Top Ways Netsuite Transforms Life Science Industry for Good

Companies that use NetSuite can provide reliable reports to meet the demands of stakeholders while also providing operational assistance to scientists and experts.

Fremont, CA: NetSuite, the leading cloud-based ERP platform, has seen an increase in the number of Life Sciences organizations using the system to support their continuing financial and operational management requirements. Companies that use NetSuite can provide reliable reports to meet the demands of stakeholders while also providing operational assistance to scientists and experts.

Let's check how NetSuite is beneficial for the life science industry

• Inventory management

Keeping track of the many inventory categories can be difficult, especially when dealing with many chemicals and reagents. NetSuite's inventory management system can handle a wide range of properties of things used daily. Multiple measurement units can be helpful to differentiate how items are bought, stocked, sold, or consumed. Cycle counting allows inventory to be tallied in portions, resulting in more accurate inventory levels in the system when compared to what is on the shelves in the lab in real-time.

• Intercompany transactions and transfer costing

Companies frequently have different organizations for product manufacture and distribution. NetSuite may get configured to do inter-company transfers from one business to another. It may gather all transfer charges and add them to COGS after the item is sold. Such information enables correct product pricing. Furthermore, these intercompany transactions will automatically generate elimination journals by utilizing the auto-eliminate option throughout the month-end process.

• Manufacturing costing for clinical trials

Capturing expenses in the Life Sciences industry is often a time-consuming, manual procedure monitored in Excel. Many hours will get spent by lab resources tracing expenditures back to a clinical study for reporting purposes, and manual tracking might result in missed expenses and deadlines. Costs of developing a new medicine may get recorded and associated with greater ease by using NetSuite's manufacturing module. Once these expenditures get connected with the new medicine, they may be registered in NetSuite's Project and Manufacturing module and applied to a clinical trial. These records show where the medicine is in the clinical testing stage and how expenditure aligns with the trial budget.