In an ideal world, biotech organizations would have full–service purchasing and AP departments. In reality, most of the emerging biotech startups have scientists and a small administrative staff to handle purchasing and accounting, taking time away from the core operational work and vital research in the lab. Outsourcing these functions to a professional consultancy can help streamline the procure-to-pay process, improve operational efficiencies, and accelerate research and development.
Increase Operational Efficiencies
Biotech organizations operate in a dynamic environment influenced by unique challenges and opportunities. Procurement is a Startup Labteam effort that involves various departments including scientists, purchasing and finance professionals. To reduce costs, many start-ups and emerging companies rely on scientists and lab managers to procure essential supplies required for research. Tasks such as creating supplier accounts, getting approval from managers, finding quality products at the best prices, applying for credit, placing and tracking orders keep scientists away from valuable research in the lab. One solution for this is to outsource the work to a professional provider that focuses on efficiency in procure-to-pay and customers support.
Streamline Procurement Process
A company offering procurement services can help biotech organizations streamline the procure-to-pay process, implement internal controls and ensure the organization is ready in the event of an audit. With accelerated order transaction times, biotech organizations can ensure that procurement is done in a swift and efficient manner. A company offering procure-to-pay services has dedicated teams with expertise and experience in ensuring clients receive an uninterrupted supply of critical products required for research
Outsourced procurement for biotech relieves scientists of negotiating, applying for credit, placing and tracking orders. Small Finance teams can benefit from services such as data entry and matching scanned receipts and invoices to POs. The addition of an inexpensive cloud-based e-procurement solution completes the procure to pay process by connecting research, purchasing, and finance teams for a seamless workflow. With scalability, spending approvals and liability reporting, biotech organizations can streamline the process, optimize savings and integrate with ERP system. By outsourcing procurement and AP clerical tasks, an organization can reduce backend headcount, gaining an edge over the competition to bring the product to market more quickly.