BPS – or Business Process Services – is an outsourcing strategy in which companies engage in licensing contracts with a third party vendor for back-office functions such as finance or front-office activities such as customer-related services. ARITHMOS became an Oracle BPS partner in 2011 and explains why the BPS approach in life sciences can be beneficial for companies.
A BPS strategy can take a lot of pressure of a company who wants to concentrate on its core operations activities and not deal with the task of maintaining an IT infrastructure. With more companies, especially in life sciences, using complicated database and reporting systems and cloud-based technologies, they must consider computer system compliance and various regulations. All of these factors can distract companies from their day-to-day operations.
What are the various advantages to a BPS strategy?
1. Access to Experts in IT Infrastructure: Relying on a third party supplier with expertise in implementing, maintaining and validating systems takes the burden off the company. Expert IT analysts will perform an initial analysis to define user requirements which can reduce time and costs in the implementation phase and increase efficiency in the configuration phase.
Leaving technology activities to the experts allows the company to allocate more time to their business tasks.
2. Focus on your Business Growth Strategy, Not IT Investment: IT investment for a company involves a significant financial investment, the hiring of more resources, more time allocated to maintaining the system including keeping with regulatory requirements and many, many training hours. In a BPS strategy, the IT experts and engineers worry about streamlining business processes and maintaining IT systems, while the company can focus on business strategy.
3. Cost Savings: If finances are a priority, BPS could be an ideal solution. Rather than investing in new technology and in new manpower, companies rely on the third party vendor, who is already streamlining processes and engaging in best practices for other companies. Oracle estimates that with a BPS strategy, cost savings could be between 15-35%.
Benefits of BPS include lower TCO (total cost of ownership) as well as operational costs since BPS looks to streamline administrative activities like payroll and human resource management while linking applications to any IT platform.
ARITHMOS BPS in Life Sciences
The joint value between ARITHMOS and Oracle exists in ARITHMOS having the capability to use and understand the Oracle applications and offer an optimum value package to clients. In turn, Oracle is providing ARITHMOS with a trustworthy brand and application to enhance the ARITHMOS business strategy through new product offerings.
– Increased business efficiency and productivity with a reputable technology infrastructure
– Reliability through an experienced IT team to consult and manage business needs
– Capability to measure and quantify business efficiency inputs
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