What are your business priorities for 2019?
Growth? Exit planning? Compliance? Risk Management? Cost savings? Efficiency?
Whatever the answer may be, having the right IT strategy to support those business objectives is pivotal if you are to be successful in 2019.
With the right strategy, IT can play a transformational role in growing the business, making it more profitable and giving you a competitive edge. You only have to look at what Uber has done to traditional taxis, how Purple Bricks has undermined traditional high street estate agents or what Airbnb has done to the hotel industry to see that use of technology can totally transform an industry. If business growth is high on your agenda for 2019, then so should IT transformation.
If in 2019 you will be in the process of planning your exit strategy from the business, then it is important to understand how your investment in IT will impact the value, and saleability, of your business. Naturally we all want to maximise the value that we get when we realise our capital, and IT forms an important consideration when you are going to be “dressing the business for sale”. Everything from the systems you use, to the IT contracts you have in place, from your levels of IT compliance, to how easily (or not!) your IT will integrate with your potential buyer’s IT systems, can impact on the saleability and value of your business. I will write a more detailed blog on this topic over the coming months, but if you hadn’t considered IT systems in relation to exit planning, then I would advise taking some independent advice on this subject.
Risk Management and Compliance
In the highly regulated world of pharmaceuticals with GxP, HIPAA and GDPR compliance being a pivotal part of risk management, it is vital that your IT systems and surrounding processes keep pace with today’s cyber threats. If you are preparing for an MHRA inspection in 2019, or your IT compliance has not been reviewed in the last year, then you can find a list of tips and key issues to consider in my blog “Preparing for an MHRA inspection – Key IT Considerations”.
In this time of political and economic uncertainty, the right IT strategy can make a huge difference in improving efficiency, enhancing collaboration, automating basic tasks, ensuring uptime so your sales force is able to keep billing at all times, doing more with less resources and providing flexibility to easily add remote workers or offices anywhere in the world.
Ultimately, your IT is there to support your business objectives for 2019, and an effective IT strategy plays a pivotal part in business success in this day and age. If your current IT provider is not giving you good advice on developing an effective IT strategy that supports your business plans, then it may be time to consider whether you are coming into 2019 with the right IT team.
If this article has raised questions or you would like more information on how Epoq IT can help with IT strategy, IT support and IT compliance, please do not hesitate to contact me on 01494 444065 or by email at email@example.com when I will be happy to arrange a no obligation call or meeting.
This blog forms part of our series of informational resources for senior pharmaceutical professionals. To read more articles, please visit my blog, IT in Pharmaceuticals.
Epoq IT work with small and medium size pharmaceutical businesses, providing consultancy, methodologies and technologies that bring clarity and give control over IT back to the business – putting the business in the driving seat of IT spend, compliance and security. For more information on our services please visit our website http://epoq-it.co.uk/pharmaceuticals.