Veratrak Unveils Innovative Purchase Orders Management Module

Veratrak, an award-winning provider of supply chain solutions, has launched its new Purchase Orders Management module, designed to streamline the procurement process. The PO Management module integrates seamlessly with contract services organisations' ERP systems, providing Life Sciences and Pharmaceutical customers with an easy-to-use interface to submit purchase orders.

Designed with the standards and regulations of the pharma industry in mind, this module offers a comprehensive suite of features aimed at enhancing efficiency and streamlining the purchasing process. By centralising all order-related activities on a single platform, Veratrak's solution enables seamless collaboration between buyers and suppliers to provide a clearer view of upcoming inventory needs and supplier commitments.

Key benefits of the new module include real-time visibility into order status, automated workflows, and integration capabilities with existing enterprise ERP systems. These features work in tandem to accelerate the procurement cycle, reduce and eliminate manual data entry, and provide valuable insights for informed external supply chain management: to manage stock and inventory allocation more effectively.

Colin Tierney, Chief Product Officer at Veratrak, commented: “We’re always striving to build solutions that enable a more transparent and collaborative supply chain. We’re proud of our latest product, the PO Management Module, which enables Contract Manufacturing and Contract Packaging Organisations (CMOs/CPOs) to deliver faster turnaround times and better service to customers”.

He added: “Contract service providers can strengthen their overall offering to pharma customers through transparency on orders status and by reducing manual efforts across their teams, from order reports, inventory overviews, to forecasts in order to help their customers with value-add activities.”

“For pharma supply planners, this means advanced visibility for planning needs, as supply chain managers gain comprehensive oversight of their orders, and can receive automated order updates for everything their external partners are working on.”

The global pharmaceutical outsourcing market is projected to grow significantly in the coming years. It is estimated to grow from $125 billion in 2021 to $227.8 billion by 2030, with a compound annual growth rate (CAGR) of 6.9%, according to BioPharm International.

At Veratrak, we are always looking at novel ways to streamline the work between pharma organisations and their service providers. Our Purchase Orders Management module represents a significant advancement in supply chain technology, offering businesses the tools they need to navigate the complexities of modern procurement with confidence and precision. 

Visit our website to learn more about our supply chain solutions, and schedule a demo to see how Veratrak works with CMOs, CPOs, and contract services providers to deliver supply chain excellence to the pharma industry.