Pre-revenue and SMB life sciences companies have specific needs, including going public, raising funds, successfully finishing stage II clinical R&D trials, and preparing for commercial launch, among others.
Checking off all of these boxes requires an integrated cloud platform that can efficiently manage costs and operational requirements involving clinical trials, project management, planning & budgeting, financial reporting, inventory management, clinical supply chain, procurement, human resources (HR), and payroll.
By developing a multifaceted Digital Operations Platform that integrates directly with NetSuite Cloud ERP, Jade Global serves up a solution that life sciences companies can either use as a bundle or ala carte. Here are five reasons all life sciences organizations should replace their aging, disparate systems with a unified cloud ERP:
- Save money
The Digital Operations Platform can cut companies’ supply chain operational expenses by 50%, mainly due to the streamlined communication and data-sharing methods that the solution supports. Where many life sciences companies use phone and email to communicate with their supply chain partners (e.g., contract manufacturers) and third-party logistics providers, the Digital Operations Platform is available anytime, anywhere, and supports good data-sharing and communications.
- Save implementation time and costs
When life sciences companies decide to toss their basic accounting systems, spreadsheets, and paper in favor of NetSuite Cloud ERP + the Digital Operations Platform, the “wins” begin to surface during the implementation phase. For example, Jade Global typically saves its customers 25% to 30% in implementation time and costs.
- Automate workflows and eliminate manual tasks
Once the platform is in place, the additional benefits include a more automated workflow and less reliance on internal IT staff. The fact that life sciences companies don’t have to hire new IT team members to manage their ERP, for example, means significant labor and time savings.
- Get the best of both worlds
Where NetSuite Cloud ERP provides a broad range of functionalities that these companies can use to run their operations, Jade Global helps connect the dots between life sciences firms and their outsourced supply chain partners, contract manufacturers, and packaging companies that play crucial roles in getting products commercialized and into patients’ hands.
- Access to industry benchmarks and KPIs
Because the Digital Operations Platform integrates industry-specific key performance indicators (KPIs), it serves as a plug-and-play way for life sciences firms at all stages to benchmark against industry standards (e.g., financials, procurement, supply chain, etc.). By introducing these and other operational efficiencies, Jade Global lets life sciences firms focus on their own strategic needs and organizational growth.
Getting Over the Finish Line
The global pandemic pushed most companies to reimagine how they conduct business, service their customers, manage remote workforces, and comply with ever-changing regulations. Forced out of their comfort zones, many companies began moving a little faster down the path to digital transformation.
Under increased pressure to participate in vaccine exploration and other timely initiatives, life sciences firms that were running on QuickBooks, spreadsheets, paper, and other manual systems found themselves in a tight spot. To stay relevant and ahead of the pack, life sciences companies need a cloud ERP and industry-specific platform that was built with them in mind. Only then can these companies achieve the speed, agility, and scale they need to make it over the finish line.
About the Author
Srinivas K Belthur, LOB leader - Enterprise Solutions and GTM, Head- Life Sciences & Healthcare Verticals
Srinivas has 26+ years’ experience with Technology & Business consulting services and has successfully delivered Strategy, Planning and Execution of Global engagements involving Cloud Migrations, Digital Transformations, M&A and Divestitures, Infra/Apps/BPO Managed Services.