According to research revealed earlier this year, “the global LIMS (Laboratory Information Management Systems) market is expected to reach USD $1,155.67 million by 2025, from USD $650.7 million in 2017.”
This predicts a CAGR (Compound Annual Growth Rate) of 7.7% in the forecast period.
Technology is undoubtedly growing at an exponential rate and the organizations leveraging it are gaining a visible competitive edge. Increasingly, LIMS are becoming seen as vital tools in managing, capturing and sharing sample centric test data whilst ensuring compliance to a given protocol.
But… there’s a catch.
LIMS, which are typically sample-result focused, can’t provide end-to-end workflow solutions in pharmaceutical R&D operations, meaning they often sit isolated from other laboratory technologies – leaving your data in a silo. And yet, by leveraging the functionality of a LIMS, organizations can transform their approaches to regulatory compliance and process automation, leading to increased productivity.
So, how can organizations get the ‘best of both worlds’?
When integrating any new technology, organizations must always take stock and develop a vision. Given the complexity of laboratory-based R&D, identifying the functionality you need is a good place to start, but remember to keep an open mind. Needing a solution with LIMS-like capabilities doesn’t mean that a LIMS is your only option.
Laboratories are changing for the better, and you need to make sure your organization is in a position to capitalize on the rise of integrated and networked systems, where data is king. In that environment, do you really want to introduce a new, siloed system into your laboratory ecosystem?
Don’t think about how you can unleash the potential of your LIMS. Instead, think about how you can unleash the potential of your data. And that can’t happen in isolation.
If you would like to know more about unleashing the power of your data or creating an end-to-end workflow for your R&D processes then check out the related content links or get in touch.