How Oracle Project Portfolio Management Cloud Services can Help Life Sciences Industries

Oracle Project Portfolio Management (PPM) Cloud

Oracle Project Portfolio Management Cloud Service is a complete, comprehensive, and integrated suite of applications widely used in project-driven organizations and companies. It provides a single/one source of truth and a centralized repository to store and access project-related data and information used by project managers and finance groups

Oracle Project Portfolio Management addresses the unique challenges most of the project-centric organizations and departments face today, including -

• Engineering and Constructions
• Professional Services
• Public Sector
• Industrial Manufacturing
• Communications
• Internal IT
• New Product Development

This blog focuses on leveraging Oracle PPM cloud solutions for Life Sciences industries. As we all know, Life Sciences and Healthcare markets are rising globally rapidly after the COVID outbreak. Hence, it becomes essential for these organizations to look for a robust PPM solution that can satisfy and cater to the business needs of this rapidly growing industry.

Business Challenges

Many companies face challenges in implementing the modern PPM solution with legacy IT systems and solutions. Due to the lack of a complete project management solution and the complex nature of business, especially in Life Sciences and healthcare industries, these project-driven organizations face many challenges. Some of the key challenges include but not limited to is, listed below -

• Managing multiple projects at a time and keeping track of their progress
• Implement control on project costs and expenses
• Increase operational efficiency
• Reduce operational costs and time in managing R&D projects
• Implementing security and controls
• Maintain audit trail and trace
• Maintaining local and global reporting

The Solution

Life Sciences companies, particularly those relying on capital from external investors to advance R&D projects and bring new products to market demand to manage stronger control on the R&D Portfolio of projects and budgets. It has been noticed that R&D projects typically have a pipeline of products going through various phases of clinical trials. R&D Project teams which are part of the portfolio consisting of scientists, physicians, technicians, product & manufacturing engineers, IT Support Staff, and procurement personnel, need to be structurally managed by assigned project managers for Planning, Budgeting, Control, and Performance Analytics.

Typical Project Costing Process with Reporting and Analytics

Jade has developed an accelerated deployment model for mid-market Oracle Project Portfolio Management cloud, which provides an integrated project management suite created to streamline, automate, and control project financial and project execution management processes end-to-end.

Jade’s Accelerated Digital Solutions Portfolio for Life Sciences

Key Features and Benefits of Oracle Cloud PPM Solution

Oracle’s Project Management solution offers customers several out-of-the-box inherent features and benefits.

• Single source of truth centralized location and for project data
• Robust expenditure control, collection, and adjustment functionality, integrated with other Oracle modules
• Embedded transactional intelligence allows faster reporting and decision making
• Make better and informed decision by accessing real time data
• Allows to monitor project performance
• Capture CIP costs for capital assets
• Achieve more productivity and profitability through intuitive user interfaces and role-based dashboards
• Lowers the administrative burden of project planning and management (oracle project planning and control) through guided processes
• Offers mobile apps feature which allows project managers to manage the tasks and access the project status from anywhere and anytime

The most important feature of the Oracle PPM suite is its integration with other Oracle modules like Sales, Inventory, Payables, Assets, and General Ledger. The project suite works together with other modules to provide a complete enterprise project management solution. Additionally, it gives liberty to the customers to implement either one module, a product family, or the entire suite as per business need.

Conclusion

The cloud consulting services at Jade help organizations select the right PPM solution that aligns with their specific business requirements. Since there is no unique or customized PPM solution that organizations can implement to manage multiple complex projects and their associated costs, Jade offers consulting services for companies to design the PPM solution as per their requirement.

Next Step for PPM Implementation

Are you planning to implement the Oracle PPM suite or part of it for your Lifesciences or Healthcare company but unable to make any firm decision or have any questions on PPM implementation, If yes, talk to our experts today who can help you assess your requirements and suggest a best-performing PPM implementation solution. Jade has a team of experienced and certified Oracle PPM consultants who are excited to talk to you.