by martieLast Updated : Oct-11-2023
Looking for eProcurement software for Biotech? This article will cover how ProcureDesk’s eProcurement software helps you automate the procurement process and provides better visibility into your Spend.
Life science companies often have long development lifecycles, making tracking your burn rate even more important. Without e-procurement software, you might rely on outdated spreadsheets to track your commitments, what is already invoiced, and what is yet to be invoiced. The problem with spreadsheets is that they always need to be updated.
This makes it difficult to plan for cash flow and answer basic questions on how much we are spending on specific experiments.
With spreadsheets, you are not getting the required information, and since your scientists are managing the spreadsheets, it takes them away from value-added work – doing research!
So let’s sciences do science and let the eProcurement software automate your purchasing activities.
eProcurement software in the life science industry is a digital tool that helps Biotech companies manage and streamline their purchasing processes. Simply put, it’s like an online shopping system for businesses to buy what they need.
For the life sciences companies, this software is especially important. Biotech companies often need specialized equipment, materials, and services that can be expensive and hard to find. eProcurement tools make it easier for these companies to find suppliers, compare prices, and place orders all in one place.
Moreover, in biotech, accuracy and timing are everything. A delay in getting the right materials can slow down vital research. eProcurement ensures that orders are placed quickly and correctly, reducing waiting times and errors. Plus, by having a centralized system, biotech firms can better track their spending, find cost-saving opportunities, and ensure they comply with industry regulations.
In short, eProcurement software for biotech simplifies the purchasing process, making it faster, more efficient, and tailored to the unique needs of the biotech world.
Before we get into the details about features, let’s briefly talk about the benefits of eProcurement software in Biotech.
Now let’s look at some of the must-have features of the eProcurement software. We have used ProcureDesk as an example, but you can replace it with any tool.
Navigating through multiple supplier bids can be a tedious task. But what if you could streamline this process, saving time and ensuring transparency all at once?
With ProcureDesk, obtaining and managing supplier quotes becomes effortless. Our system is designed to expedite gathering bids and maintain a digital trail of every interaction. This means that revisiting and comparing quotes in the future is merely a click away.
Here’s how it works:
Once you’ve settled on the most suitable supplier and agreed upon a price, transforming that quote into a purchase order is a cinch with ProcureDesk.
Here is an example of a supplier quote in ProcureDesk:
The buying process of biotech lab supplies can often feel like a maze. With countless items to remember and details to fill out, the traditional requisition process can be time-consuming and prone to errors. But what if there was a better way?
ProcureDesk’s intuitive purchase requisition functionality is designed for simplicity and improved efficiency. Creating requests becomes a breeze with just a few taps on your phone. Gone are the days of re-entering repetitive data. Once you’ve set your defaults, the system recalls them for all subsequent requests, saving you precious time.
Furthermore, categorizing your lab supplies is easier than ever. Tracking and budgeting become straightforward with the ability to assign different cost codes.
But that’s not all. ProcureDesk is flexible to your needs. Whether you’re manually inputting a request, duplicating a previous order, or uploading a bulk list, we have you covered.
Imagine needing a specific set of biotech lab supplies. Instead of working on manual processes to enter each item, ProcureDesk’s system smoothly guides you, ensuring you get what you need without the hassle.
Here is an example of how a purchase request looks in ProcureDesk.
You can also import supplier quotes(PDFs) and create a purchase request from a quote.
Purchasing lab supplies is no simple task. Often, lab managers juggle multiple supplier catalogs, miss out on exclusive discounts, and waste time manually inputting product details. The requisition process can become cumbersome, especially when you need precise equipment swiftly.
With Punchout Catalog, purchasing lab supplies is so much easier.
How Punchout Works in ProcureDesk:
Managing costs is crucial for any business. That’s where ProcureDesk’s Budget Approvals come in.
Lastly, its dashboard gives a clear view of your finances. Know which areas are nearing their budget and which have room. In short, ProcureDesk ensures your money is spent wisely, keeping your costs in check.
Here is how the system provides you a clear visibility into budgets during the approval process:
Chasing managers for approvals is no fun, and that costs your research and procurement team a lot of productivity.
That is why an automated purchase approval process helps you reduce the time spent on approvals and quickly process purchase requests.
The system provides a flexible workflow engine so that you can control who should be reviewing a purchase based on what is being purchased or the amount. For example, the lab manager must review all lab supply requests. Your CFO might want to review all purchases over a certain amount.
These are some of the examples that you can easily configure in ProcureDesk.
Here is an example of how you can create a simple workflow:
Once the workflow is configured, the system automatically routes the request for approval. The approver has the following options to approve:
Mobile app for approvals
Managing purchase orders across different websites can be a tedious task. If you’re manually emailing every order, you’re likely spending more time than necessary on a process that could be simplified.
This is where ProcureDesk steps in to simplify and modernize:
Here is an example of a purchase order generated by the system:
Managing purchase orders can be tricky, often marked with lost orders, miscommunication, and unforeseen delays.
These challenges can translate to significant time and monetary costs for businesses, especially in the biotech sector. Here is how you can overcome that in an eProcurement system:
Here is an example of a receipt in ProcureDesk:
If you’re tired of manually uploading and reviewing invoices, we have some good news: The e-invoice process covers you. Let’s delve into this feature.
Put simply, touchless invoicing is the process where an invoice travels from the vendor to your accounting system without manual interference. It’s quick, efficient, and reduces the chances of human error.
Recognize names like ThermoFisher and VWR? These leading punchout vendors, and many more, integrate seamlessly with ProcureDesk. Our E-invoices system can accept electronic invoices directly from these vendors, eliminating manual uploads.
Once an electronic invoice hits the system, the true marvel of the system shines. The system automatically matches invoices, comparing the invoice with the relevant purchase order and receipts. It checks for consistency in product details, quantities, and prices. If everything aligns perfectly, voila! The invoice gets dispatched to your accounting system.
Here is an example of e-invoice:
While e-invoicing efficiently processes up to 60% of supplier invoices, you still need to manage the residual 40%. These invoices require manual data entry, slowing the invoicing cycle and increasing data entry errors.
How ProcureDesk’s OCR Solves This:
Automated Data Extraction: OCR technology scans and identifies crucial details from these documents instead of manually inputting data from every invoice. It pulls out necessary information like purchase order #, invoice numbers, dates, amounts, and vendor details, ensuring all data is captured without human intervention.
Reduced Errors and Enhanced Accuracy: Human data entry inevitably has a margin of error, from misreading figures to mistyping details. OCR significantly reduces these errors. Automating the data extraction process ensures that the information input is as accurate as the source document.
Increased Productivity: Manual processing is time-consuming. OCR process boosts the operational efficiency of employees. They can now focus on more strategic, value-added tasks, optimizing the procurement process.
We’ve all felt the headache – chasing employees endlessly to get those crucial approvals: missed emails, delayed projects, and unnecessary stress. Sound familiar?
You can use automated 3-way and 2-way match processes to match invoices and only route the invoice for approval if there is an exception.
For lab supplies purchases, you can use a 3-way match process. A 3-way match process works:
Here is an example of a 3-way match in ProcureDesk:
For outsourced services like CRO, use a 2-way match process. Here is how it works:
The balance between having enough supplies and avoiding wasteful stockpiling is delicate in any lab. And let’s be honest, who hasn’t felt the pain of duplicate orders because they didn’t know what was already in stock?
Imagine this: you’re about to kick off an important experiment. You order a new batch of supplies, only to discover—too late—that you already had them. They were tucked away in a forgotten corner or recorded in an outdated spreadsheet. Sound familiar? Not only does this lead to wasted resources, but it also delays projects and inflates budgets. In such scenarios, multiple spreadsheets and fragmented records are often the culprits.
ProcureDesk has designed an inventory tracking system, specifically keeping lab supplies in mind. Here is how it works:
Here is an example of an Inventory report in ProcureDesk:
Manually syncing data between procurement and accounting systems is a pain. Not only is it time-consuming, but it’s also prone to errors.
ProcureDesk seamlessly integrates with numerous accounting systems, making data transfer a breeze: no more tedious manual entries, just smooth and automatic syncing. Whether using QuickBooks, Xero, Sage, Netsuite, or Microsoft ProcureDesk, your data flows effortlessly between platforms.
Navigating the biotech landscape requires precision, and choosing the right E-procurement tool is no exception. Let’s break it down into 5 clear steps.
Every company is distinct. Are you focused on R&D, manufacturing, or distribution? Pinpoint your procurement challenges and goals to tailor your search. For example, you don’t need robust punchout capabilities if you outsource most of your research.
Biotech is filled with sensitive information. Ensure your solution is robust with top-notch security protocols and helps you comply with ever-changing regulations. Look for industry certifications like SOC 2
Today’s small lab might be tomorrow’s industry leader. Opt for a solution that integrates seamlessly with your current tools and can scale with your growth. For example, can the system support other ERPs like NetSuite or Microsoft Dynamics if you use QuickBooks today?
Your team of procurement experts will be more receptive to an intuitive system. An easy-to-use interface combined with clear dashboards will enhance adoption rates. Though you still need to train your users, a user-friendly solution makes it easier to drive adoption.
Nothing beats first-hand experience. Explore reviews, ask peers in the industry, and, most importantly, take the solution for a spin with a demo or trial. See how long it takes them to set up the trial and if the system is easy to use.
In the ever-evolving world of biotech, efficiency and precision in your accounts payable process, contract management, purchase order management, and spend management solutions are paramount. eProcurement software offers biotech firms the leverage to streamline operations, ensuring timely, accurate, and compliant processes.
Embracing such digital tools is no longer an option but a necessity for those wishing to gain a competitive edge and progress in this dynamic industry. Make the smart choice today, and let eProcurement be the backbone of your biotech procurement strategy to lead you to digital transformation.
What you should do now
Whenever you’re ready… here are 4 ways we can help you scale your purchasing and Accounts payable process.