Strategic Inventory Management for Pharmaceuticals using SAP Business One

The pharmaceutical industry is facing complex regulatory and compliance needs, a high demanding customer base with challenging customer demands over the years. The compliance requirements are becoming stringent with each passing day and the pharmaceutical industry is struggling to keep up with the changing market trends.

The Pharma industry is also facing supply chain disruptions and there is no room for errors in this industry; the cost of failure may be human lives.

With the advent of SAP Business One ERP Software Eldoret, the pharma industry has started pivoting towards digital transformation. This comprehensive SAP ERP Solution offers an advanced set of gears to unify business processes, adhering to compliance and offering industry-best practices.

In order to address the burning pharma business challenges, SAP Business One experts at VC ERP Consulting, the best SAP Business One Partner in Eldoret, talk about top 4 pharma business challenges and how SAP Business One resolves them.

Challenge #1 Demand Forecasting

Demand forecasting has always been one of the primary challenges of supply chain management in the pharmaceutical industry. To manufacture and deliver finished products on time, it is crucial to ensure constant availability of raw materials, inventory levels and distribution channels.

Procuring raw material is caused by material requirement planning errors, material shortage and labor requirements. This can significantly impact employee productivity.

Timely Demand Forecasting with SAP Business One

  • Predict demand based on a multi-level forecast instead of relying on actual received orders
  • Foresee future demands for the product and adjust material planning accordingly
  • Planning Wizard guides users through the process of creating planning scenarios
  • Establish low and high level percentages to determine if an item has unusual usage
  • Rank items using forecasts for sales analysis

Challenge #2: Inefficient Inventory Management

One of the major reasons for inefficient inventory management is insecure manual data entry. Whether you have one warehouse or several, attempting to manually enter the data for inventory, orders, shipping, reports and finances is going to cause chaos sooner or later.

In these chaotic times, what your growing pharma business needs is an ERP that consolidates all the information from the warehouse, supply chain, inventory, finances, and more into one place.

Streamline Inventory Levels with SAP Business One

  • Automate manual inventory management processes
  • Maximize traceability of goods and raw materials across all the locations
  • Segregate items depending on your batch size & requirements
  • Get detailed information about the items lying in the warehouse with pin-point accuracy
  • Track product movements in the inventory to identify the most profitable products

Challenge 3# Lack of Stock Visibility

According to this Europol report, Pharmaceutical products are the seventh most commonly seized counterfeit products worldwide. The trading in falsified pharmaceutical products is growing tremendously.<

In addition, faster lead times, improper inventory management, mismanagement of stock and increasing product variability has given way to disruptive supply chains that create havoc for anti-counterfeiting efforts.

Moreover, the absence of real-time data on the status, timelines, location of their products, raw materials and sub-components makes it a challenge for entrepreneurs.

Real time Visibility of Stock Levels

  • Locate inventory items instantly with complete & real-time inventory location data
  • Measure stock availability levels with 100% accuracy with automated features for re-ordering and procurement
  • Improve customer satisfaction with a scalable inventory management solution
  • Get centralized and cloud-based databases for accurate and automatic inventory updates with real-time data backup

Challenge 4# Fragmented Data Sources

In case of disruptions, lack of supply chain data and real-time analytics makes it very difficult to take timely and critical business decisions. The lack of real-time information complicates resource allocation that ensures efficient order processing and compliance with OTIF (On Time in Full) criteria.

Real time Data Management with a Single Source of Reporting

  • Make quick and effective business management decisions with relevant inventory data
  • Run through ‘what-if’ scenarios with familiar & easy-to-use MS Excel interface
  • Click through relevant inventory data and get answers quickly with interactive reports
  • Get updates about when to refill stock and which items are doing well in the market
Overcome some of the biggest inventory management challenges by implementing SAP Business One with the best SAP Business One Partner Eldoret, VC ERP Consulting. It automates inventory management processes and focuses on enhancing customer experience.

Streamline Inventory Management with VC ERP Consulting Today!

In recent years, various geopolitical events have radically changed how the modern market works. Rising challenges like lack of inventory visibility, poor supplier relationships, inventory management issues and regulatory challenges are just some of the many challenges pharmaceutical companies face.

SAP Business One helps you stay confident in your company’s growth and future.

Are you ready to boost operational efficiency by streamlining inventory levels? Implement SAP Business One ERP Software Eldoret with VC ERP Consulting, the best SAP Business One Eldoret, Today!

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