We know how difficult it is for industries to distinguish themselves from growing competition, client expectations, and the continuous need to churn innovation. Therefore, technologies have brought up solutions to streamline workflow and centralize administration. One such solution is ERP software. The industry that needs it the most currently is the pharmacy.
The pharmaceutical industry is complicated besides the past few years have been dynamic. They have to deal with stringent manufacturing rules and the continuous need to innovate something. The buyers are looking for healthcare merchandise with the very best quality. As a pharma producer and distributor, you have to reply to this need by increasing efficiency, decreasing value, and streamlining the process.
The best way to achieve it is through Odoo ERP development. Odoo is a comprehensive suite that consists of accounting, CMS, CRM, HRM, eCommerce, inventory, manufacturing, payroll, and warehouse management.
It is the finest option for ERP development.
This article explains how it can help pharma industries manage their inbound and outbound operations and why you should hire Odoo developers for ERP.
How ERP Empowers Pharma Industry
The pharma industry has to deal with many challenges like continuous innovation, an influx of new entrants, price fluctuations, predatory pricing, reverse engineering of products, strict government regulations and norms, etc.
Plus, consumers today are well informed. They know about their rights and dig before accepting any new innovation blindly. Thus, pharma industries have to be on their toes all the time.
An ERP system helps pharma companies to provide the best possible products, i.e., medicines at the lowest price. The ERP system automates manufacturing processes, manages external stakeholders and vendors, reduces transportation costs, eliminates human errors, and enables pharma companies to adhere to standard rules and regulations.
Hire a dedicated Odoo developer today and get your tailored ERP system. If you’re not convinced, here’s why you should use Odoo ERP.
Significance of Odoo
1. Bill of Materials
Bill of Materials is an indispensable part of the manufacturing process. An accurate BOM ensures that all the required items are available as per the desired quantity at the right time. It helps prevent delays in the supply chain.
An Odoo ERP allows BOM generation and automatically updates the quantity of the products in the system while manufacturing medicines and healthcare products. And thereby, eliminating the chances of human error and supply chain disruptions.
2. Inventory Management
Inventory management is an essential component of all ERP systems. It is also a required feature for all businesses handling inventory.
When it comes to pharmaceuticals, inventory management is complex. They have to handle all types of botanicals, herbs, and chemical substances, some of which can be highly inflammable or extremely delicate. Hence, handling those substances with proper care and attention is essential.
So, Odoo ERP provides a comprehensive, scalable inventory module to manage and monitor stock ranges with primary expiration and first in first out methods. It also helps maintain material necessities and the movement of raw materials in a specialized way.
That means you can be handling volatile substances and be sure of not harming anyone with it or the outdated product.
3. Quality Control
Quality control is paramount when it comes to human health. Hence, it’s crucial that pharma industries conduct appropriate quality checks at all stages. The medicine and healthcare products they develop should follow the set standards. Government institutions and respective healthcare organizations should approve them. They should be consumed within the expiration date, and so on.
An Odoo ERP is designed to help pharma industries check product quality at every stage. It helps manage the numerous regulatory compliances like GxP, CRF, and MSDS to ensure quality management and traceability.
4. Improved Traceability
Tracing raw materials and finished products ensures transparency and accountability throughout the supply chain. It provides a detailed track record of products, their history, components, quality, and safety. It ensures that the products comply with the regulations or meet all standards.
Odoo provides effective warehouse management with a focus on traceability. From bringing in raw materials to exporting finished products, it provides separate modules to track each and every activity. It also provides separate finance and accounting module to help companies conduct audits, manage the cash flow and track on-site activities.
5. Distribution Management
What if a complete batch of drugs needs to be replaced amidst a disaster? Having batch management that views batches at every stage is essential. An Odoo ERP provides a dedicated module for watching and managing batches. Whether it is the requisition stage, in-progress quality check, or sales; pharma industries have their eyes on their products.
6. Demand Forecasting
Demand forecasting enables suppliers to avoid stockouts and in-stocks by providing accurate inventory figures throughout the supply chain process. It’s essential to improve production times, meet demands, and improve customer experience.
When you hire Odoo developers, you can be sure of getting an ERP that provides real-time data to forecast the demand for products even before they are developed or delivered. You can make sound decisions to meet customer demands, increase operational efficiency, prevent supply chain disruptions, and manage sales.
It is evident that Odoo ERP helps integrate, optimize and streamline operations and sales across multiple sites. It can reduce operational costs and give a competitive edge. However, each pharma industry would have its own set of challenges and requirements. So, you should hire dedicated Odoo developers and get a customized solution for long-term benefits.