The Life Sciences field is always under pressure to stay above water due to cost pressures and related issues. Regardless, the outlook for this field is looking better, despite requiring constant technological advances to stay ahead. As your own life sciences company deals with these challenges, you’re perhaps faced with an acquisition to stay more relevant in your field.
Because your company has multiple complex layers, you’re probably not looking forward to having to consolidate everything into a new division. Doing all this on your own only risks making major errors that could catch up with you later.
The same could occur when forced to invest in new infrastructure because your current technology isn’t supported by the new partner. Read more
One thing that limits growth for companies is the inability to respond in a cost-effective way when order volumes expand significantly. Businesses that experience sudden bursts of growth often cannot keep up with the orders because they lack the capacity to automate the increased volume of work.
The shock that sales order process (SOP) systems experience in such cases are dramatic, instead of profits, increased sales volumes result in fulfillment errors, dropped orders, and insurmountable backlogs, which in turn place greater stresses as costs skyrocket and the net output slows to a trickle. The most efficient solutions integrate sales order process automation that support sustainable growth and reduces the pressure to increase staffing levels. Read more
A new and powerful generation of millennials has already taken the workplace by storm, and according to employment predictions, in just a few short years they will make up nearly half of the global workforce. As they are the largest generation since the baby boomers to enter the workforce, they are critical to the future of businesses around the world.
As senior employees reach retirement age, businesses must look to millennials in order to fill vacant positions. However, it is not enough to simply attract the most skilled and knowledgeable workers of this generation, the key is in keeping them. To do so businesses must understand the differences between millennials and their predecessors in terms of what they expect from an employer. Read more
Fax is annoying. We all know it. And what makes it even more annoying is that it’s needed. Fax is a necessary evil upon which many business functions rely. It’s the foundation to receive and send orders and other business critical documents. It’s what keeps the lights on.
However, with that necessity comes a significant amount of overhead and infrastructure costs and resources to maintain the fax infrastructure and fix it when it breaks — and it always seems to break. Not to mention the unreliability that often affects companies built to run on fax machines and fax servers …
We know we can’t ditch fax, so what can we do? Answer: Get it out of your hair and move it to the cloud. If you’re not convinced, here are 7 reasons which we’ll elaborate on more in an upcoming webinar on March 24. Read more
How to rise above the competition: It’s one of the biggest challenges facing today’s businesses. Whether it’s expanding into new markets or simply becoming more strategic in decision-making, everyone is always looking for that next competitive edge.
But how? An increasing number of organizations running SAP® software systems seem to have found their answer — order processing automation.
Manual order entry is a slow, labor-intensive process that often leads to poor data quality and increased errors. More so, time spent manually entering orders into SAP interferes with time that could be spent serving high-value customers.
Not only are your customers impacted by manual processing, so is your bottom line. The cost to manually process orders can range from $1 to as high as $10 per order — which cuts into margins — and the cost of processing returns and rush shipments due to order entry errors also takes a toll on revenue.
So why have these companies turned to order processing automation?
In the life sciences industry, customer service and supply chain leaders face the challenge of maintaining margins to absorb soaring costs while keeping providers satisfied and away from the competition. However, a recent study from PWC revealed a staggering statistic: 60% of publicly traded medical device manufacturers failed to maintain margins over the last three years.
In talking with these leaders in life sciences companies, four common issues impacting their margins stand out: Mergers and acquisitions, supply chain disruption, medical device excise tax, and employee turnover in customer service.
When we think of customer service, we often think of the customer aspect being related to the sale and making sure the customers are happy with their purchases — from the ordering process to receiving the right products on time and making sure those products work as planned. However, there is one element of customer experience that is often forgotten: the collections process.
A survey conducted by TermSync, an Esker-owned cloud-based solution provider for business-to-business post-sales interactions, uncovered a major disconnect between what sellers think they’re providing and what their customers are actually experiencing. As customer satisfaction is often times the number one driver in competitive advantage and profitability, the post-sales customer experience is of growing importance to many companies. So, as an organization looking to improve all facets of customer experience, here are eight tips for building the customer experience in collections.
Customer satisfaction is a tricky thing, especially when it comes to finding the source of dissatisfaction and figuring out ways to improve it. One of the biggest challenges we hear from customer service managers is bandwidth. More specifically, allocating enough time for the customer service team to help customers versus doing other tasks — such as data entry, searching for orders, filing documents, processing returns, and fielding order status questions.
The situation worsens when customer service managers face dissatisfied customers, but it doesn’t impact the c-suite enough for corrective strategies to be implemented. While it may not be apparent to the executive level yet, unhappy customers set the foundation for customer churn.
You need a solution that benefits your business while improving customer satisfaction, and order processing automation has grown to become one such solution.
If you’re anything like me, you’d prefer things get done as quickly and easily as possible —avoiding any pain and time-consuming issues along the way. A magic wand of sorts, to just get things done perfectly. For a lot of companies, they think the order processing equivalent of this magic wand is “touchless” order processing, or Lights Out Order Processing (LOOP), as some call it.
I get the appeal. Orders come into your organization by fax, email, EDI, etc., the magic wand is waved and they end up in your ERP/business system magically without anyone having to so much as look at the order, let alone manually key in the order data. Sounds wonderful…except as with most things that sound too good to be true, “touchless” order processing can often cause some serious headaches.
Manufacturers are some of the most cutting-edge, savvy, innovative and efficient businesses around. Surely their processes around handling the most important aspect of their business, customer orders, must follow suit, right? Just ask them! They’ll tell you, “Order processing? Oh we have that covered. We’re all set.
All set? What does that mean exactly?
3 Ways Manufacturers are Processing Customer Orders
Usually, manufacturers are processing customer orders in one of the following ways:
- Manual & Paper-based Order Processing
Manufacturers that have an ERP system in which order data is entered (the time-consuming way: manually and paper-based).
- EDI System
The majority of customer orders come in through an EDI system, but they spend hours on the backend getting their expensive EDI Managers to correct those errors – but only after it messes up ERP data.
- Lots of Data Entry
Manufacturers who have an excellent team of Customer Service Reps (CSRs) with amazing data entry skills. Even with the best CSRs, errors happen. It’s human nature and those amazing employees probably have skill sets which far exceed the mundane task of data entry. These employees would be much more valuable to the business in more strategic roles.