MediPharm Labs Explains: ERP System and Big Data with Bobby Kwon, Chief Financial Officer, MediPharm Labs
MediPharm Labs recently invested in a multi-million-dollar system implementation of SAP S/4 HANA, a Tier 1 Enterprise Resource Planning (ERP) system, a critical step in positioning MediPharm Labs as a global leader in specialized cannabis extraction and purification.
We talked to Bobby Kwon, Chief Financial Officer at MediPharm Labs, about what the ERP project entailed and its implications on the future of the company.
What does the implementation of the ERP mean for MediPharm Labs?
The implementation of the ERP represents just the beginning of MediPharm Labs’ investment into the future by establishing a foundation of strong data-driven decisions. It allows us to measure and collect ALL parameters throughout our manufacturing processes, providing opportunity to optimize purity, quality, potency, yield and efficiency for our patients and consumers.
Can you explain, what is an Enterprise Resource Planning (ERP) System?
An Enterprise Resource Planning (ERP) system is a business software used by companies to manage and integrate key parts of their business, which helps standardize processes, respond faster through access to integrated, real-time data and ensure continuous compliance to both internal and external stakeholders.
Why is it essential to have an ERP System as a global leader in cannabinoid-based products?
There are several reasons why the ERP system is crucial to have as a global leader including:
- Creating a Single Source of Truth: We are growing a Global company with multi-jurisdictional business activity and need to be united by a Single Source of Data to leverage, for real-time decisions in a continually evolving industry.
- Improved Decision-Making: We will leverage SAP’s knowledge and global best practices to enhance our internal processes and support our GMP certification goals through GxP system compliance.
- Optimization and Profitability: The ERP will enforce necessary controls in all operational processes to drive efficiencies that are balanced with maximizing profitability to shareholders and consistent regulatory quality compliance
- Increased Visibility: The ERP allows us to gain visibility in the quality verification process such as traceability and tracking of material inputs in the manufacturing process through to finished goods as they travel around the global supply chain.
To learn more about how MediPharm Labs recently adopted a Quality Management Software platform.