To maintain all the processes and the data from one system, Pharma companies require a robust and scalable ERP for Pharmaceutical Industry.
Why do you need an ERP in the Pharma Industry?
- It enables you to save the working capital and operating capital by-reducing the float, cutting down the inventory holding costs and reducing the other various operational costs.
- It also ensures the total control on the business processes and the compliance to the various regulatory bodies.
- It will also let you to track the product from the pharmaceutical raw material to the last mile delivery. It also helps you to track the various promotions, events and any other activities that are required to be tracked for each product.
- It becomes helpful for the company to integrate the various processes and integrates market data with company’s functionality.
- It will also help you with various business analytics such as sales and profitability analysis, market share analysis, channel performance, cost vs. revenue and material cost analysis.
- It will help you to keep information about the various raw materials and the final product design and its quality.
- It will integrate all the information into one system with minimum manual entry.
- It saves your time and reduces the user time in entering the information, saving the time.
- By integrating the various departments which are required to be integrated it saves the efforts involved.
There are various complex functionalities that are required to be integrated and which are required for an ERP solution for Pharma industry.
A few of them are sales, inventory management, financial management, marketing, production, logistics, accounting and claims management.
Saving the time of the end users in entering the data and reducing the errors
When there are various functionalities that are required to be integrated with each other and this integration requires manual entry of various data, there is possibility of human error in the process which leads to non-compliance and saving the time of the end users in entering the data and reducing the errors.
Manual entry is required for various functionalities that are integrated, to fill the information and managing the processes manually. This is the main reason for an ERP solution for Pharma industry to be developed.
- Integrating the supply, sales and inventory process
Pharma industry is very complex and includes the various process such as supply, sales and inventory. These three processes are generally kept apart, and there is the need to integrate them as one process. These processes involves various sub-processes and requires a robust and scalable ERP for Pharma Industry.
Now imagine this, if the supply, sales and inventory process are monitored separately, they will have separate information which will lead to higher complexity. Also, there is no proper control over the non-stocking and its cost, which increases the inventory cost. Supply Management is also different for each product which contains the supply chain, procurement and logistics.
Also, keeping the information such as raw material, BOM, finished goods and other information in one place will make things easier for a complex and distributed business.
- Centralised Information
Keeping all the information such as; customer, products, sales, purchase, inventory and shipment in one place to make things simpler
Keeping all the information such as customer, products, sales, purchase, inventory and shipment in one place makes things simpler. It also reduces the effort of integrating with other systems.
This action will definitely save the time of the end user, decreasing the error rate and improving efficiency.
- Integrated Sales and Inventory management
Sales and inventory process is the most critical part in an ERP solution for Pharma industry. Sales depend on the inventory and vice versa. To keep these two processes separate can lead to the expensive products even if the sales are generating profits.
In order to reduce the inventory cost, a proper control system is required to be there for the sales and inventory process. It also requires the information and the data related to the supply chain and purchases.
Thus, allowing integration of the sales and inventory process as one process and tracking the inventory and its cost. This will help the company to increase the profit, reduce the inventory cost and allow the company to learn the various business strategies.
- Customer and Customer information management
Customer information and customer care and data concern are the most critical part in an ERP for Pharma industry. In order to maintain the data and manage the movement of a pharmaceutical customer and other information, integration with customer care is required.
Customer information and customer care and data concern are the most critical part in an ERP for Pharma industry. In order to maintain the data, information and manage the movement of a pharmaceutical customer and other information, integration with customer care is required.
- Sales Force Automation, CRM and Enterprise Web Portal
There is a separation between sales and customer information. But it is required to be integrated to reduce the complexity. Sales forces are generally in the field to contact the customer and to know about the customer’s feedback on their products and services.
This information is required to be recorded and saved in an ERP solution for Pharma industry. Thus, integration is required so that no information is missed.
- Manufacturing and production management
Manufacturing and production process is required to be integrated on the cloud ERP solution for Pharma industry. It is required to manage the production process, materials, quality, payrolls, maintenance and other functionalities.
This integration improves the management process of manufacturing, improves the customer service and helps in managing the different processes. It is controlled by integrating it with HCM system is generally very complex but when it is done on cloud, it becomes easy and manageable.
- Quality Management
Quality management is integral part in manufacturing and production process. It is required to be integrated with the quality control, manufacturing and production process.
By integrating it is easier to ensure the compliance of quality standard.
- Supply Chain Management (SCM)
It is integral part in manufacturing and production process. The supply chain is complex and it involves the movement of the raw material, finished product and the finished product movement. Integration of the supply chain into the production process helps to reduce the cost, as it reduces the additional costs.
By integration, it is easy to achieve the quality targets and provides the total control over the finished product.
- Accounting and Treasury Management
Accounting is required to be integrated with the other functionalities. Financial functions such as invoicing, accounts receivable and accounts payable require the integration with the other functions. By integration, it is easy to manage the accounts receivable and accounts payable and also easy to manage the budget.