SAP Business One HANA – The Pharma Growth Catalyst
According to reports, the pharmaceutical asset management market size was valued at USD 100 Billion in 2023 and is expected to reach USD 150 Billion by the end of 2030 with a CAGR of 5.96% during the forecast period 2024-2030.
Optimum asset management under pharma requires businesses to streamline resource allocation, risk mitigation and value addition. The ideal combination of this trio can help pharma businesses achieve the highest return on investment and ensure competitiveness in the markets.
SAP Business One HANA for the pharmaceutical industry brings not just a trusted name, but a wealth of tools and functionality for optimum asset management. It’s an ERP built keeping in mind the requirements of the pharma industry. No wonder, most businesses choose SAP Business One HANA over other ERP options. Let’s take a closer look.
Why is Asset Management required in Pharma?
For an industry that deals with lives, it must function smoothly under the set parameters. Resources perform at their peak and do not cause any disruptions in regular business operations. The efficiency of machinery, lab equipment, and medicines all need to be at their peak throughout their lifecycle. Asset management in simpler terms is to ensure all the above perform at an optimal level & are tracked for efficiency in a pharma business.
SAP Business One Features for Pharma Asset Management:
SAP Business One for pharmaceuticals offers features for the industry that gear businesses with optimum asset management capabilities.
1. Asset Tracking: SAP Business One HANA ERP for pharma collates data across all the business departments, banishing the siloed approach to business management. This ensures the availability of accurate and live data on all the company’s assets, including lab equipment, production machinery and IT infrastructure. It allows real-time status on location, operation status, and conditions of the business assets. This leads to optimum utilization of resources.
2. Predictive Maintenance: SAP Business One HANA for pharma adds sophistication when it comes to maintenance. It allows one to automate the maintenance schedule taking into consideration the status of the resource. Key machinery or systems could easily be scheduled for maintenance during off-peak hours to ensure that the production flows smoothly. A critical aspect of pharma.
3. Cost Analysis: SAP Business One HANA allows you to calculate the cost of an asset throughout its lifetime including its depreciation. Reports can be generated on the asset maintenance cost and can be compared with return on investment (ROI) to make informed decisions on whether to replace an asset or upgrade.
4. Integration: SAP Business One HANA integrates with other processes (inventory, production, etc.) to provide streamlining of operations for the life-critical industry. For example, if a production asset is undergoing maintenance, the production cycle can be adjusted accordingly. Backup resources could be put into production to facilitate smooth operations.
Closing Thoughts:
Pharma businesses need to be ready for the upcoming boom and one thing they can do is ensure the efficiency of their operations. In this complex world of pharma, having optimal asset management is a game-changer in making rapid progress and beating the competition. As the pharma sector gears up for growth, is your business up for it?
Raise your pharma business with SoftCore Solutions, the reliable SAP Partner in Mumbai. We are dedicated to serving your pharma business with our customized SAP B1 HANA ERP solutions aimed to increase operational efficiency by streamlining business operations. We stand tall to provide you with SAP Business One HANA that brings your pharma business to the forefront and ultimately leads you on a journey to become a pioneer.
Call us for a live SAP Business One demo.