Access to better data can help pharma companies make better decisions about operational and sales matters.
For pharmaceutical and agricultural businesses, the opportunity to forge deep partnerships can make a major difference. In an era of tight margins, rising costs, and increased regulatory scrutiny, these partnerships can go a long way towards transforming profitability.
As noted in the recent post, Three Industries Where Your ERP Choice Is a Major Competitive Differentiator, several industries are seeing the advantage of using enterprise resource planning (ERP) software to ensure compliance and improve operations. For pharmaceutical and agricultural companies, using ERP tools can enhance the ability to partner with other companies in highly regulated spaces.
Here is a closer look at ERP issues in industries intersecting with food, chemicals, cannabis companies.
It begins with data
In both pharma and agriculture, data is critical to making better decisions. Having an enterprise resource planning software solution helps companies resolve several key issues with data.
Both industries have suffered from a lack of real-time data to drive decisions. There’s also the risk of unreliable data, largely due to manual tracking and reporting.
Data duplication and unreliable data can have a severe impact on decision-making. With incomplete or inaccurate data workers are unable to make informed decisions reliably.
Farms are notorious for creating silos where different areas of the organization are not integrated or producing unreliable data. The consequences? Not knowing how much inventory is in place or how many finished goods are available for sale.
In pharma companies, integration of sales, production, and distribution can lead to major competitive advantages. However, without an ERP solution in place, companies will struggle to gain leverage.
Farms need access to integrated data to manage inventory and available products.
The ERP Advantage
ERP platforms allow for the integration of data and systems across enterprises. Sales and marketing information, customer relations, finance, and production areas can share data transparently, providing access to employees across the organization. Shared data allows for more insights and better coordination.
Companies can also share information across the supply chain, providing companies with the opportunity for deeper collaboration. In pharma and agriculture, and related nutraceutical companies, this can mean deeper relationships with food and beverage, chemical, and cannabis industries.
By providing data, access, and insights, pharma and agriculture companies gain major competitive advantages. The ERP provides richer information and context that drive more strategic decisions. Here are a few key benefits:
- Real-time visibility into production, shipping, financials, and regulatory compliance tools
- Inventory tracking and management
- Production scheduling, including, for farming, nutrient, watering, and application scheduling
- Work monitoring
- Quality control
- Materials consumption
- Order management
- Analytics that can be deployed to drive efficiency
ERP systems also provide an advantage when it comes to regulation. Automation tools and sensors help to track, record, and report on data necessary for compliance. For many industries, compliance relates not just to the company itself but its suppliers. By providing accurate, detailed, and timely compliance information, pharma and agriculture companies deepen relationships with other regulated partners.
At NexTec Group, we help companies manage the complexities of choosing the right ERP solution. Our consultants know the vendors, products, and features that best match your needs. Contact us to see how NexTec can help your agricultural or pharma company gain a competitive advantage.