Companies without a risk management strategy are vulnerable to disaster, where problems that were foreseeable deal a blow to profitability and even the organization’s existence. Proper risk management programs can help a company save time and money during internal and external audits. For companies regulated by governing bodies, risk management might be a required component of doing business by protecting things like public health records, financial statements, and consumer data.
In developing a risk management strategy, a company should follow a three-step process. The process kickoffs with working meetings that analyze business risks to discover the ones that pertain to the way the company does business. Once these risks have been identified, the company must try to quantify them by probability and extent of damage. Lastly, the company must develop a plan to manage and protect against each viable risk as well as developing a plan to mitigate consequences if the potential harm occurs.
A risk management initiative begins with an intensive look at a company because each organization is different. As important as risk management is to the success of the company, a program that is overly burdensome can negatively and needlessly hurt the bottom line. If a company is having trouble knowing what risks to focus on, they can reach out to professional consultants to guide them in the process. These consultants can help an organization create risk assessment groups of key stakeholders and business process owners.
Once these risk assessment groups have identified the specific risks to a company, they create a matrix of the probability of each risk combined with the impact on the business if the risk occurs. The higher the score, the more resources must be allocated to avoid and mitigate the risk. For example, risks that are likely to occur and would have extreme consequences if they did get the most attention. Conversely, low level risks that would inflict very little harm can be put on the back burner.
By assigning each risk to a business process owner, a company can assign responsibility to individuals, ensuring they get the attention they need. Without personal ownership, the risk can be forgotten and sneak up on a business. It is these business process owners who have the expertise needed to define an effective risk management strategy, ensuring that a mitigation plan remains relevant.
By now, you’ve probably read enough articles and sat through enough presentations about how fantastic mobility is for the enterprise. You’ve heard how it can boost productivity and effectiveness. But that’s not the only things they can do. Mobile technology can also increase profitability, especially if you have a business with field service technicians. Read on to learn how you can increase your bottom line with this kind of company if you use mobile technologies.
Pharmaceutical, biotech, medical device manufacturers and other organizations in the life sciences industry provide life-changing products and value to customers. High quality products are expected and there is little room for mistakes, especially when a mistake can impact patient safety or health. Traceability requires close attention to detail and speed when a recall must be initiated. A digital business management solution will strengthen inventory management and the supply chain, as well as expedite the identification of each component with a quality issue.
As indicated in “Life Sciences: 6 Ways to Thrive in a Digital Future,” an eBook, minutes matter when it comes to saving lives. For life sciences organizations, managing quality issues for every component and every device is crucial, no matter whether they are located in house or at a customer site. Strong traceability requires close collaboration with supply chain partners and the ability to capture detailed product history documentation for each product. This level of data management simply can’t be trusted to spreadsheets or specialty software. Life sciences organizations need a unified, digital management platform, like MAXLife.
The stark reality is that selecting the right ERP system for an organization is not enough. Most projects get derailed not by the wrong software, but because implementation bogs down and fails to deliver on the promises and capabilities of the ERP solution. How does an organization get from here to there, whether that be from current workstreams to streamlined processes or from disparate software systems to a unified ERP solution? Change management. Every IT and business process improvement initiative should have a change management strategy to dramatically increase the likelihood of success.
You know that mobile technologies can help field service technicians in the life sciences industry to be more efficient and productive as well as boost the company’s bottom line. However, it’s not enough simply to purchase several smartphones, tablets, or other mobile devices, give them to your field service techs, and hope for the best. Relying on a set of best practices when implementing mobile technologies makes the process much smoother – read on to learn what some of those best practices are.
Successful life sciences businesses cannot rely on disparate, specialty software for very long. Without real-time, reliable data, companies simply can’t respond fast enough to deviations in plans or take advantage of new opportunities. A centralized, integrated business management solution will provide a single source of the truth, providing the data leaders need to make decisions that improve operations, boost productivity and profitability, and drive growth.
Are you evaluating a new ERP solution for your pharmaceutical, biotech, or medical device organization?
Register now and join Michael Gesser, Chief Financial Officer at HAP Innovations, LLC – a consumer health technology company with products that help track and dispense pills for patients – as he shares common risks associated with ERP implementations in regulated industries. Michael will also demonstrate why Microsoft Dynamics 365 is a great fit for clinical stage, rapidly growing, or globally distributed organizations like yours.
Convincing Your CFO That Microsoft Dynamics 365 is a Good Choice
Thursday, March 23rd, 2017
4pm EST / 1pm PST
Presenter: Michael Gesser, CFO, HAP Innovations, LLC.
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Be sure to check out our other webinars in this series: Leading Life Sciences to Success in a Digital Future.
There’s still time to register for tomorrow’s webinar at 11am EST / 8am PST: Principles and Best Practices for Validation.
As the opening session for the Microsoft co-sponsored executive webinar series, Leading Life Sciences to Success in a Digital Future, join us for this session as Valarie King-Bailey of OnShore Technology Group provides an overview of the latest principles and best practices for validation. In the session, Valarie will cover:
Register now to join us for Principles and Best Practices for Validation.
Make no mistake, Microsoft Dynamics 365 is a powerful business platform that has the potential to give a company the competitive edge it needs in an increasingly demanding marketspace. In making the most of Dynamics 365, an organization can turn to an approved business partner who provides all of the Dynamics 365 platform capabilities including traditional ERP, CRM, BI, IoT and more. Finding the right partner can make the difference between an adequate Dynamics 365 implementation and one that boosts profitability and customer satisfaction both now and in the future.
We recently announced our new white paper: Microsoft Dynamics 365 vs NetSuite: A Clash of the Clouds.
And while both Microsoft Dynamics 365 and NetSuite have compelling value propositions as cloud-based solutions for their target markets, there are a number of areas where we believe Microsoft Dynamics 365 shows clear advantages:
Learn more in our white paper: Microsoft Dynamics 365 vs NetSuite.