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Benchmarking Business Spend: 2021 Report for Biotechs
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REPORT
Procurify and Financial Compliance Standards: The Guide
Since the onset of COVID-19, spend management in the biotechnology industry has been going through a revolution. For finance leaders, it’s more important than ever to streamline spend management workflows and accurately forecast for the future.
Requisition to purchase order cycle time
Average spend per vendor
Request for order consolidation
80-20 spend
Average yearly spend
And much more
In our latest report, we showcase 10 of the most important spend management benchmarks for fast-growing biotech organizations.
Discover exclusive benchmark metrics including:
Take traditional benchmarking one step further
Rather than analyzing the performance of external and uncontrollable metrics like these, biotech labs are turning to what they can control. Understand benchmarks for KPIs like spend per vendor, purchase request consolidation, 80-20 spend, and return rates.
Understand key benchmarks like RFO consolidation
RFO consolidation measures how many RFOs are consolidated into one purchase order, shown as a percentage. This benchmark alludes to accounting efficiency, as more purchase orders results in more invoices.
Take ‘data-driven’ to the next level in 2022
If the pandemic has taught biotech labs anything, it’s that the future is unclear, and harnessing the power of digital technology and advanced analytics is the only way to make accurate predictions and to safeguard against continuous uncertainty.
“We have a huge responsibility to our investors, to our potential patients, and to science in general, to spend this money well. And to do that, we need to understand our spend.”
Amy Cowgill, Director of Business Operations and Administration, Circle Pharma
