In the ever-evolving landscape of lab management, efficient biotech procurement is often overlooked, but remains a crucial key to smooth lab operations.
Labs rely on acquiring the right supplies and equipment to conduct life sciences – whether in academic, research, or industrial settings. For decades, spreadsheets have been the go-to method for managing procurement. However, as our Head of Data and Integration, Fiona Young, explains, spreadsheets come with inherent risks and limitations that can impede productivity and hinder progress.
In this blog, we outline three main risk factors of using spreadsheets and explore five key benefits of transitioning to a tailored digital procurement solution.
Spreadsheets have long been favoured for their simplicity and familiarity. They allow Lab Managers to input data, track inventory, and manage procurement activities. However, as labs grow, spreadsheets reveal their shortcomings. One major pitfall is their vulnerability to human error. Manual data entry can lead to inaccuracies, resulting in flawed inventory counts or missed purchase orders. Such mistakes can disrupt workflows, delay experiments, and jeopardise research timelines.
Spreadsheets lack real-time updating capabilities, making it difficult to maintain accurate stock levels. Lab Managers often contend with outdated information, leading to overstocking or understocking of critical supplies. These inefficiencies not only tie up financial resources, but also affect scientific progress by causing delays, increasing costs due to rush orders, or requiring expedited shipping.
Spreadsheets offer minimal visibility into procurement processes. Tasks such as tracking orders, comparing prices, and analysing spending trends are laborious and time-consuming. This lack of transparency hinders informed decision-making, leaving labs vulnerable to overspending and preventing them from optimising their procurement strategies.
Digital solutions, particularly tailored digital procurement solutions, are designed to meet the unique needs of labs. These platforms allow Lab Managers to centralise procurement activities, creating a single source of truth for inventory management, purchase requisitions, and order tracking.
Automation is one of the standouts features of procurement platforms. By automating repetitive tasks such as inventory updates and order processing, errors are significantly reduced. Real-time synchronisation ensures inventory levels are always accurate, preventing stockouts or excess inventory buildup, and enabling precise inventory management.
Digital platforms provide comprehensive visibility into spending with detailed analytics and reporting. Lab Managers can analyse expenditure patterns, identify cost-saving opportunities, and negotiate better deals with suppliers. This data-driven decision-making helps labs optimise procurement strategies and allocate resources more effectively.
Digital procurement solutions often integrate directly with supplier catalogues, allowing users to compare prices, specifications, and reviews in a single system. This integration simplifies supplier selection, saves time on manual searches, and ensures labs get the best value for money.
With a tailored digital procurement solution, labs can gain access to a technical sourcing team to help identify the best products for their needs and manage complex orders. These platforms also handle order management, including tracking buying trends, reviewing pricing to secure the best deals, and assisting with delivery queries. Additionally, they take the burden away from lab teams by following up on orders with suppliers, and resolving procurement-related issues on their behalf.
This comprehensive service support is a game-changer for labs, freeing up valuable time and resources. It allows lab teams to focus on advancing science and research, while ensuring procurement processes are handled efficiently and professionally.
While spreadsheets have served biotech labs for decades, their limitations are increasingly apparent in today’s dynamic lab environment. The risks of human error, outdated stock information, and limited analytics can hinder scientific progress and inflate costs.
By transitioning to a tailored digital solution, labs gain greater control, visibility, and efficiency in procurement processes. Digital solutions not only eliminate the pitfalls of spreadsheets but also empower labs to achieve higher productivity, cost savings, and innovation in scientific research.
Get in touch with MyAmici today to explore how we can streamline your procurement and Lab Operations.