Top 10 ERP Software Functions for Life Sciences
Updated: Aug 1, 2022
The life sciences industry is deep-rooted in innovation that moves humanity forward. This industry is unique since it’s continually evolving between the preclinical and approval phases. Each of these phases has a distinct set of exciting and complex challenges.
There are extremely intricate business operations involved in resource planning, budgeting, manufacturing, and testing of a life science product. Owing to this complexity, a life science business needs the right ERP system to support it through cost management, quality control, FDA compliance, and commercialization.
Let’s look at 10 ERP software functions for a life science business:
01. Enjoy Head Start in Commercialization
During the R&D stage, where a business is developing a life science product, there are different teams working at different times. This is likely to make it difficult to see a complete picture of the business process. It’s also challenging to integrate information from all these teams to obtain real-time analytics. Having the right ERP system in place will help with the necessary data visibility, integration, and consolidation needed for commercialization.
02. Quality Control
The life science industry needs an ERP system for quality assurance and management purposes. The right ERP system will help record detailed test findings by serial number, verify test procedures and capture data about different quality aspects that could lead to pass or fail designation.
03. Electronic Signatures
According to FDA requirement 21 CFR Part 11, it’s necessary for persons who complete inspections or work on products to provide a distinctive and clearly identifiable signature. The electronic signature requires two forms of validation. This requirement calls for more than the typical password user code validation raising the need for a proper ERP solution for manufacturing companies.
04. Serial Number Traceability
Every life sciences business hopes the day never comes where its product has quality queries that prompt recall activities. However, a recall can occur, and when it does, your business will need a top ERP system to trace and track the product. The right ERP and combined software ecosystem will help identify the exact location of every component, whether at the customer’s site or in stock.
05. FDA Compliance
Your business must adhere to FDA-regulated procedures and processes to attain compliance. The FDA has set strict guidelines known as Good Manufacturing Practices (GMP) that regulate all life science businesses on product manufacturing.
In order for a life science product to be approved for distribution in the U.S market, the FDA will carry out a review to ensure your business is GMP compliant. Attaining compliance can be a confusing task, but proper ERP systems come with tools to help validate several systems for compliance purposes.
Use ERP systems for manufacturing companies to establish digital controls over these procedures to efficiently maintain compliance. The right ERP will help your business streamline manufacturing.
06. Cost Management
Cost management is an important part of the life sciences business. You need an ERP system that will ensure your finances are rock solid. With the right ERP system, you can streamline your vendor costs, reporting, and other end-of-the-month closes.
07. Support Rapid Scaling
Sometimes all it takes is a single breakthrough to transform a small business into a large-scale company. When that time comes, it will be too late to rethink software infrastructure and systemization while trying to meet market demands. ERP for life sciences can handle rapid growth so that scaling can occur with minimal hindrances.
08. Enhanced Collaboration
Since all life science business data is stored in one location, an ERP system will help authorized persons to access updated data at any time. This plays a significant role in simplifying collaboration among team members and boosts seamless business operation.
09. CRO, CMO, CDMO, CPO, and/or 3PL Integrations
Many life sciences companies outsource the manufacturing, design, packaging, or logistics functions of their business to other firms. In this case, it is prudent to electronically deliver the functions that occur at those organizations on the company’s behalf back to the company ERP. Integrating with these Contract Research Organizations, Contract Manufacturing Organizations, Contract Design and Manufacturing Organizations, Contract Packaging Organizations, and 3rd Party Logistics Firms can provide real-time or near real-time reliable data in the company’s ERP can provide valuable information to the staff and allow for an easier and more timely close of the periodic financials.
10. Improved Business Insight
With state of art data analytics functionalities, ERP systems help improve business insight. This feature, combined with functions to confirm compliance with life sciences industry regulations, facilitates in-depth analysis of company operations and finances. With this flexibility, top ERP systems confer improved efficiency and risk management.
Explore ERP software for life sciences with John Hannan LLC
More than any other organization, life science businesses need an ERP solution that’s customized for the business. Perhaps the 11th important ERP function is an ERP partner who understands the complexities of this industry.
Send us a message on LinkedIn to find out all you need to know about ERP software for the life science industry.