5 Reasons Life Science Companies are Moving to the Cloud

Many life science companies, especially in that pre-revenue startup phase, think that ERP is too costly, too complex for a business of their size. However, in just a matter of months, these same companies often find that using Excel spreadsheets or accounting solutions like QuickBooks are just not working and/or keeping up with the growing demands of their business. As such, many life science organizations are moving their operations to the cloud to eliminate compromises and bottlenecks before they interfere with their company’s mission.

Many of our own life science clients now use NetSuite to run their businesses. Most of them started as that pre-revenue phase, and we were lucky enough to help them through the process to be a part of their journey towards commercialization. We asked ourselves how we can help our clients move to the cloud more quickly, efficiently, and with more of a life sciences-specific environment. Since then, we’ve developed Sikich SuiteSuccess for Life Sciences to implement smarter technology more efficiently and more quickly. In some cases, we’re able to implement NetSuite in as little as 30 days.

But the real question is, why should life sciences companies move to the cloud at all? We have five reasons for you.

The Cloud is Focused on Your Mission

One of the things that we see a lot as we work with our life science clients is they are doing everything except focusing on their sites. At the end of the day, that’s what they’re in business to do. So realistically, you want to work with a partner that is going to help you move you to the cloud and leverage something like our SuiteSuccess for Life Sciences so your company can get back to doing just that.

One of the common challenges from the startup phase we often see is how fast-paced it is and how quickly the organization can grow. Most of the time, however, the organizations run on a lean staff, especially in the finance department. When they use spreadsheets and accounting software like QuickBooks, they have to use a lot of manual processes, which is far from efficient, not to mention, prone to error. If the organization instead leverages something like NetSuite, which can automate a lot of those processes, it’s easy to increase productivity.

Consolidating to One System and Centralizing Data

More of the time, we’re moving life science organizations off of multiple, disparate systems. They’ll use QuickBooks, Excel files, and possibly other software tools to help them manage the business. When they get to the point when it’s time to go public, most of the functionality they need to prepare is not in QuickBooks. They’ll rely on manual Excel worksheets, which can be prone to error simply due to the fact it’s a manual process.

Moving to the cloud, however, keeps all of this information in one place and provides real-time data and analysis. When it comes to purchasing or even pricing, there’s no need to hop around various websites to find out the answers. There’s no need to send emails back and forth or print out paper for someone to sign for approvals. All of the data is in one system, making it incredibly easy for anyone and everyone to find data they need or submit approvals quickly and efficiently.

Grow at Your Own Pace

The cloud allows life sciences companies to grow at their own pace. NetSuite, in particular, is designed for companies to start small. As the company grows, you can add users and additional functionality. You can just as easily scale back as well. With the cloud, it’s possible to grow without needing expensive and time-consuming upgrades. All you have to do is add what you need and remove what you don’t.

Access Anytime, Anywhere

We discussed earlier that with a cloud-based ERP like NetSuite, all of your organization’s data is in one system. With all of that centralized data on the cloud, users can access that information at any time, anywhere. Home office, corporate office, traveling employees, fieldwork employees, etc. can all easily access the company’s data. Since COVID, this has become even more important, allowing finance team members to collaborate from different countries or simply miles apart working from home. With this mobility, users can also be assured that the information they have is accurate and up-to-date, thanks to all of the data stored in the cloud.

Peace of Mind

Our overall goal is to help life science organizations focus on the science and not worry about scaling and growing the business or even managing compliance before going public. Moving to the cloud will help give that organization peace of mind that they are using a system that will help propel their organization forward. Therefore, once again, the organization can focus on doing what they do best—the science—instead of stressing over business management software.

If you’re interested in moving your life sciences organization to the NetSuite cloud, please contact our experts at any time. Please also check out our full webinar on this topic.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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