You rely on your ERP system to support your life science business, but lately, you’re starting to question if it’s supporting you as effectively as it could. And you suspect that your ERP won’t be able support you in hypergrowth mode.
What are the warning signs that you’ve outgrown your current ERP system? As we’ve worked with biotech, pharma, and medical device manufacturing customers who are considering moving to a new ERP system, we’ve seen some familiar signals that affected their ability to reach the levels of growth and leadership they were seeking. Here are four signals that might be spotted in your organization, too.
Four Warning Signs Your ERP is Holding You Back:
- Lack of flexibility
- Ineffective collaboration
- Lack of decision-making information
- Inaccurate data
- Get four more
Lack of Flexibility
As your company has grown and expanded, you’ve encountered more complex financial and supply chain requirements. Functions such as optimizing ordering, improving quality management processes and matching inventory levels to forecasted demand are all crucial to support a growing business.
You need an ERP system that gives you the flexibility to work the way that’s best for you. Your ERP system should allow you to match your software to your business, not the other way around.
Ineffective Collaboration
Collaboration is a cornerstone of a profitable and successful company. When collaboration isn’t as effective as it needs to be, your employees will experience diminished productivity, innovation and communication. Working across teams is chaotic. Disconnected processes make execution slow. Adhering to stringent regulatory and security requirements feels dicey. And documentation processes feel bottlenecked.
Lack of Decision-Making Information
Your team needs accurate and timely information to make good decisions. They need to be confident that the information they are getting from the ERP system is both comprehensive and error free.
When your day-to-day business information is not readily available and isn’t easily accessed from anywhere, the ability to make smart operational and financial decisions quickly is in jeopardy.
Inaccurate Data
Incomplete and inaccurate business data can have serious implications for your business. These issues and errors surface in a variety of ways and have many negative effects on your company’s operations. You may find that inaccurate costing information compounds into imprecise product pricing, or bad data leads to incorrect capacity planning.
But wait, there’s more. Take action now.
That’s just four of the common pain points we see when we work with life science organizations to help move their business forward. Taking your business to the next level requires you to evaluate the limitations of your organization’s systems so you can recognize the right time to implement strategic changes, too.
Download our eBook 8 Signs Your ERP System is Holding Your Life Sciences Business Back and get information on all the ways your ERP system can (and should) be providing you with a competitive advantage.
