Asset management in the life sciences industry in 2023
Updated: Feb 25
The life sciences industry is hugely dependent on a changing business climate and budding global competition to meet demands and develop sustainable solutions at a fast pace. A lot of decisions must be taken at different junctures to address immediate, critical concerns and asset management is what helps senior leadership in the industry to better manage the assets that have a direct impact on business performance like manufacturing equipment, precision instruments, machinery inventory, and other computing equipment.
The U.S Food and Drug Administration (FDA) Title 21 Code of Federal regulations mandates the support of electronic signatures in the implementation of life sciences. The mandate calls for support for preventive maintenance and instrument calibration activities, and software validation compliance support. Also essential is the ability to integrate asset management processes with existing business systems, and a standards-based, adaptable architecture to address evolving IT requirements for interoperability and manageability.
A cloud-based asset management solution supports these objectives by giving senior management the ability to achieve visibility of all assets critical to the performance of the business with help of asset health dashboards, enterprise-wide, close to real-time. Assets can range from standalone instruments and manufacturing equipment to the facilities that house them, as well as vehicles, warehouse machinery, and IT assets like servers, desktops, laptops, and mobile devices. Asset management also facilitates the management of service providers to drive higher service levels with help of calibration expiry alerts based on asset health.
By managing critical assets more closely, life sciences companies can:
1. Improve the uptime of critical, revenue-generating assets through more efficient and timely maintenance.
2. Reduce the costs of procuring, deploying, managing, tracking, maintaining, and retiring assets through increased business process efficiency.
3. Reduce asset-related compliance risk by timely instigating preventive maintenance and instrument calibration activities and documenting results.
4. Reduce IT complexity through business process integration, while leveraging the value of current IT investments such as Enterprise Resource Planning (ERP) systems.
5. Improve product quality and reduce time to market by enhancing overall manufacturing productivity and efficiency.
Why do we need an asset management solution catered to the life sciences industry?
This is an industry that generates data in very huge volumes. Organizations across the world are still struggling to find an optimum method for easy storage, tracking, and ways to handle this enormous amount of data. Traditional asset storage and management systems are no longer able to meet the demanding production and publishing needs in today's world. Consequently, life sciences sales and marketing teams using these traditional systems struggle to deliver content with urgency, execute personalized campaigns and optimize the channel mix dynamically. So, how can life sciences organizations overcome their complex content challenges, fulfill needs around speed, quality, accuracy, and enhance customer engagement? The answer lies in deploying the right Digital Asset Management (DAM) solution that can streamline asset flow and fulfill demanding production and publishing needs.
How can we measure the success that a DAM solution can offer?
Time-utilization – The reduction in time spent by employees searching for assets, as well as the efficiency a DAM can bring to the approval process.
Compliance standards – Content rights management and infringement, failure to meet industry regulations, and so on are crucial metrics in a highly regulated industry such as healthcare and life sciences. A robust DAM allows users to attach specific information to their assets such as intellectual property rights and legal regulations, as well as geographic limits.
Reusability of assets– With DAM services, multiple benefits from the same asset can be leveraged across brands and different countries. Also, the need to recreate assets is greatly reduced. This is achieved by tracking asset usage, repurposing assets, and coupling with tagging and AI-led content curation.
The importance of the life sciences industry cannot be undermined and processes that aid to make the workflow easier must be adapted with immediate effect. Asset management solutions take off this headache and help organizations make better-informed decisions, that indeed affect the overall quality of life!
If you wish to explore how a SaaS asset management system can help you track your assets effectively, signup for a free trial of tracefii - could based asset management platform.