Thriving in the biotech space requires skill and flexibility to respond to the latest challenges during rapid growth. But can your business and accounting software applications keep up?
If you are using out-of-date software, the answer is a very clear “no.” The good news is you can get past growing pains by adopting the best-in-class Oracle NetSuite ERP software platform.
Let’s look at some signs that your current tools are stunting the growth of your company. We will also review why NetSuite for biotech companies is the perfect ERP solution.
Signs Your Business Management Tech is Due for an Upgrade
It is time to replace your legacy software tools if any of the following situations are true of your company.
Tracking Costs is Difficult
If you cannot easily monitor your day-to-day, weekly, and monthly expenses, you need NetSuite for biotech companies. NetSuite can help you closely track all of your business costs. It increases financial visibility and allows you to seek innovation fiercely.
You Don’t Have Any Automated Tools
Traceability is key to running a biotech organization. You must trace raw materials, chemicals, and goods. Failing to do so can lead to compliance headaches and also create unsafe working conditions.
That said, tracing inventory on your own is tiring, but with NetSuite, you can improve traceability without bogging down your team. NetSuite enables doing so through powerful automation tools. You can automate vital tracing tasks, save time, and free up your team to engage in more dynamic duties.
Your Data is Siloed
Relying on several different systems to manage business activity hurts your agility and restricts flexibility. When data is spread across many applications, reporting becomes challenging as well.
Bringing your data together will aid in reporting processes. It will also support your compliance efforts and promote business continuity.
NetSuite provides you with a single source of truth for your organization. You can access all of your critical data in one secure location. Such a feature is very valuable for organizations operating in the closely regulated biotech space.
Your Compliance Concerns Are Mounting
Regarding regulations, compliance should not be a constant source of dread for your organization. Instead, it should be built into your management strategy.
If your processes do not lend themselves to compliance, you need to simplify them. NetSuite will give you the tools to support this effort. You can also use its automation tools to support efficiency and make compliance a priority.
Your Platform is Hard to Scale
If scaling your platform requires a huge investment of time and resources, that is a sure sign that you need NetSuite.
Aging software is usually managed with on-premise hardware, so scaling an on-premise system means investing thousands of dollars in hardware. You will also need a large IT team to set up the hardware.
On the other hand, NetSuite is cloud-based. With their cloud ERP platform, you can tap into the exact amount of resources you need when you need them. Therefore, NetSuite is fluid enough to grow with your company, helping you avoid unnecessary expenditures.
Why NetSuite is the Ideal Fit for Biotech Companies
NetSuite for biotech companies is the answer to all of your back-end business management challenges. With this ERP system, you can achieve the following:
- Create a single source of truth
- Merge your data
- Increase data security
- Improve information visibility
- Access automation tools
- Increase efficiency
- Help team members be more productive
- Facilitate compliance
- Support decision-making
- View business activity in real time
- Track business performance
- Keep growing
Additionally, NetSuite is highly configurable. You can set it up based on the unique needs of your organization and generate detailed reports. Your staff can even change their dashboards based on their role within the company.
NetSuite also has a growth-friendly business model. As your organization expands, you can easily add more users to your subscription. In other words, NetSuite takes the hassle out of growing your company.
NetSuite for Biotech: Is Your Organization Ready to Migrate?
Does NetSuite sound like the right fit for your organization? Let us help you roadmap the path to implementation.
Finlyte experts can help your team evaluate whether now is the right time to migrate to NetSuite for biotech companies. And if you decide to make the move, Finlyte can oversee the entire migration process.
We offer a dedicated NetSuite ERP implementation solution for healthcare organizations. Our solution simplifies the implementation process and accelerates the timeline so that you can start realizing a positive return on your NetSuite investment.
Book a consultation with our knowledgeable team to discuss this opportunity to improve business management for your organization. Support growth by working with Finlyte!
