Resolving Challenges in the Biotech Industry: Learnings for Firms in Selangor, Klang, and Kuala Lumpur Malaysia

Located in the biomedical technology centers of Selangor, Klang, and Kuala Lumpur Malaysia, firms are continually dealing with the particular and shared problems of their industry. Known as a hi-tech sector, biotechnology is an area in which firms experience distinct hurdles that are not typically faced by other industries, but, at the same time, it has some traits in common with challenges typical of other sectors.-

Spectacular and Common Challenges in the Biotech Sector

Biotech firms in Selangor, Klang, and Kuala Lumpur Malaysia tackle unique problems that relate to the particularities of their industry. An example of this is the extremely strict regulatory environment, which is unrivaled by most other sectors. The registration of biotech products is a process that involves rigorously extensive trials and research work that spans many years before a product can be commercialized on the market. In addition, most firms in Biotech are based on research and development that is at the forefront and thus require a lot of investment both financially and in terms of human resources. The sectoral environment is characterized by rapid technological changes, therefore, constant drivers of change and innovation are required for adaptation.

It is noteworthy that these firms, in addition to that, face common industry challenges, such as the necessity of substantial capital investment, akin to other high-tech manufacturing sectors. The supply chain disruptions also arise as an international problem producing negative effects on different sectors, including biotech, while the recent global situations accentuated this. Also, the rivalry to obtain the workforce is being felt more than ever across branches, making it a constantly ongoing conflict for firms to keep and attract the needed skills and knowledge.

Making Use of POS Systems to Tackle Industry Challenges

As a result of these problems, technological solutions such as point-of-sales (POS) systems can play a key role in overcoming them. POS systems, especially those which meet retail and e-commerce requirements, are a one-stop solution for automating multi-part business processes. These systems can, in fact, make the supply chain operations smoother thus ensuring that the biotech firms run their processes efficiently in the face of outside disturbances.

At the same time, the robust POS that you adopt will allow the achievement of a solid financial integration, which inevitably composes to the firm balance of tracking and steering the financials accurately. Such financial pros will be of great help in regulating budgets and resources that have been the subject of discussion due to the predominance of financial oversight in the industry. The auto-dispatch of daily reports of sales made through POS systems diminishes human error and optimizes operations, thus businesses are able to focus more on innovation instead of administration chores. In the ongoing contest of talent, an efficiently operating POS system can also help with human capital management by connecting seamlessly with HR software thus assisting in retention.

Best Practices for Executing a Successful POS System

Importantly, the proper execution of a POS system entails an active plan and a technique which should be at the center of achievement. The start-up firms should run some analyses of their specific requirements and select a system that corresponds with their organizational goals. Compatibility with the existing software is paramount otherwise it will bring integration disruptions. Educating the staff about the systems is one more big move, it guarantees that implementation will be most efficient and effective. A final point is that continuous support and maintenance are crucial for the adaptation to any future technological advances or problems which the firm may be faced with.

Pros of Multiable’s aiM18 POS System for Biotech

• Real-time Integration of Product Database: Facilitates the seamless flow of data across retail and e-commerce channels and thus it boosts operational efficiency.

• Promotion Management: It makes it easier for biotech firms to come up with targeted promotions that are required to reach different customer groups.

• Cross-brand / Shop VIP Management: It helps improve customer relationship management which is an essential driver of long-term client interaction relationships.

• Automatic Logistics Service Provider Selection by A.I.: This is the state of the art logistics that biotech cannot afford to be without, as these are the ones needed to make the chain run smoothly.

• Real-time Integration with Finance System: This is a facility for accurate financial tracking, which is a strong basis for budget and investments management.

Multiable ERP: A Core Competency for Biotech and Other Industries

Multiable ERP not only facilitares the real-time integration of platforms like Shopify, Amazon, etc., but can also act as a strategic partner to businesses in Selangor, Klang, and Kuala Lumpur Malaysia. This kind of coordination will help the biotech firms keep their competitive stance, of which the main condition is the flawless performance over various sales channels and platforms. The Multiable ERP’s selection as the ASR+ software vendor by IRAS elevating it further to the position of firm that is compliant and functional shows that it is effective.

What is Multiable POS ?

Multiable POS is a cloud-native POS targeting retail groups with sizable chain stores in Singapore, Malaysia, Hong Kong and China. With over 6,000 customers in the region, Multiable POS gains positive feedbacks from public companies and multinationals across different sectiros, from cosmetics, furniture, fashion, healthcare, pharmaceutics, sportswear and toys etc. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.

What is LAIDFU (Let AI Do for You)?

LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.

Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.

EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.

Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.

LAIDFU empowers business, with or without an ERP system in place.