Organizations in the life sciences industry need to tackle growing competition, stay compliant, follow current and updated accounting and financial regulations, and retain top talent to stay relevant and functional. The life science industry is dynamic and rapidly transforming.
To leverage innovative opportunities, enterprises in the life science space need to take care of three critical organizational components – the business, the employees, and the finances.
Engaged Employees Stay
Employee satisfaction is a challenge for life science organizations. Surveys show that employees in life sciences are dissatisfied with their work more than in any other sector. Many even admit to not feeling challenged at their current position.
There are tasks in every job that employees might not like to perform. This might be because these jobs are menial, and have no value addition to the entire organization. Often, these are administrative responsibilities or monotonous tasks such as data entry or pulling reports.
When these tasks take up a significant portion of an employee’s job, they start feeling undervalued and underutilized. And, when they become too dissatisfied, they start looking around at other prospective employers.
Of course, these repetitive tasks also need to get done. Automation can help you alleviate some of these tasks, allowing employees to focus on value-add jobs and strategic business opportunities that grow their skills and keep them engaged.
Compliance Management without Decelerating Innovation
Managing compliance can be challenging for life sciences companies, and the recent changes in tax laws and accounting standards can make any finance team’s head spin. While many organizations turn to compliance programs, the real struggle is striking a balance between compliances and innovation.
This can be done by reviewing your current compliance program. When businesses grow, compliance programs take a backseat. This article by Ropes & Gray attorney Kim Nemirow elaborates the elements that constitute an effective compliance program. The article emphasizes on the tone and buy-in from senior leadership.
In addition to getting buy-in on all levels, more emphasis should be placed on using technology to create a compliance program that is efficient and lays the ground for the future compliance landscape.
Financial Insights Fuel Business Decisions
Business decision-making often boils down to finances. Any company that operates without enough financial data is in the dark with no idea of its current standing or a roadmap for the future. This brings us to the importance of using automated technologies to increase business visibility and overall effectiveness. Streamlined processes and employee satisfaction can be evidently seen in the accounts payable department.
This department often deals with both paper and electronic invoices, where the former creates more work to manually enter invoices, pull reports, and cross-check data. While monthly reports can take days to create, year-end reports occupy weeks. Implementing an automated invoicing solution can eliminate these issues while streamlining invoice management and tracking, and increasing visibility into expenses. Solutions that make data and application accessible from anywhere are ideal for global companies.
To stay ahead of the competition, life sciences organizations will have to take the time to assess their own organizational health. Aim for engaged employees, an effective compliance program, and improved financial visibility.
SAP S/4HANA for Life Sciences can help pharma, biotech, and medical device enterprises gain visibility into operations, stay compliant, and control costs. Automation can allow companies to reimagine processes and bring positive and effective outcomes.
Get in touch with our experts at itelligence, an SAP Platinum Partner, if you have any more questions or if you would like to schedule a free consultation.