Top 10 Systems Challenges for the Life Sciences Industry

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.

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