Written by: Jasmine Cho – Operations Manager, at PSC Biotech Corporation
The biopharmaceutical industry is often on the front lines, battling global issues, such as the recent global pandemic of COVID-19. Life science companies work to provide solutions and find cures for the world, which requires constant innovation and new solutions. This can strain managing your day-to-day operations as new projects emerge and demand resources. Here are 3 ways consultants can ease your pain points.
1. Provide Subject Matter Expertise and Best Practices Across Industries and Functions
Consultants know and follow Best Practices across regions and life science industries (pharmaceuticals, biotechnology, medical device, diagnostics, nutraceuticals, etc.). They work with companies that are in the front lines of innovation and are at the forefront of new technology and products. Consultants also have experience resolving issues, such as an FDA Warning Letter, for multiple client sites across the globe. Because the consultant has spent time with various companies in the same industry, they can provide market analysis, perspective, and suggestions on how to outperform competitors or resolve issues. In each situation, consultants provide strategic project plans, thorough project documentation, and successful project execution. Consultants know how to approach and solve problems, how to avoid and mitigate risks, and successfully execute projects that those in your existing organization may have never encountered.
2. Save Cost
As new projects get added to a company’s portfolio of active projects, additional personnel and resources are required. Consultants may have an initial appearance of being more costly than hiring a full-time W2 employee, but in the long run, hiring consultants costs less than hiring your own staff. Companies that hire their own W2 employees need to spend additional funds on employee benefits, cost of recruiting and HR administration, cost of training, cost of ramp-up time, cost of schedule delays, cost of termination should the hire not work out, and more. In addition, because consultants only get paid for the services needed and each hour paid is allocated to a specific deliverable, work efficiency and productivity is guaranteed.
3. Prevent Schedule Delays
Schedule delays and project cancellations can occur due to resource constraints for many promising projects. Schedule delays can be detrimental to company finances and can result in projects exceeding projected budgets or project cancellations. Existing employees have day to day operations to maintain, and in many cases, it is not practical to reallocate hours to new projects. Lack of resources can lead to projects being planned and executed ineffectively and inefficiently, thus not meeting planned schedules or simply having poor quality and output. Some methods in which consulting companies can support bring time-constrained projects to life are:
– Bringing 1-2 consultants as support staff to ease the workload. Consultants can take on junior level roles for Managers and Senior employees to focus on the planning and execution of projects. Consultants can also come in at Senior Level roles to provide direction, expertise, support in planning, executing, and monitoring and controlling projects.
– Hiring a team of consultants to execute a project under an Existing Manager. The Manager can offload tasks to consultants, while managing existing and new projects. Additional support will provide relief for the Manager, while ensuring the project gets completed.
– Hiring a team of consultants as a Managed Service, where a consulting team develops and executes the entirety of the project scope and deliverables, budget, schedule, and resources.
Consultants have a breadth of experience tackling and resolving similar issues with a fast learning curve. Hiring someone with subject matter expertise can prevent schedule delays and provide a shorter ramp up time, thus saving project timelines and cost. Whether the need for someone to fill the gap is short-term or long-term, consultants can enter projects with little notice, and get the project off the ground.
– For short-term needs, consultants can essentially “plug a hole” while a full-time resource is being sought after.
– For long-term needs, consultants can continue to support projects even after final teams are established, or they can serve as long-term, highly skilled employees who can train new project team members.
Consulting services can bring your projects to fruition with industry Best Practices, while saving cost and preventing schedule delays. To learn how PSC Biotech Corporation can support, reach out to email@example.com.