As a company grows and changes, the business tools that support it must also evolve. Recognizing when it’s time to change can save you a lot of time, money and wasted effort. As life science companies grow and their partnering activities become more complex, they outgrow tools that worked in the past. Tools such as erooms, Microsoft Office and generic, non-industry specific CRMs simply can’t keep up with the increased volume. These companies need a partnering place. What is it? It’s a secure workspace that gathers all your partnering data (contacts, companies, assets, opportunities, due diligences, deals, agreements and alliances) in one secure place. Read on to discover some of the telltale signs that it’s time for a partnering place.
1. You’re doing too much data entry
It’s time-consuming, error prone and no one likes to do it. Time spent entering data by hand feels like a waste, but, if it doesn’t get done, valuable information is lost. Talk about a lose-lose deal. This isn’t an issue with a connected partnering place that allows you to import data in just one click. Inova’s partnering place connects to BIO Conferences, Thomson Cortellis, Citeline, an Informa business, Outlook and more.
2. Your corporate memory covers only part of your partnering data
Corporate memory is critical. Without it, accurately gathering and sharing knowledge across your team becomes a near-impossible task. Many tools can serve as a source of corporate memory, but unless they are designed for partnering in the life sciences, they neglect key information such as assets, evaluations and alliance contracts and obligations. Partnering places, on the other hand, cover all of that and more.
3. Conference data is isolated
Conferences are key opportunities to find and engage with new partners, but they also require significant investments of time and money. To get the most out of conferences, you need to be able to view and use conference partnering data within the context of your own partnering information. A partnering place is not isolated from conference systems – on the contrary, it connects to conference partnering data, putting everything in the same place. This makes preparing for, conducting and following-up on meetings better, faster and easier, ensuring that you get the most out of your partnering events.
4. There’s no support for evaluations
In the hunt for the best opportunities, thousands of assets, deals and partners must be carefully evaluated. To support the due diligence process, partnering places provide full support for evaluations. Users can request evaluations from their colleagues, even when they’re spread across the globe and in different departments. Since evaluations are kept securely within the partnering place, they won’t be lost or misplaced. If, for example, a declined opportunity later resurfaces, the business development team can quickly check why it was refused and decide if it should be reevaluated.
5. Reporting is painful and time-consuming
Reporting is a key tool for tracking opportunities as they advance and for measuring performance. However, if deal and alliance information is spread amongst different systems, reporting is difficult. With a fully-integrated system that includes built-in reporting, on the other hand, reporting is a snap. You’re done in seconds.
6. Too much customization is required
If a tool is designed to work in many industries, it must accommodate a wide variety of needs and include generic features and workflows. To fit the needs of partnering in the life sciences, an enormous amount of customization is required. A partnering place, however, is a dedicated system that comes with industry best practice workflows and features. Your team can jump right in, assigning tasks, starting discussions and progressing assets through the pipeline.
7. The partnering process isn’t covered end-to-end
Covering the partnering process end-to-end puts all your partnering data in the same place, ready to be put to use. That’s why at Inova we’ve created a partnering platform that features 4 interlocking modules (Conference, Scouting, Deals and Alliances) that cover the entire collaboration process. This enables users to seamlessly and securely progress opportunities through the pipeline with little manual data entry. Most importantly, putting all your partnering data in the same place allows you to exploit it fully to find and engage with the right partners.