The life sciences industry is one of the fastest-growing industries in the world.
It’s an incredible $285 billion dollar global market that includes pharmaceutical drugs, medical devices, biotechnology products, and more.
And while some sectors are slowing down or even shrinking because of economic difficulties worldwide, the life sciences industry has remained strong because it offers solutions to urgent human needs. Yet despite its success, many companies in this field still face problems with IT and data management which can be solved by implementing cloud-based systems.
Here are top ways how these systems help businesses stay competitive:
They make data and applications accessible from anywhere
This is the most obvious benefit of cloud-based systems. With it, employees can access data and applications from any device in the world, allowing companies to work more efficiently without restrictions on location or time. Moreover, cloud-based systems can be accessed from just about any mobile device, not just static computers. So if you need pharma product consulting, for example, you can simply pull up the data and apps you need and consult with a colleague in real-time. It’s that easy.
They enable instant collaboration
Working alone with just your laptop may have been enough in the past, but nowadays, companies can’t afford to be insular and must rely on instant communication to succeed. With cloud-based systems, employees are able to share data and ideas more quickly than they could before. So if you need an urgent product update, your colleagues can help you out by editing or adding to the data you need. And the best thing about it is that this kind of collaboration can happen seamlessly and in real-time. Your employees will be grateful for the greater flexibility and collaboration capability.
They reduce costs
According to a recent survey, cloud-based IT systems allow companies to cut operating costs by as much as 40 percent annually. With this kind of savings, life sciences companies can put their money into other important areas that will further enhance their capabilities and help them remain a step ahead of the competition. Furthermore, cloud-based systems are often packaged with other services like business intelligence (BI) tools, data visualization capabilities, and business process management (BPM) software, allowing companies to take advantage of even greater cost savings.
Since costs are so important to life sciences businesses, cloud-based IT systems are a clear choice.
They can be built specifically for your business
With on-premise solutions, you need to build your system manually and then figure out how to manage it after that’s done. This is time-consuming and expensive, not what you want when you’re focusing on your core business. But with a cloud-based system, you can spend more time focusing on what matters most and worry less about technical issues. In fact, life sciences companies often work with their cloud providers to design a solution that will address their specific goals.
They help companies improve security
Generally, cloud-based systems are more secure than client-server systems due to the many security protocols they have in place to protect data. They also offer a greater level of control for employees through user provisioning and asset management capabilities. Their security protocols include things like data encryption, threat protection services, and other security measures designed to safeguard customer information. And in today’s world, it’s not worth the risk to use outdated or insecure systems. This is just scratching the surface of cloud-based systems, which have much to offer both large and small companies in the life sciences industry.
They’re an affordable way for small businesses to grow
Small businesses that are looking to stay competitive in the life sciences industry need not look further for a solution. Cloud-based systems allow companies of all sizes to access on-demand data and applications, collaborate with each other more easily, cut costs, improve security, and so much more. With opportunities like these available, it’s no wonder why cloud computing has become so pervasive across all industries.
They speed up product development
The life sciences industry is highly competitive, and companies need every advantage they can get to stay ahead of their competitors. With cloud-based systems, businesses can easily access real-time information about their products, clients, and competitors. This allows them to cut development time by as much as 30 percent because they have quick access to relevant data and apps right at their fingertips. They also provide a common platform for both internal collaboration and external communication with partners, so you can continue moving your projects forward more rapidly.
They provide on-demand access
With a traditional server model, all applications and data must be available at the same time because the server is physically located in one place. With cloud-based systems, however, companies don’t need to buy or maintain servers anymore—so there’s no upfront investment. Instead, these systems use pay-as-you-go (PAYG) billing, which means less risk for businesses and much lower monthly overhead costs. It also aids firms in eliminating the need to update many servers and software, allowing their employees to spend less time administering systems and more time responding to problems.
Optimizing Data Management with remote backup
Your company can also take advantage of other IT solutions, like remote backup and disaster recovery (BDR), to further enhance how it manages its data. With this approach, your company can back up all of its important information offsite over the Internet. That way, if some type of a catastrophe were to occur — such as a fire or earthquake — you would still have access to current data in the cloud without having to scramble around trying to find it on-site.
Data management should also play a role in your overall strategy because it helps you pinpoint and correct issues that could potentially slow down business or lead to customer loss. This includes things like:
- Finding duplicate data within your records, which costs time and money to maintain;
- Ensuring proper security protocols are in place;
- Eliminating outdated apps and services, so you can run more efficiently;
- Identifying opportunities to consolidate data onto a single platform for increased accessibility.
Data management is a crucial aspect of an organization’s IT strategy, and more companies are turning to cloud-based systems because they’re secure, affordable, and speed up product development.
In the end, these IT solutions are a worthwhile investment for life sciences companies because they can help improve operational efficiency and foster collaboration between employees. By taking advantage of these technologies, businesses can stay competitive in this fast-moving industry while also saving money.