Pharmaceuticals Industry
Pharmaceuticals Industry

Transform your accounts payables function into a profit center through automation

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Pharmaceuticals

 

Transform your accounts payables function into a profit center through automation

Growing competition, mounting price and cost pressures, increased consolidation, and deeper focus on digital technology are some of key factors shaping the contours of the Pharma industry. In the coming years, we will also see greater innovation, leading to the growth of personalized medicine, biosimilars and specialty drugs across the globe.

Key focus areas

  • Introducing new financing models in response to the public outcry over growing prices of branded drugs
  • Mitigating the increasing cost pressures on research based Pharma companies due to price-cuts, value-based pricing and pro-generic policies across many countries
  • Promoting operational improvements by embracing digital technologies including wearable devices, wireless gadgets, and cloud applications
  • Adopting Big Data analytics while effectively managing challenges around data integrity and security, platform integrations, and costs

 

Pioneers in drugs and digital health innovation, Pharma companies are increasingly looking to drive innovation in business practices, including accounts payables management

Key challenges in Pharma

 

Many Pharma companies continue to be stuck in the outdated world of ‘manual invoice processing’, spending thousands of dollars on paper invoices and documents. The resulting operational inefficiencies and cost burden often take a heavy toll on their bottom line.

 

Unique pricing and invoicing situations

  • Presence of a huge and invaluable supplier base
  • Increased payment time ranging between 75 and 90 days due to challenges such as patent expirations, price constraints, and declining R&D productivity
  • Frequent purchase of indirect materials on purchase orders (POs), even in the absence of formal contracts

Key challenges

  • Pharma
    Driving greater supplier enrolment
  • Pharma
    Reducing the average sales outstanding and accounts payables cycle
  • Pharma
    Maximizing discounts by making timely payments
  • Pharma
    Managing VAT accounting complexities
  • Pharma
    Adhering to regional regulatory requirements
  • Pharma
    Ensuring integration of invoicing solutions with ERP systems widely used for business transactions

Innovate your payables process with the Invocus Advantage

 

At Invocus, we have built a thorough understanding of your industry-specific challenges and needs. We have created a configurable and comprehensive e-Invoicing solution suite, tailored to suit your unique business landscape. Comprising pre-built workflows and analytics, our solution helps you and your suppliers embrace automation with ease, and benefit from lower costs and better productivity.

 

Adopt a robust e-Invoicing solution. Streamline your AP processes. Achieve higher ROI. Yes. It’s that simple!

 

What you gain

 
  • Improve payment turn-around time, leading to increased supplier satisfaction
  • Enjoy cost savings by reducing the FTEs required for invoice processing
  • Drive greater efficiencies through effective AP process improvement
  • Gain better visibility into spend with real-time and accurate reporting
  • Achieve stronger working capital management
  • Build strong business controls, and ensure a transparent audit trail

BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE

 

SUPPLIER INFORMATION MANAGEMENT

  • Compliant onboarding via supplier portal for self-registration
  • Effective data management via centralized repository, hassle-free document tracking, and audit trail management
  • Supplier risk management through data enrichment, risk alerts and risk scores

SUPPLIER SELF-SERVICE E-INVOICING

  • Easy payment tracking along with status updates, and configurable alerts on pending requests
  • Any format invoicing, with ICR to extract invoices from images
  • Early payment discounts with automatic calculation of discount due dates and amount

TOUCHLESS INVOICE PROCESSING

  • Automated 2-way and 3-way matching, along with easy exception handling
  • Customizable and condition-based approval workflows
  • Downloadable pre-canned reports, with easyconversion to charts and graphs

DYNAMIC DISCOUNTING

  • Customization of your dynamic discounting program based on savings targets
  • Easy collaboration with suppliers on program roll-out, payment dates and discount values
  • Centralized tracking of program savings and supplier acceptance