What Life Sciences can Accomplish in the Cloud

How does moving to the cloud help achieve your goals for growth, innovation, and competitiveness, and what are some of the main outcomes of transitioning to the cloud that you might want to anticipate and plan for?

Predictive maintenance ensures the uptime, productivity, and performance of your infrastructure

For many life sciences companies, evolving legacy systems from condition based to predictive, enabled with data insights from IoT, is an important use case for cloud technologies.  Your analysis of data coming from connected devices, and the IoT, allows for improved communications with your contract manufacturers, 3rd Party Logistics providers or in-house manufacturing team.  This connectivity allows for you to anticipate and avoid poor decisions on R&D and product movements throughout the enterprise.   That intelligence enables you to keep product innovation to occur quickly and/or fulfilment of orders to be as efficient as possible.

People, trading partners and market visibility enables complete, contextual intelligence to help you meet company objectives

In life sciences, the ability to compete as a viable, relevant business depends largely on your ability to understand and control product research and supply chain. This learning offers an avenue to intelligence that overcomes the practical and conceptual boundaries of individuals, who are easily misled by their selective awareness of events and trends. Instead of acquiring the tools and building your own intelligence systems, you can take advantage of the resources available in the cloud today. When you connect your industrial assets or the complex products to the IoT, storing and processing the data in the cloud, they become available to cloud intelligence that can combine with data from your entire operation.

At that point, your insight is not limited to your individual employees. You can surround it with contextual information about R&D, material planning, training and the supply chain. If you want to cast an even wider net, you can also assess customer behaviors, market trends, and competitive threats, and correlate those findings with your R&D and product management.

Collaborative innovation opens additional revenue streams and increases team efficiency

Predictive maintenance is a great achievement that your internal and external customers will appreciate. No need to stop there. Cloud-enabled, intelligence-driven collaboration with your customers can help you understand them much better, strengthen the relationships with them, and maintain your share of their attention and spending. It can also result in product enhancements that you might eventually launch to your entire market.

Within your organization, you can rely on the performance and scalability of cloud resources to enable scientists, partners and rest of the workforce collaborate from anywhere. They can use cloud-based virtual reality modeling to work together on new formulas and products. You save the expense and disruption of business travel by your skilled innovators, and you enable them to collaborate always, not just on special occasions.

Service provider expertise lets you make more strategic use of your own IT department

If your IT department is fully occupied with the day-to-day activities of keeping applications, networks, and infrastructures running and secure, you can move most of these routines to the cloud and let your service provider handle them. Instead, you can use your in-house IT resources to perform custom development and other high-value tasks that help you move forward. Working with a strong cloud service provider, your IT team can efficiently learn the skills of development, provisioning, resource management, and security in the cloud, especially if you maintain a hybrid environment that requires integrations between on-premise and cloud computing. You can draw on your service provider’s specializations, for instance, to enable advanced intelligence, collect and process large volumes of data, or take the complexity out of working in the IoT.

Worldwide resources and networks let you grow at your own pace while being compliant

Leading cloud providers maintain advanced cloud infrastructures in global networks of data centers. They will have a data center close to your headquarters, and, when your company reaches across the globe, they can support you wherever you go. That means you can grow in the cloud at your preferred pace. If you want to take a measured, low-risk approach, you could move just one workload into the cloud – product engineering, for example – to start with, and test the new infrastructure’s performance, reliability, and analytical capabilities. You continue your cloud migration at the right time.

When you’re ready to increase the momentum, you can take advantage of cloud-based ERP and CRM resources with multi-language and multicurrency features to reach customers and markets anywhere. If you’re operating production and distribution facilities in several countries and regions, the cloud offers an efficient way to make corporate systems and information available to them and connect their processes to the entire organization.

Transform your life sciences business in the cloud

Starting now, you can act on the cloud opportunities that offer the highest benefits. Together, Tridea Partners technology and expertise, Microsoft Dynamics 365, and the analytics resources available on the Microsoft Azure cloud can make life sciences business growth in the cloud practical, fast, and affordable. Before, during, and following your move to the cloud, we help you optimize processes, increase efficiencies, and reduce costs. We offer proven, practical solutions and approaches within an affordable subscription model that eliminates distractions and lets you focus on results.

At Tridea, we help our life science customers digitally transform their businesses and improve the value realization of their business application investments. We mitigate the inherent risks associated with implementing, upgrading and replacing legacy ERP systems. We lead our life science customers with best-practice consulting services we have refined over thousands of engagements. We take care of our customers and aspire to keep them for life.

To learn more about how Tridea can help you get the most out of your Microsoft solutions, visit https://www.columbusglobal.com/en-us/resources/landing-pages/us/tridea-lifesciences-erp/life-sciences-ebook  or contact us at info@trideapartners.com

4 Ways Cloud Benefits Life Sciences Businesses

What can your Life Sciences Company Accomplish in the Cloud?

In our new guide we’ll share the 4 reasons why life sciences and the cloud belong together!

In a life science business, there is no lack of data related to product development, clinical trials, production (in-house and contract manufacturing), quality assurance, costing, the supply chain and other areas of the operation. How do you make sense of it without investing in compliance, data processing and analytical technologies?

In the cloud, life science companies can take advantage of the most powerful analytical tools available today. The cloud also supports your growth with cost controls or profit erosion. As leading life science companies are undergoing transformation into digital business and other are preparing for transformation initiatives to become compliant, more relevant and more competitive, the cloud is the single most important enabling element.

Get your copy of A Guide to Transformation in the Cloud, here

To learn more about how Tridea can help you get the most out of your Microsoft solution in the cloud, contact us at info@trideapartners.com

Clinical Trials Cost Management in Accounting Software

When it comes to clinical trials costs management in a financial or accounting system, we see many different approaches depending on the type of trials, existing business processes, and the financial executives’ ideals. The approach usually fallls into one of the following three different methods.

At the simplest of approaches, we see that life science companies put a segment into their chart of accounts the represents a clinical trial, and many times a sub-trial or task related to that trial. This approach can be very simple and effective as they can then sort and report on that particular segment on their chat of accounts, as well as allocate the appropriate expense or revenue activity to that segment. However, there are a couple of challenges associated with this approach, including those trials that might span multiple fiscal years; because of the desire to track a budget specifically to that trial (or sub-trial, task and other dimension). A typical GL budget can only be associated to one fiscal year. Also, if there are a lot of trials coming and going, you increase your chart of accounts exponentially.

A second approach we see it that a company uses a “project accounting” type system to track costs against a “project.” this is a very effective approach if a company wants employees to enter time and allocate that time to different clinical trials (and sub-trials, tasks, etc). This method can also be effective if they want to allocate material to inventory to a clinical trial. However, there is a lot of system management, software costs and implementation costs that go with maintaining such project accounting systems.

Lastly, we see the life science companies using another means to track their activity associated with clinical trials, and that’s by creating a separate “cost bucket”or “dimension” that can sit outside the GL account code structure. These dimensions can have sub-dimensions or tasks associated to it, along with its own budget and filtered reporting on the trial. This budget can then span multiple fiscal years, unlike a GL budget. With this “cost bucket” also off the GL account code it is easy for them to come and go without affecting your overall size of the chart of accounts. This last method is becoming the most popular method for clinical trials costs management amongst our life science clients.

Written by Andy Collins, Partner at Tridea Partners. Tridea Partners is a Microsoft Dynamics Partner located in Southern California specializing in Life Sciences.