From timing issues to cost concerns, it is imperative that your accounting system functions without a glitch. This means interacting fluidly with a wide variety of internal processes. However, when it comes to pharmaceutical chargeback processing, nearly every single system lacks ERP (enterprise resource planning) integration.
A system that fails to offer ERP integration probably seems surprising given the immeasurable necessity of software that handles business operations and processes. Nevertheless, pharmaceutical manufacturers consistently find themselves searching for a single integrated system.
The value of accuracy in accounting goes without saying and in the pharmaceutical space that value cannot be understated. More importantly, however, is the significance of accounting system integration within the pharmaceutical chargeback processing system. Today, we explore the reasoning behind the value of ERP integration in a pharmaceutical chargeback processing system.
ERP Integration for Efficiency and Profitability
In the pharmaceutical industry, chargebacks and loss go hand in hand. Growing accustom to losses puts manufacturers in a dangerous position to ignore major issues in their internal processes. Most notably amongst those issues is a lack of ERP integration. With the right system, ERP integration in the pharmaceutical chargeback processing system will allow your business to flourish.
The reality is that most companies do not have the time, budget, or manpower to engage in the process of implementing two crucial, yet disparate systems. When the ERP system is unable to “talk” to the chargeback processing system, a countless number of breakdowns in efficiency and profitability will ensue. Typically, the customer must export out an AR text file to be delivered and uploaded into the current accounting system. This makes getting the data into the ERP or accounting system hard. Some systems might be able to import a file, but you would need to manipulate it first. No chargeback system will output it in the exact format the ERP system will receive it. As such, some customer manually create the credit memos one by one from the file and others have built their own integration.
An additional problem relates to credit memos. If the credit memo number is being assigned by the accounting system, you then need to export out those numbers and upload them back into the chargeback system to fill in the credit memo numbers that were actually created. This process is very tedious and therefore has a lot of room for human error.
On top of those issues, the cost associated with either maintaining two separate systems or paying to integrate two separate systems is enormous. For those reasons, ERP integration into the pharmaceutical chargeback processing system is imperative.
A pharmaceutical chargeback processing system with ERP integration offers massive value in the following ways:
- No wasted time creating credit memos and invoices
- Never leave the chargeback system
- Ensure that the two systems are 100% in sync, eliminating costly mistakes from manual data entry
- Scalability – scale the workload as you grow
- Synchronize direct sales data from invoices for reporting and forecasting
- Pricing accuracy for customers in real-time
- Automation of transactions and orders
- Streamlining the entire operation for increased efficiency
- Increased profitability
While some pharmaceutical chargeback processing systems will offer EPR integration, it is important to differentiate between those that are able to build an integration with your specific accounting system and those who cannot. Full, seamless accounting integration is truly invaluable in a pharmaceutical chargeback processing system.
When it comes to ERP integration, EmpowerRM is truly changing the game in pharmaceutical chargeback management. Are you sick of manually managing data in two different systems? Is your company suffering from wasted time and human error? Could you benefit from the efficiency and profitability linked to ERP integration in a pharmaceutical chargeback processing system? Contact our office today to Request a Demo!