3 Major Benefits of SAP B1 Support Service Partners for Life Sciences and Pharmaceutical Firms11/18/2021 A robust enterprise resource planning tool would make a huge difference to the life sciences and pharmaceutical firms. This is one industry where the regulatory compliance alone can be quite challenging to keep up with. Then come the multiple dependencies and other aspects contributing to an ever expanding and ever changing data environment. But all data is important and most future transactions depend on the accuracy with which current data is being documented and analysed. For all this and more, a reliable SAP B1 support service partner would be of great help.
Perks of SAP B1 for Life Sciences and Pharmaceutical Companies 1. Putting an End to Product Costing Problems Product costing is one area where most life sciences companies struggle with, especially in their early stages. Understanding COGS (cost of goods sold) is one good way to estimate product costs that actually add to the revenue. Inventory based costing and valuation methods are abundant in SAP B1. Based on the inventory planning strategies you already have in place as well as your standard inputs for pricing, you can choose a suitable valuation method. FIFO (first in first out), moving average, standard cost as well as batch or serial number-based costing strategies are all supported. This is particularly handy as several of the large medical equipment companies might be having issues with product lifecycle. Better costing ensures that the time and effort spent are fairly valued. 2. Help Meet Industry Standards Every industry has a different set of compliance issues. There could also be challenges that your competitors already faced in their journey. All this can be analyzed and the industry standards can be met with the help of SAP Business One. This is a place where most businesses feel the striking difference between choosing any local ERP tool and SAP Business One. This is also where life sciences companies will find a B1 partner’s assistance to be indispensable. Industry standards can be particularly complicated for pharmaceutical companies. Consider even the basic activities like coming up with a formula for a drug. The ingredients list to the recommendation of dosages, various types of data are to comply with a globally accepted standard. For the small businesses that are just starting out SAP Business One can make a big difference in this case. 3. Improved Data Collection Most industries today heavily rely on big data analysis capabilities. But pharmaceutical companies have data flowing in and being accessed real time in so many touch points. There is inventory data being tracked and purchase data being reported. All this combined with management of product data like compliance and quality checks can help in long term business plans. For products like prescription drugs and even OTC medicines, there are aspects like expiry date that rely heavily on the documentation of batch number and other inputs. Unifying all the data channels so as to improve traceability becomes straightforward with the help of a credible SAP B1 support service partner. Also Read: Medical Device Companies Integrating SAP Business One Leveraging the perks of ERP tools like this one makes it easy for any pharmaceutical company to survive in a competitive market. You are future-proofing your business processes by working with a good SAP B1 support service provider.
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AuthorDattatreya Kulkarni is the Co-Founder and Director of Praxis Info Solutions Pvt. Ltd. He is the force behind making Praxis a reality and an award-winning success. Archives
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