5 Pharma ERP Software Benefits to Resolve Pharmaceutical Manufacturing Challengesteckmovers
The rising competition, governmental regulations, and customer expectations have made the pharmaceutical industry super difficult to sustain in. In spite of that, pharmaceutical manufacturers are operating relentlessly to make the ends meet by going digital, using versatile tools and techniques. One such tool is ERP: Pharma ERP software comes with many useful modules. It also facilitates the enterprises to manufacture the best quality drugs at the cheapest and also comply with stringent regulations.
The 5 benefits of Pharma ERP software:
- Pharma ERP for Sales and Marketing Management
The templates offered by pharma ERP software allow you to efficiently manage contracts and process sales. It has the capacity to store and regularly update massive amounts of consumer data. The software further helps by:
- Smartly formulating prices on factors, such as demographic data and purchase patterns and history
- Automatically creating workflows post completing a sales order independently, reducing any need for human intervention
- Allowing the marketing department to run and monitor promotional campaigns in real-time, offering the liberty to alter them per changing trends and implement new strategies in real-time
- Enabling an inter-departmental flow of information
- Pharma ERP for Improved Traceability
Traceability is essential in any industry, but more so in pharma because of the multiple government regulations. Using pharma ERP software can help companies maintain a record of all purchases as well as the movement of raw materials and end products. This simplifies the audit trail process, allowing the company to respond to product recalls within a few minutes as opposed to days.
- Pharma ERP for Regulatory compliance
Governments throughout the world implement stringent policies for pharma companies, failing to comply with which results in rigid punishments. Pharma ERP software has the ability to maintain meticulous checks and balances system, handle bills and receipts, validate protocols, and club formulation and compliance management modules. You also get help with essential documents to perform audits and maintain statutory vigilance.
Moreover, the software manages historical data, enabling all business stakeholders to store and retrieve data in one place.
- Pharma ERP for Inventory and Material Management
It enables managers to monitor inventory levels and control pilferage by maintaining real-time records for manufacturing materials. You can set a threshold in the software and it will automatically place orders with the vendors when there’s a drop in the number of raw materials below the limit. You also get insights on material usage, inventory levels, and a regularly generated inventory status report, which helps manage expenses and save costs.
- Pharma ERP for Exact Product Costing
One struggle common to all pharmaceutical manufacturing companies is maintaining record operational and material costs. How do you determine costs in the inadequacy of such critical data? ERP software record the costs of raw materials, insurance, R&D, customer incentives, etc. and determine profitability. Thank the multiple valuation methods that electronically capture all the expenses. Although pharma manufacturers rarely create by-products, if they do, these costs are recorded as well.
In order for a company to excel in the pharmaceutical industry, it’s imperative for it to become as digital and automated as possible. Pharma ERP software can do everything from determining costs and calculating profits to managing sales and marketing; from improving traceability to helping with the compliance of government regulations, overall enabling the manufacturer to grow big.
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