Biotech, life sciences and pharma organizations are constantly being tasked to do more with less. One way to do that is by freeing up working capital. Through the use of a procure-to-pay (P2P) platform, R&D procurement can positively impact the bottom line in two main ways; by improving efficiency and reducing costs. In this article, we’ll focus on how procurement digitalization via a P2P system can boost the bottom line by reducing costs.
In addition to using P2P, online marketplaces, such as ZAGENO, are becoming more popular for B2B purchases. A 2020 CAPS Research study found that “73% of respondents are currently using or plan to start using online marketplaces,” which results in even greater efficiency and a more substantial impact to the bottom line.