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Eliminate Costly Errors in Your Supply Chain using automated Data Quality

Pharmaceutical supply chains are intricate networks involving raw material sourcing, logistics, and regulatory compliance. These complexities make it challenging to maintain accurate cost data across diverse platforms. Without reliable data validation, companies risk overpaying suppliers, inefficient logistics spending, and even non-compliance penalties. BiG EVAL, as a data quality and validation software, addresses these challenges by ensuring data consistency and accuracy across various systems, enabling more precise decision-making and cost control.

Challenges in Analyzing and Controlling Costs Across a Global Supply Chain

Supply chain cost management is fraught with difficulties, particularly due to fragmented and unvalidated data:

  1. Raw Material Costs:

    • Regional and supplier variations complicate cost tracking.
    • Inconsistent data across procurement and finance platforms often leads to inaccuracies.

  2. Shipping and Logistics Expenses:

    • Fluctuating shipping costs, fuel surcharges, and inefficient routes increase expenses.
    • Unreliable data complicates budget planning and decision-making.

  3. Regulatory Fees:

    • Fees vary by country and compliance requirements, with errors often leading to penalties or shipment delays.

  4. Data Fragmentation:

    • Cost-related data is scattered across multiple platforms, including ERP, procurement, and logistics systems.
    • Without validation, data inconsistencies lead to flawed cost analyses and inefficient operations.

Pain Point: Lack of Unified and Accurate Data for Cost Tracking

Disparate systems and inconsistent data prevent companies from having a clear view of supply chain costs. Common issues include:

  • Discrepancies Across Systems: Mismatched data between procurement, finance, and logistics systems creates errors in cost reporting.
  • Unvalidated Data: Missing or inaccurate entries undermine the reliability of financial insights.
  • Inefficient Processes: Manual reconciliations waste time and resources, while unvalidated data leads to reactive decision-making.

How BiG EVAL Addresses These Challenges

BiG EVAL ensures data quality by validating and verifying information from diverse systems, enabling stakeholders to trust their data and make informed decisions.

1. Data Accuracy Validation

  • What It Does: Automatically validates cost data, such as supplier invoices, shipping charges, and compliance fees.
  • Example: Confirms that raw material invoices match purchase orders to prevent overpayments.

2. Cross-System Consistency Checks

  • What It Does: Compares data from different systems, such as ERP and logistics platforms, to ensure alignment.
  • Example: Flags discrepancies between recorded shipping fees in the logistics system and the financial ledger.

3. Anomaly Detection

  • What It Does: Identifies irregularities in cost data, like sudden spikes in transportation costs or unexpected customs fees.
  • Example: Alerts managers about unusual charges on a high-volume shipment.

4. Validation of Regulatory Compliance Fees

  • What It Does: Ensures regulatory fees are accurately calculated and recorded to avoid penalties.
  • Example: Checks import duty calculations against country-specific requirements, ensuring accurate submissions.

5. Proactive Notifications

  • What It Does: Sends alerts when data discrepancies, missing entries, or compliance issues are detected.
  • Example: Notifies teams of inconsistencies in raw material costs recorded in procurement and finance systems.

Benefits for Stakeholders

Financial Controllers

Financial controllers are responsible for maintaining accurate financial records and ensuring compliance with regulatory requirements. BiG EVAL supports their work by validating financial data and identifying discrepancies that could undermine reporting accuracy. By providing a clear view of validated costs, financial controllers can confidently manage compliance, oversee audits, and produce reliable reports.

Key Benefits for Financial Controllers:

  • Real-time validation of financial data ensures accuracy in reporting.
  • Discrepancies in cost and compliance data are flagged for timely resolution.
  • Enhanced confidence in regulatory submissions and financial oversight.

Finance Teams

Finance teams handle the day-to-day processing of costs, budgets, and invoices. BiG EVAL reduces their manual workload by automating data validation and flagging errors early. This allows finance teams to focus on analysis and decision-making rather than data reconciliation.

Key Benefits for Finance Teams:

  • Automation of manual checks saves time and reduces workload.
  • Errors in cost data are identified and corrected before impacting budgets.
  • Improved collaboration with supply chain teams through validated data.

Supply Chain Managers

Supply chain managers need accurate, real-time data to track costs and optimize operations. BiG EVAL provides them with the tools to trust their data, identify inefficiencies, and control costs effectively.

Key Benefits for Supply Chain Managers:

  • Accurate data on raw material and shipping costs enables better budget management.
  • Anomalies in logistics expenses are flagged for immediate investigation.
  • Validated data supports negotiations with suppliers and logistics providers.

C-Suite Executives

C-suite leaders rely on accurate financial and operational data to make strategic decisions. BiG EVAL ensures the quality of this data, giving executives the confidence to invest in growth opportunities while minimizing financial and compliance risks.

Key Benefits for C-Suite Executives:

  • Reliable cost data for informed decision-making and strategic planning.
  • Reduced risks of penalties or losses due to compliance failures.
  • Enhanced profitability through better cost control and operational efficiency.

Real-World Scenario

Challenge: A pharmaceutical company struggled with mismatched shipping costs across logistics and finance systems. Manual reconciliations were prone to error, leading to overpayments and delayed budgets.

Solution: BiG EVAL validated shipping invoices against purchase orders, ensuring accuracy. It flagged discrepancies early, enabling teams to correct issues before they impacted reporting.

Result: The company reduced logistics overpayments by 12% and improved trust in its cost data, freeing up resources for strategic analysis.

Conclusion

BiG EVAL empowers pharmaceutical companies to control supply chain costs by ensuring data accuracy and consistency across systems. Financial controllers, finance teams, and supply chain managers alike benefit from reliable data that drives better decisions, reduces inefficiencies, and prevents costly errors. By focusing on validation, BiG EVAL transforms fragmented supply chain data into a powerful tool for cost control and operational success.