In this cut-throat competitive market scenario, pharmaceuticals companies are looking for innovative ways to streamline their processes to stay ahead in the competition. Not only, legacy IT infrastructure is complex and expensive but also it is insufficient to respond to the dynamic shifts in drug supply and demand driven by globalization, increasingly complex supply chains, personalized customer service, and price pressures. By adopting cloud, pharmaceutical companies can easily address many challenges which are associated with the current business scenario.
Not only pharma companies but also businesses from all sizes, geographies, and industries are turning to cloud services. A recently published survey has suggested that most of the companies are expecting to adopt cloud-first or cloud-only policies by 2020. As per study, 33% of organizations have a “full steam ahead” attitude toward cloud services while 86% of companies are looking to start spending their IT budget on cloud services. Cloud adoption will not only lower operating costs, improves time to market, better collaboration, and increased flexibility but also enables pharmaceutical companies to remain compliant to stricter regulations and requirements. We are providing below some undeniable reasons that justify the adoption of cloud ERP for the pharmaceutical and healthcare industry.
Cost Effective: – Cloud infrastructure prevents pharma companies to spend huge amounts of money on purchasing and maintaining servers, hardware, software, IT team, etc. This results in less upfront cost. The hardware, facilities, utilities, or building, data security, IT teams, etc., are managed by the Cloud Service Providers. So, rather than taking care of these things, you can focus on your business while your cloud provider will take care of your data.
Improved Efficiency: – Alleviating the operational and supply chain performance in the pharmaceutical industry is a challenging task. Cloud based ERP solution such as Microsoft Dynamics 365 Finance & Operations comes with full ERP capabilities like integrated systems for laboratory information management, manufacturing execution in modules like Basic Pharma, Advanced Quality Management, Weighing and Dispensing, Advanced Warehouse Management, etc, that enable pharmaceutical companies to streamline processes, increase efficiency and reduce costs, while ensuring patient safety, product quality and data integrity.
Scalability: – No one size fits all. Different companies have different requirements. Cloud based solutions are ideal for businesses with growing or fluctuating bandwidth demands. Cloud enables you to pay for what you use. Further, you can easily scale up/ down your cloud capacity without having to invest in physical infrastructure. Cloud ERP Solutions such as Microsoft Dynamics 365 supports modular approach which enables organizations to start with modules that are required at primary stage and then easily scale up to more modules as per changing business requirements.
Data Security & Compliance Risk: – For pharmaceutical and life sciences organizations, data security and compliance are of great importance. Cloud platforms such as Microsoft Azure are designed to enable pharma companies to achieve security, privacy, transparency and compliance at any scale. Built-in governance technologies, data encryption methods, protocols and algorithms of Microsoft Azure ensure that your data remain confidential and is protected from breaches. Cloud-based ERP for pharma industry such as Microsoft Dynamics 365 for Finance & Operations is PA-DSS 3.1 certified which means that all communications between components are secured out-of-the-box. All Dynamics 365 Finance & Operations front-end virtual machines in Microsoft Azure are configured during deployment to only accept TLS 1.2.
Improved Collaboration with Real-time data access: – With cloud, pharmaceutical companies can achieve efficiency by storing, computing, and sharing data within the cloud. By virtually and easily sharing information in real time, pharma companies can improve collaboration, development and customer service. Pharmaceutical manufacturers can keep a bird’s eye view over the entire supply chain movements with Cloud ERP Solution to boost efficiency and transparency.