Procurement professionals in life sciences have more technology options than ever, ranging from point solutions like catalog management or invoice management, to enterprise options that help manage the business end-to-end. Comparing all of your options, and having confidence that you’ve chosen the best solution for your business, isn’t easy. But no matter what you’re considering, there are a few features and functionality that are must-haves: 

• Delivered as software-as-a-service (SaaS)
• Offers robust search capability 
• Easy access to actionable analytics
• Integrates into your existing systems

Let’s dig deeper into each one.

1. Delivered as Software-as-a-Service

Over the past 20 years, we’ve seen a monumental shift in how companies host their software. With the rise of companies like Concur and Salesforce.com, on-site (also known as on-premises) hosting has fallen out of favor, with cloud-native Software-as-a-Service (SaaS) becoming commonplace. 

While there are still many healthcare organizations who manage their applications on-site, whether because of HIPAA concerns, lack of migration budgets, or preference, cloud-native SaaS applications offer a significant benefit: they allow you to access your procurement application from any device, at any time. This is vital in today’s hybrid working world, and as the surrounding application stack modernizes, it places your procurement department ahead of the curve.

2. Has Robust Search Capability

In the era of eCommerce everything, with intuitive search, predictive text, and AI assistants, exact-match search is no longer sufficient. Users have high expectations when it comes to search functionality, and purchasing platforms need to offer an intuitive, search-engine-like experience for scientists or staff looking for products. 

Relying on exact matches can be extremely frustrating for scientists and lab staff, especially with laboratory supplies that have long or complex names. Choosing a solution that offers equal, functional and exact match searches not only delivers a better user experience, it empowers users to discover lower-priced options. 

3. Provides Access to Actionable Analytics

Your purchasing systems and processes generate massive amounts of spend data. But if your legacy system doesn’t allow you to access it, your department can’t act on it. And even if your system does expose data, you can’t use it in any meaningful way unless you have the tools to organize and analyze it. 

Modern procurement platforms will provide customizable dashboards and analytics with information like purchase volumes, cost savings, search terms, purchasing by users, and fulfillment by supplier.

Robust dashboards and analytics will help you identify your most used products, most active users, and eliminate shadow purchasing. They empower you to look for efficiencies and cost savings in the lab, while simultaneously delivering a better user experience.

4. Integration in Existing Systems

If your purchasing platform can hook into existing systems across the laboratory, research or hospital environment, you can save hundreds of work hours each month. For example, because cloud-based procurement platforms can integrate into your existing procurement workflows and systems, you are able to automate order creation and invoicing. You have access to more real-time information, including your existing inventory, so you can make more informed purchasing decisions. And, rather than starting from scratch with the implementation of a new solution, you can integrate it into your current processes, reducing the inevitable friction that comes with change.

While every life sciences organization is different, every one can benefit from a purchasing platform that is hosted in the cloud, offers robust search and analytics capabilities, and easily integrates into your existing systems.

Ready to learn more about how Labviva can help you cut costs and save time, all while working with your preferred suppliers? Request a demo of Labviva.