How Life Science Companies Can Maximize the Value of Tech Investments
Technology is an integral element of any good business strategy. For life sciences companies, technology can help innovate new and faster ways of developing and delivering products and services. However, technology is also a disruptor and needs to be integrated successfully and at the right stage to deliver the best results for companies.
Investing in technology can give life sciences companies access to tools to manage complex supply chain networks, manufacturers and distributors, legal regulations, and process large swaths of data at enormous speed.
It is difficult to make the right investment decisions and implement change, whilst ensuring that effective risk management remains in place. Before you invest, it’s important to understand the risks associated with new technology, and where and how to position the technology to ensure ROI is maximized.
Life sciences companies have often approached new technologies with caution. The risks include considerable costs and the consequences of failure. Conversely, for companies that do not innovate, they risk being left behind by the competition. The changing landscape threatens to render slow adopters obsolete.
Although the need to innovate is now unavoidable, new technology systems must be integrated and tested carefully, over a period of time to refine and reduce any risks.
Quality is essential to meet the requirements of regulators and to retain the trust of patients and clinicians. In this highly regulated environment, implementing new technology without proper procedures can prove disastrous where faulty products or supply chain delays can directly affect patient health.
Innovation is taking place in spite of the risks. Financial and competitive pressures are driving life sciences companies to invest in new technology to improve efficiency, reduce R&D cost and provide greater management and visibility over their supply chains.
There’s clear value to be found in investing in technology. Technology has the ability to deliver growth, flexibility and profitability. Harnessing and maximizing the value from technology is essential for company growth and competitiveness. To do so, companies must quantify the benefits and costs of technology investments, and calculate the return on investment before implementing in haste. Technology can increase employee productivity, customer satisfaction, and collaboration which should also be taken into consideration while calculating the ROI.
Not every company can or needs to invest in every new technology. It takes a considered approach, with a focus on the integration of new technology, ensuring the systems are in place to collaborate and integrate for efficiency.
The best way companies can maximize their technology investments is to ensure systems and processes are working at optimal efficiency prior to investing. By allocating resources efficiently, companies can optimize the accuracy and productivity that new technologies aim to deliver.
Enterey understands the value of investing in technology at the right stage of a companies’ growth. Our experts provide carefully-crafted solutions for each company we work with. We look at the existing systems and processes and change the understanding of how the technology works, ensuring the controls within the company reflect a shift towards quicker, higher-volume use of technology, and the dependency and supply chain risks associated with that. We then ensure that companies’ are aware of what those controls are, and make sure they are robust and reliable enough to protect the company.
The challenge for many life sciences organizations is the slow rate of adopting new technologies. Many still work on systems or processes that are decades old and without an informed, forward-thinking mindset the life sciences industry could remain at a disadvantage in competing with technology companies.
Enterey is a team of high-performing consultants who specialize in the life sciences industry. In the face of an increasingly competitive landscape, we recognize that new technology can help create an innovative company at the forefront of the industry.
Our in-depth experience of integrating new technology allows us to rapidly identify how to best maximize the value from the introduction of new technology within your organization.
If you would like to know more about how we can help you, click HERE: