Instrument utilization intelligence leads to lab operations transformation and 3.5x immediate ROI.
In early 2017, a $53B Boston-based pharmaceutical company partnered with TetraScience to solve challenges around asset efficiency and cost control in their labs. The scope of their initial project focused on analyzing the utilization of 70 instruments used for analytical development, including HLPC’s, UPLC’s, mass spectrometers, osmometers, and particle counters - all spanning different manufacturers and vendors.
TetraScience Utilization, a cloud-based business intelligence solution purpose- built for labs, was chosen to provide meaningful reporting and insights into the usage across these instruments. The desired outcome for the customer was to identify heavily used and underutilized instruments, eliminate productivity bottlenecks, and surface insights to make data-driven decisions on new capital purchases.
Within 6 months, the company realized 3.5x ROI. TetraScience fagged 23 instruments - over 30% of the instruments being monitored - as “heavily underused”. The customer was able to reduce service contracts for 14 instruments, and lifecycle out an additional 9 instruments, for over $200k in immediate financial impact.
INSIGHTS DRIVING ACTION
The TetraScience Utilization analytics dashboard and reporting allowed the customer to track the real-time usage of instruments and achieve their goal of gaining critical operational insights. With TetraScience as a partner, they were also able to compare their data to industry benchmarks and averages. The result was the ability to take immediate action and realize a higher and faster ROI than they ever anticipated.
Over time, as more subtle and complex trends emerge, the financial impact increases dramatically. The chart below shows the subsequent effects of different actions on the overall ROI.
As an organization, this pharmaceutical customer is now in the process of transforming their strategic planning process to incorporate rich data and insights thanks to TetraScience.
Fast time to value