Smarter Laboratory Asset Management Strategies

Masao Moriyama explains how using a single provider for the management of laboratory equipment throughout its entire lifecycle reduces administration, improves efficiency, and provides critical data to help optimize resources.

Procurement officers, as well as facility and lab managers, have traditionally had no option other than to work directly with original equipment manufacturers (OEMs) to manage their company’s assets, each with different service level agreements and requirements. When we take into account that most companies have multiple laboratories and multiple sites, this can add up to thousands of different suppliers and a correspondingly large number of contracts.

Working directly with OEMs in this way carries a massive administrative burden and can divert thousands of dollars worth of time away from core scientific projects to deal with equipment contracts, trouble-shooting and service calls. With the pressure mounting on R&D departments to deliver more with less resource, employing a company that can provide detailed data and insight on all assets offers a massive advantage.

Consolidating contracts through bringing in an asset management service provider, such as GE Healthcare’s Scientific Asset Services (SAS), is one solution that companies are increasingly turning to in order to improve efficiency and drive down costs. The unique combination of services offered by SAS can be adapted to suit the needs of each individual company, with the ability to support the entire lifecycle of their assets from equipment finance, maintenance and validation, to site moves and disposal.

Asset management service providers take control of equipment inventories, categorize and barcode each item to enable easier tracking, review existing contracts to help customers choose the best service model, and implement preventative maintenance plans designed to fit around research schedules. Validation protocols can be customized and standardized, offering a combined solution with significant time and financial savings, and simplifying the FDA auditing process.

Benefits of employing an asset management service provider include:

Cost reduction
A detailed review of existing contracts is carried out, which can be used to advise on the best type of cover to suit individual needs and to re-negotiate more cost-effective contracts from individual suppliers.
Thousands of R&D dollars can be saved, as scientists’ time can be redirected away from repairs to allow them to focus on key research projects.
Purchasing agents can save vast amounts of time that would have been spent negotiating contracts and managing invoices.

Enhanced service levels
On-site engineers drastically reduce response times, ensuring that repairs are dealt with quickly and efficiently. If OEM engineers are required the process is managed by the GE Healthcare team, reducing administration and ensuring that quality of service is monitored and not compromised.

Powerful data and analysis
Data such as contract spend, service and maintenance history, preventative maintenance completion, and current asset market value, is collected for each instrument and service event and held in a single, secure database, AssetPlus™).  These data can help to understand asset utilization and minimize under-use. Combined with an understanding of current market value, companies are able to make informed decisions about their surplus or unused equipment. Options could include transparent storage or disposal, with any proceeds fed back into the business.

Increased staff retention
As equipment downtime is reduced to hours instead of days, there is greater freedom to focus R&D resources on science. This has a positive effect on motivation and job satisfaction, resulting in improved staff retention rates.

Summary
In the current climate of increased M&A activity and decreasing budgets, pharmaceutical and biotech companies are under increasing pressure to enhance productivity whilst at the same time driving down costs. In a recent survey, Accenture found that executives at top pharma companies rate analytics/data driven insights as one of the top factors critical to outperforming their competitors. However, few companies collect all data potentially available to drive their asset management programs.  Partnering with a global company that can adapt and grow to meet a company’s needs and deliver a total solution for asset management throughout its lifecycle presents an ideal long-term solution.

Contact details:
Masao Moriyama
Service Director, Japan, GE Healthcare Life Sciences
E: Masao.Moriyama@ge.com