PALO ALTO, Calif.--(BUSINESS WIRE)--Science Exchange, a leader in life sciences purchasing and supplier management, announces the release of its first-ever supplier orchestration platform. Designed specifically for life sciences companies, this innovative solution aims to harmonize the complex procurement and supplier management process, enabling faster supplier collaboration and lower R&D costs.
Traditional procurement processes in the life sciences industry pose significant challenges, exacerbated by economic constraints, causing delays and inefficiencies that hinder critical research, data, and operational efficiency. The new Science Exchange Platform addresses these pain points head-on, offering a comprehensive technology solution to streamline intake, purchasing, supplier management, data transfer, and payment processing across a company’s supply base.
"Our goal is to empower research, procurement, and operations teams by providing them with a platform that harmonizes the end-to-end process of working with scientific suppliers," said Elizabeth Iorns, Ph.D., CEO, and Co-Founder of Science Exchange. "Our supplier orchestration platform sits on top of P2P and ERP systems and includes a powerful workflow engine and integration platform, automating the entire process of working with suppliers from intake to payment. This improves how life sciences companies work with suppliers, enabling faster project execution, improving compliance, significantly reducing costs, and ultimately bringing therapeutics to market faster."
The supplier orchestration platform delivers game-changing benefits to life sciences companies, including:
Faster project execution: The platform eliminates delays caused by time-consuming contracting and approval processes, consolidating multiple procurement intake processes into one across all R&D categories and enabling faster project execution regardless of the complexity.
Lower R&D costs: Science Exchange automates and streamlines processes, eliminating the need for manual point-to-point maintenance of individual suppliers across systems and improving adherence to internal purchasing strategies, therefore reducing administrative expenses and direct R&D costs.
Access to 3,800+ trusted suppliers: Our single supplier agreement covers all orders placed with our supplier network. Every supplier in our network passes our risk intelligence screening and compliance assessments, so finding a trusted supplier is fast and easy—they’re ready to work with you from day one.
Improved compliance: With customizable legal and compliance workflows, all processes align seamlessly with regulatory requirements and internal policies. Increased visibility allows legal and operations teams to maintain better oversight and control without compromising speed.
The new Science Exchange Platform lets R&D organizations orchestrate their teams, suppliers, and projects all in a single platform with key features such as:
One marketplace experience for all suppliers, services, and goods: Users can access Science Exchange’s existing network of 3,800 suppliers under a standard legal agreement and sync existing suppliers they use daily into a single modern marketplace experience. Automated guided buying ensures every transaction complies with purchasing and third-party risk management (TPRM) policies.
Workflow automation and integration engine: Easily configurable workflow automation supports purchasing and compliance requirements across sites, teams, purchase categories, and more. Seamless no-code integrations make it quick and easy to implement connections to P2P, ERP, and CRM systems, procurement tools, CMS, ELN, data warehouses, and more.
Supplier catalog ingestion and distribution: Ingesting catalogs from leading contract research organizations (CROs) normalizes complex product attributes and specifications for human biospecimens and reagents. Researchers no longer have to wait for custom quotes when purchasing from these catalogs.
AI-powered payment processing: Automated invoice and document ingestion match line-level supplier invoice data to the buyer’s purchase orders for complex purchases, accelerating invoice approval, milestone management, goods receipt, and payment processing.
Advanced analytics: Live dashboards and analytics allow data-driven decisions. Data can be sliced and diced in real time to analyze metrics across all supplier touchpoints.
The top global pharma and dozens of other leading pharma and biotech organizations trust Science Exchange to accelerate their research, transform manual processes, lower R&D costs, and drive progress in their programs.
To discover how supplier orchestration can transform your organization's procurement operations and advance scientific research, visit scienceexchange.com.
About Science Exchange
Science Exchange is the first purchasing and supplier orchestration platform for life sciences companies. Our platform harmonizes purchasing, supplier management, and payment processing through one platform and digital marketplace. The world’s top pharma and dozens of other leading pharma and biotech organizations rely on Science Exchange to help accelerate their research, automate manual processes, and advance their programs faster.
