There are so many life science ERP software solutions out there, it can be difficult to find the right tool for your company. In this article, we'll discuss what you should keep in mind when looking at ERP systems for medical devices.
What to Consider When Looking For ERP Software
There are a variety of considerations you should make when looking for an ERP solution, which include:
On-Premise Versus Cloud ERP
Perhaps the most important consideration when choosing an ERP software solution is whether you want an on-premise or cloud-based system. On-premise ERP systems are installed on your company's servers and are usually more expensive than cloud-based solutions.
However, they offer more control over security and data privacy. Cloud-based ERP systems are hosted by the software vendor and are typically more affordable. They also offer greater flexibility, since you can access them from anywhere with an internet connection. Still, you'll need to make sure that your data is stored in a secure location. If you're a small-to-medium sized company with no prior ERP experience, we recommend a cloud-based solution.
Functionality
Another important consideration is the functionality that you need from your ERP system. Most ERP software solutions offer similar basic capabilities—such as financials, manufacturing, and supply chain management—but some systems have more robust functionality than others.
If you're a small company, you may not need all of the bells and whistles that a larger enterprise would require. However, if you're expecting rapid growth, it's important to choose an ERP system that can scale with you. Make sure to consider your company's current and future needs when making your decision.
Implementation and Support
When evaluating ERP software solutions, you should consider the implementation process and support options. Some vendors offer turn-key implementations, while others require you to partner with a third-party consultant. Implementing an ERP for life sciences is complicated and it’s important to ask about the implementation process and whether training is included.
You should also find out what kind of support is offered after go-live. Some vendors offer 24/7 support, while others only offer business hours support. Make sure to choose a vendor that can meet your company's needs.
Cost
Of course, cost is always a consideration when selecting an ERP software solution, but it's important to keep in mind that the total cost of ownership (TCO) is usually more important than the initial purchase price. When calculating the TCO, you should consider factors such as license fees, hardware costs, implementation costs, and support costs. You should also consider the return on investment (ROI) when making your decision–make sure to choose an ERP system that will save you money in the long run.
What Is the Best ERP Solution for Medical Device Manufacturers?
We recommend SAP Business ByDesign ERP Software, which is designed for small to midsize companies with an annual revenue of $25 million to $500 million. The best thing about this piece of software is that it's cloud-based, which means it won't be too difficult to implement. Its modular nature means it's easily scalable, which means it will retain its usefulness as your company grows.
Final Thoughts
Choosing the right ERP software solution for your company is a big decision, but if you keep the considerations we've discussed in mind, you should be able to find a system that meets your needs perfectly.
