Business-critical initiatives in bioscience and biotechnology are complex. They’re pressured by impossibly tight timeframes, constricted by regulatory authorities and have large budgets on the line. Expert project management is essential for mitigating the effect of these pressures.
Bioscience businesses need to rapidly upscale operations to meet an increase in commercial, technical or operational demand—requiring significant investment.
Delivering Value at Scale
The scene is set for errors, delays, and cost overruns. Adaptable project management services allow you to scale the number of consultants you have to fit your needs, helping you to deliver projects effectively, on time and within budget.
Bioscience and biotechnology businesses critical to fighting the pandemic, are augmenting their workforces with PM services in areas outside of their core competencies, to continue to scale and deliver fast. It’s clear how effective this tactic can be. For example, the sector average for new drug development and review is 8.2 years (87%), yet the two novel COVID-19 vaccines were developed, tested and authorised in less than a year.
These remarkable feats of collaboration and industry improvement are inspiring. Yet there are other metrics, beyond the scope of time and budget, by which we can and should measure project success.
Value beyond projects in PM Services
Outsourced project management services help you with the heavy-lifting of your organisation-wide change or business transformation. If you’re looking to reduce waste, improve turnaround times, remove duplication of effort and improve performance outputs when delivering projects, PM services will help you do so.
Keeping sight of your end goal of delivering value to your customers and stakeholders is essential. Ideally, this will be actual business value, the net benefit realised by your customers, measured in either monetary or non-monetary terms.
However, there’s more to gain from PM services than keeping your investors happy, and it’s worth considering the business value for your organisation. What do stronger PM services and organisation-wide improvements mean for your business?
Stronger PMs equal stronger bids
Bioscience PMs are asked to wear many hats. They are taking on more cross-functional responsibilities to ensure the success of your projects and improvement in your internal processes.
Many deal drivers remain on the table from 2020 and 2021 will continue to be an active year for deals in terms of volume, bringing with it increased demand for improvement across your people and technology and further transformation in your business. Winning both grants and stakeholder’s trust is imperative and is much easier with expert PM services.
Excellent PMs not only guide you towards positive business change, but also help you prepare for bidding, create stronger bids, and then encourage stakeholder engagement when you win those bids.
Project Management is a Service
Improving collaboration and innovation within organisations also implies a positive cultural shift away from traditional lengthy research processes towards rapid project delivery, as we have seen in the past 18 months.
Businesses that continue to win the most bids in the future will be those who use project management services to their fullest, allowing their existing workforce to focus on the critical issues of their expertise. Biomatic’s role in helping establish the testing capacity and strategy for the four national COVID-19 testing sites, delivering 300,000 tests per day, is testament to this.
If you have any questions or want to learn more about our ongoing work with the Department of Health and Social Care, UK Biocentre and the Wellcome Sanger Institute, get in touch with our team today.