How To Choose The Right Technology Vendor In Pharma And Life Sciences?
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How To Choose The Right Technology Vendor In Pharma And Life Sciences?

By CIOReview | Friday, June 10, 2022

Technology has become an essential aspect of all industries, including the pharma and life sciences sector

Fremont, CA: Manufacturing, quality, R&D, and other IT support systems and infrastructure, regardless of company size, can make or break your capacity to focus on critical business operations. Software tools and their associated hardware (technologies) can surely help your medical device, pharmaceutical, or biotech company perform better. Technology nowadays can help give supporting information or important measurements for addressing consumer or patient needs, from data centralization (e.g., research data in data warehouses) to data catalogues for delivering visual metrics (analytics or business intelligence). How you choose technology and how you deploy it are two key considerations for any firm, regardless of the type of technology implementation.

The systems we utilize are, for the most part, tools for achieving business goals. As important as these systems and technology are, choosing the incorrect partner to execute them will almost certainly cost you more than the money spent on the technology itself. If the wrong technology is chosen, the organization may be swamped with plans to adapt the technology to an unsuitable setting. This can squander corporate resources as you attempt to squeeze a square peg into a round hole. When you choose the wrong partner, you may find that when you need help or technical assistance, they are unavailable or that their support model is inadequate. Before you commit to a purchase, take the time to fully grasp what you're receiving and who you're getting it from.

Here are the steps to follow before choosing the right technology vendor:

Identify the problem: What problem are you attempting to solve? Are you still manually tracking data today? Who will be impacted? If possible, include supporting data such as user numbers, timing, and so on.

Define guiding principles: In the decision-making process, guiding principles are things you will not compromise on. The provider must be a partner, which is one of my major criteria for this list. As a partner, the company you choose will not simply do their job and leave; instead, they will advise you based on their experience.

List down requirements: What are the system's primary deliverables at the outset? These do not need to be thorough, but you will need to offer detailed requirements to the vendor prior to implementation.

Shortlist vendors: In the end, you'll need one to three vendors to go through the RFP process with. You can use quick surveys to filter down the list to vendors who can meet your guiding principles on a high level while generating the shortlist. Ask the shortlisted vendors for a demo and choose the most suitable one.

Request for proposal: You'll use your high-level requirements again in the RFP process to get more specific answers from suppliers about how they'll meet your objectives. Companies prefer it if the seller specifies which elements will be met out of the box and which will require configuration, custom build, or cannot be met. Request that the vendor detail both the implementation and ongoing maintenance expenses.

Plan for future: Define how the architecture supports the solution to the problem you're seeking to solve - what do you want the solution to do in the end, and how will technology assist that? By completing the aforementioned elements, you should be able to write down the current state as well as the intended or future state, depending on the solution chosen.