Purchasing Services for Life Sciences

This is a guest blog by Paul Giese. Paul is the founder of  intheBlk software , a firm that specializes in long-range planning and ASC606 revenue recognition for biotech organizations. When he isn’t working on financial models, Paul enjoys spending time with his wife and one-year-old son. You can find more thoughts by Paul on Twitter (@intheBlkData) and at  his blog . An   Ernst & Young study   found that finance departments are 80% ready for automation. Practically, this is converting a report built in Excel from three sources to a report that an ERP system generates automatically. The benefits of automation include more accurate financial data, more thorough financial reporting capabilities, and time savings from more efficient processes. Biotech organizations can achieve these benefits in the purchasing and payables process through the use of an optimized system such as   Prendio . Below are a few benefits of automating the procurement process: Maintain one list of f

Order management may seem like a simple term, but what does it really mean? And why is it so important? Many business owners are unsure of what order management includes, so let’s take a closer look and get a better understanding. What is Order Management? To put it simply, order management is the process of keeping track of orders, the processes and people needed to fill those orders, and managing the customer data for the order. Order management handles everything from receiving the order to delivery and post-delivery customer service relations. Without order management, a business can easily become overwhelmed by orders or struggle to fill them correctly. The first step to proper order management involves keeping track of inventory on hand versus orders taken in to make sure you don’t take on more orders than you can fulfill. After orders are received by customer service representatives, they must be filled and shipped out. This means that order management requires communic