To stay competitive, CROs need to focus on efficient project management and operational excellence. A project-based Enterprise Resource Planning (ERP) provides better organization, document management, scheduling and resource planning and communication.
However, one of the biggest challenges CROs face is when to risk on technology investments that can streamline processes while juggling limited resources and budgets that make an ERP investment seem too risky.
When it comes to selecting and implementing an ERP system, CROs are generally hesitant over particular these challenges:
Selecting an ERP system
CROs need to analyze their needs before comparing ERP systems. Basic systems will manage back office tasks and project management, but will they fully connect all your core business units including human resources, scheduling and finance? Meanwhile, larger systems may include unnecessary functions and complex processes that require additional investments in resources and training. CROs should start their ERP selection with companies that can offer a User Requirement Analysis. This crucial first step allows SMBs to define requirements that meet defined budget expectations.
Implementing an ERP System
CROs may argue that they lack the resources and technological competence to implement their ERP system which translates into needing additional outside consultancy for installation and extensive training. CROs should, first of all, keep in mind that implementation is the biggest milestone in the overall investment. ERP implementation will improve processes and efficiency in the long term, so CROs shouldn’t focus heavily on the costs of implementation but rather avoid “add-on” costs during implementation.
Lack of Resources
Once again, CROs need to see the long term benefit of the ERP system. Once administration processes are automated and departments are interconnected, employees will be able to spend less time on tedious “housekeeping” tasks and focus on client and business objectives.
Unpredictability can hit CROs hard in that most will have dedicate most of their resources to managing unpredictability, and it can take a bigger toll on budgets and efficient project management which may affect communication with the client.
Document management and administrative tasks are streamlined and electronically archived so CROs can have a proper project audit trail and Sponsor records. Most importantly, a unified system that connects a project plan with the budget and resource scheduling and includes automatic alerting, CROs can be sure projects are on track and reduce unpredictability and better manage communication with the client should an unforeseen event occur.
ARITHMOSCENTRUM – Guaranteeing Return on Investment for CROs
A unified system allows for the sharing of information and data without needing multiple systems and reports and creates a central hub for document management and quality control. Administration costs are reduced in the intermediate to long term by integrating operations and business which requires less interaction between departments for back office tasks. More importantly, with ArithmosCentrum CROs can be up and running within a few days with no disruption to current projects. The system is entirely configurable to use your own terminology, processes and templates, and historical data can be imported during set up.