Pharmaceutical companies are quite adept at operating in a fast-paced industry. However, the pandemic posed a considerable challenge that continues to test the threshold of every unit of your business. R&D priorities have nearly shifted, supplies are stretched the demand is more than ever, and sustainable development is a consistent concern. The more the company grows, the more commercial space it will have. This will lead to managing numerous leases at the same time which can prove to be immensely challenging.
Let’s take a look at how the pharmaceutical industry can benefit from lease management software:
Gather & Collate Lease Documents:
Collect lease documents such as Commercial Approvals, Letter of Intent, Term Sheet, Agreements & Addendums etc. from the client either in digital format or in hard copies. Gather these documents in an indexed manner for quicker access as well as retrieval.
Abstract Lease Data
When the lease data from the indexed documents is then abstracted into the proprietary application, it will be easier to navigate the platform. The lease data will then be entered into a stepwise & segment-wise manner for better comprehension and proper representation. There will be a maker-checker process to ensure the accuracy of the data abstracted.
Assesses Data via Reports
A pre-defined set of reports is entered into the lease administration platform, thereby giving the user an all-encompassing tool to review the abstracted lease data. Numerous filter selections and user success mapping facilitate categorized lease data being viewed.
Digitize: Digital Documentation
Lease documents will be easily available in a digitized manner with just a click in a good lease administration platform. You don’t need to have scanned copies stored in common folders/network drives or different digital file maintenance software. Important clauses will be indexed to the pages from the reference documents, thereby bolstering the user for a quick view without going through the trouble of the entire document.
You can create/add as many properties/leases as you can and manage them all under the lease management platform. For instance, if you’re pharmaceutical company has many office spaces, all the leases can be centrally managed under one platform with the help of lease administration software.
One of the best features of a lease management tool is that it is equally efficient and useful whether you’re an occupier or a landlord.
Reminder for Critical Dates
One of the most important aspects of lease administration is that you remember all the significant details so you don’t miss out on critical deadlines. Lease administration software can provide notifications that will help you not miss critical lease-related deadlines which can lead to saving a lot of money.
Cutting-Edge Security Measures
A pharmaceutical company will need their lease data to be secure. You don’t have to worry as a robust lease management platform will offer state-of-the-art security measures to ensure the safety and security of their lease data.
In a nutshell, a great lease administration platform can greatly benefit pharmaceutical companies. CRE Lease Matrix is a robust lease management tool that can provide to be a leading solution for pharmaceutical firms across the country.