Whether a biotech or life sciences firm is early stage or public, creating a sourcing strategy or refreshing an established one, there are opportunities to leverage technology to provide a best-in-class procurement process built for superior scientific user experience.
What does a best-in-class R&D procurement system look like?
- Provides a superior, Amazon-like experience to scientists.
- Enables scientists to find and obtain materials faster, especially amidst high backorder rates.
- Provides an intuitive experience linked to existing procure-to-pay (P2P) and/or ERP system.
- Offers transparency and confidence that lab supply prices are competitive.
- Consolidates and manages tail suppliers.
- Enables procurement to manage suppliers, record savings, and oversee supplier performance more efficiently.
A best-in-class lab supply procurement process delivers on these goals while also supporting scientific innovation and speed to market. With the growth of R&D long-tail spend tightly correlated with improved scientific innovation, adding a self-service marketplace alongside P2P enables full control and spend visibility for procurement while providing scientific product choice and time savings.
How does a digital marketplace such as ZAGENO fit into a best-in-class lab supply sourcing strategy?
- Reduces time spent for scientists searching and ordering long-tail lab supplies.
- Minimizes non-catalog / free-text orders.
- Adds new suppliers rapidly.
- Lowers time spent tracking orders.
- Reduces experiment delays by proactively identifying backorders and providing qualified product alternatives.
- Improves competitive pricing through product comparison, negotiation of tail spend, and elimination of third-party markups.
It’s never too early or too late to think about your sourcing strategy. By taking advantage of technology advances, you don’t have to reinvent the wheel to achieve best-in-class lab supply sourcing.