to Achieve Their Business Goals?

There are a number of ways in which spend management software can support life sciences companies in achieving their business goals. The most important is to provide visibility into past, current, and future spending patterns.

With a spend management solution in place, life sciences companies can be confident that the program, department, and project budgets they put in place are adhered to. This not only saves the company money but also provides clarity of purpose for each department.

Automation of Payment Processes

In addition, spend management software can help to automate and streamline many of the processes associated with departmental spending. This includes everything from creating and approving budgets to processing invoices and payments. By automating these processes, life sciences companies can free up time and resources that can be better spent on other business areas.

Centralization of Purchase Contract Details

Another important way in which spend management software can support life sciences companies is by centralizing all purchase contract details. This means that all of the information related to a particular contract is stored in one place, making it easy to find and track.

This level of centralization also makes it easier to identify spending patterns and trends, as well as to flag up potential areas of concern.

Improved Decision Making

Spend management software can help life sciences companies to improve their decision-making when it comes to departmental spending, budgeting adjustment, and department profitability reporting. With all of the relevant information stored in one place, CFOs can more easily analyze data, spot opportunities for improvement, and implement spending controls to ensure funds are being optimized.

Optimization of Vendor Contracts

For many life sciences companies, outsourcing critical tasks to 3rd party vendors is common. However, ensuring that these vendors perform against expectations and budget is key to ensuring a return on investment.

Spend management software can help to optimize vendor contracts by providing visibility into vendor performance, spend,ing and invoices. This allows CFOs to quickly identify areas where improvements could be made, such as negotiating better rates or terms based on outputs and delivery

In Summary

Spend management software provides life sciences companies with a number of advantages when it comes to achieving their business goals. The most important of these is the visibility it provides into departmental spending, which can help to improve decision making, increase accountability and encourage transparency. With the right solution in place, life sciences companies can save time and money while ensuring that their departments are functioning efficiently.

If you would like to learn more about how spend management software can support your life sciences company, please get in touch. We would be happy to discuss your specific needs and requirements.

About Zanovoy

Zanovoy is a leading Coupa Spend Management partner, specializing in helping life sciences companies to take back control over their business spending. Our team of certified Coupa consultants have a wealth of experience in implementing and optimizing the software to help companies save time and money. With a deep understanding of the life sciences industry across a number of verticals, including medical device manufacturing and distribution, pharmaceuticals, biotech, cosmeceuticals, health tech, and healthcare, Zanovoy are uniquely positioned to help your life sciences company achieve its business goals.

Top 10 Systems Challenges for the Life Sciences Industry

Zanovoy has been working with Life Sciences companies for over 15 years, and during this time, we have seen a number of key challenges present during implementation as well as after go-live. Below we outline the top 10 challenges that our clients have faced throughout the process and how Zanovoy has solved them.

Spend Management

The life sciences industry is subject to a number of different regulatory compliance requirements, which can make it difficult to track and manage to spend. Zanovoy has extensive experience in implementing spend management solutions that help our clients to better understand and control their spending.

Coupa spend management helps life sciences companies automate the procure-to-pay process, track spending, and improve compliance. From managing budgets, payment approvals and workflows through to vendor analysis, Coupa gives Life Sciences companies the tools they need to control cash flow and optimize spending.

Unique Inventory Management Challenges 

Life sciences companies often have to manage large amounts of inventory, which can be challenging to keep track of, especially when inventory is stored across multiple locations and warehouses. Zanovoy has implemented several critical workflow automation that have helped our clients to better manage their inventory levels, including inventory balancing, streamlined inventory transfer requests, and demand and supply planning automation.

Maintaining Regulatory Compliance

Life sciences companies are subject to an increasing number of regulations from various bodies and authorities, which can make staying compliant a challenge. Zanovoy has years of experience working with regulations that life sciences companies need to adhere to. We can help you to ensure that your software solutions are helping your team follow leading practices in compliance and product reporting.

Program Management

The life sciences industry is highly competitive, and companies are under pressure to bring products to market quickly and efficiently. Program management solutions from Zanovoy can help you to better manage your product development process, track progress against milestones, and allocate resources effectively.

Programs in this industry are often large, multi-disciplinary, and involve a wide range of stakeholders, and need to be tracked with a level of granularity. Zanovoy’s Life Sciences bundles extend NetSuite’s native functionality to be able to manage Programs and Indications. We are also able to manage the automation of CRO contract management, as well as accruals, prepaid positions, and rebalances depending on the billing and delivery cycles of your program research partners.

Implementing Reporting Best Practices

Life sciences companies are required to report on various metrics, meaning a flexible and user-friendly report writing solution is key. Zanovoy has worked with our clients to develop a suite of reports that help present financial and operational data to better support decision-making across all business departments.

Ensuring Data Security

Life sciences companies often have to deal with sensitive data, making security a challenge. We work with our clients to develop custom user types across many different roles to ensure your team only has access to the information they need and that sensitive data can only be accessed with the right level of privilege in the system.

Designing Data Management Policies

The life sciences industry generates a large amount of data that needs to be carefully administered and managed in order to ensure outputs are correct and that the information and reports used to manage the business are accurate. Zanovoy’s approach to data management helps to ensure that life science businesses can make use of all data being collected.

Contract Lifecycle Management

Managing contracts in the life sciences industry can be difficult and time-consuming. Not having a system to manage contracts increases risks and exposes the business to potential legal liabilities.

Zanovoy has worked with our clients to develop a contract lifecycle management solution that is tailored to the needs of life sciences companies. The Zanovoy solution helps businesses to track and manage contracts from inception to completion and provides visibility into all aspects of the contract lifecycle.

Business Process Automation

The life sciences industry is complex, and manual processes can often be inefficient and error-prone. Over the years, we have designed and implemented a range of business process automations using NetSuite’s SuiteFlow functionality, as well as custom scripts to automate processes that are unique to a specific business requirement.

Efficient Program Management

The life sciences industry is fast-paced and constantly changing, making program management challenging. Zanovoy has created custom modules specifically for the life sciences industry to align NetSuite’s core functionality in a way that closely aligns to the unique needs of the industry.

About Zanovoy

Zanovoy is a New York-based NetSuite Alliance Partner that specializes in implementing and customizing NetSuite for businesses in the life sciences industry. We have over 15 years of experience working with companies in the life sciences industry, and our team deeply understands the unique challenges and needs of businesses in this sector.

Our team of expert consultants has helped companies in the life sciences industry to streamline their back office administration, develop efficient reporting processes, ensure data security, design comprehensive data management policies, automate business processes, and manage programs effectively.

If you are interested in learning more about how NetSuite can help your life sciences company to run more efficiently and effectively, contact us

Are you interested in learning more about NetSuite for Life Sciences Companies?

Contact us today to schedule a consultation. We would be happy to discuss your specific needs and challenges, and show you how NetSuite along with Zanovoy’s Life Sciences Modules can help your business to run more efficiently and effectively, and be ready for fast growth.

As the world becomes more connected, modernizing a business’s software systems is no longer a way to get ahead—it’s a requirement to keep pace. Modern life sciences companies seeking to capitalize on new opportunities and grow their businesses need a financial management system that can support them. Life sciences companies are on the cutting edge of innovation and need an agile tech environment to matc

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