As a pharmaceutical company, you’ll face numerous business challenges, most of which require specialized attention and full integration of critical systems and operations. For instance, you have to deal with strict compliance requirements, a complicated supply chain (for restricted substances), and rapid inventory turns (for perishable products).
To withstand these challenges, you need a reliable enterprise resource planning (ERP) program that can help you to streamline your operations. Finding the right pharmaceutical ERP for your business can be a challenge due to the numerous options available.
This is why you need to be familiar with the most important elements of a pharma ERP system before you go looking for one. If you specialize in life science products and services, you need to understand how life science ERP software works.
You should also compare various ERP systems to get an idea of what each of them offers. But how do you compare ERP systems? Doing so is an elaborate process that involves several vital steps–here is a guide on how to compare ERP systems for pharmaceuticals.
What Is an ERP System?
An enterprise resource planning (ERP) system is a program designed to help companies manage and assimilate their core business functions and systems. When you implement this system in your pharmaceutical company, it’ll help you to implement your resource planning through the integration of critical processes so that you can run every business process using a shared system.
Most of the latest ERP systems are cloud-based, allowing your team members to access your system remotely. This increases productivity because everyone can continue working even when they‘re away from your business premises. Another benefit of implementing a cloud-based ERP system for your pharmaceutical business is that you’ll save a great deal of money because you don’t have to set up costly server rooms or hire IT specialists to manage your servers.
Currently, there are dozens, if not hundreds, of ERP applications that you can choose for your pharmaceutical company. Most of these apps are fully customized to suit your business needs. However, not every ERP system available is suitable for your pharmaceutical business; therefore, you need to choose carefully to avoid disappointment.
How to Compare ERP Systems for Your Pharmaceutical Company
When you’re comparing different pharmaceutical ERP systems, there are certain important factors you have to consider. These factors are also vital questions that you must find the right answers to before you make your final choice. Here are the important questions you’ve to ask yourself when comparing pharmaceutical ERP systems:
Which Features of an ERP System Do I Need?
To choose the right ERP system for your pharmaceutical business, you have to be fully aware of the most essential features your business needs. Although ERP platforms are designed to offer largely similar functions, they may have different features, depending on their models and brands.
Therefore, you have to compare their features to know which one suits your business needs. For instance, you have to check if the system you want to implement has the necessary features to keep your business compliant. The features you choose will determine how effective the ERP platform will be.
For your pharmaceutical business, choose an ERP system with features that will help you perform critical functions like recipe and formula management, advanced inventory management, and lot and serial number tracking.
What Is the Main Purpose of an ERP System?
Different pharmaceutical companies require ERP systems for different reasons. Some will implement the system to integrate their functions and processes, while others need it for compliance at different stages of their workflows. Therefore, you need to have a clear purpose for incorporating an ERP system into your pharmaceutical business.
How Much Does the Pharmaceutical ERP System Cost?
Different pharmaceutical ERP platforms have different price tags. So, your choice depends on your budget. Although it’s not advisable to go for the cheapest options available, you can still find an affordable ERP system from a reputable company like Navigator Business Solutions (NBS) that will simplify your pharmaceutical business processes. So, find time to compare the prices to determine the one that matches your budget and business needs.