Global Pharmaceutical Company Drives Success by Connecting Inventory Management with Research Procurement
- Inventory Management
- Life Sciences and Pharma
Pharmaceutical companies — particularly in the research environment – face a number of challenges and complications when it comes to procuring ingredients, chemicals, reagents or other bulk materials. These include:
- Acquiring materials, moving them to the right facilities and tracking them as they are consumed
- Ensuring accurate, real-time information regarding materials already on-hand
- Providing specialized information sources to identify potential substances, especially when searching by chemical structure
- Ensuring regulatory compliance
Now imagine if you worked in a procurement lab at a global pharmaceutical company with operations in Europe, China and the US. Imagine that you had more than 30 preferred supplier relationships, over two thousand users around the world and complex system integration requirements. Where would you start in ensuring that your organization meets the challenges outlined above?
If your goal is to drive success despite these numerous challenges, the very first step would be to compile a list of needs to meet your goal. Spend Matters, the well-known procurement gurus, have done that for us and below is a list of the needs they came up with:
- Clear view of what sits in inventory and where — primarily to manage commercial chemicals, but also to gain visibility into proprietary compounds
- Ready pool of qualified and competitive suppliers that can meet needs
- Reliable information about actual availability and pricing
- Transactional support systems that scale well and are broadly adopted
- Iron-clad compliance with company policies and regulations
The next step would be to find technology that meets your needs and requirements elevates your procurement game. Sounds like a tall order! You are right, but we have a real-life success story to share: Procurement Journey of a Leading Global Pharmaceutical Manufacturer.
Based in Europe, with operations around the world, this complex organization connects inventory with research procurement using JAGGAER’s Research Material Management to drive success and meet their business goals in a very short period of time.
In this case study you will see how the global pharmaceutical company:
- Defined their needs in terms of business success goals
- After extensive evaluation process found the right solution that adhere to stakeholder needs while maintaining compliance
- And finally achieved strong results.