ABS Blog

What do these topics have in common? The answer is topical and informative. The common element is that the text discussing each topic in the samples below was written using Chat GTP (https://chat.openai.com). I simply typed in a few words and the computer did the rest using artificial intelligence. The three examples are next.

In 2023, financial markets are constrained. We may be on the precipice of a recession, albeit hopefully a mild one. Many organizations are limiting hiring and others are laying off personnel. Across most industries, there is a need to conserve cash. Although the demand for new therapeutics persists during economic downturns, this is a time when caution is warranted.

The beginning of the year is a time for many of us to set goals for the new year. At ABS, we review last year’s goals, accomplishments, and areas for improvement. Based upon our progress, we decide on this year’s goals. We establish key performance indicators and metrics to guide us in achieving those goals.

The final Core ABS Value that I want to discuss is Responsiveness. Responsiveness refers to how effectively and promptly we respond to the business requirements of our clients and internally to those of our coworkers.

In this third post that discusses ABS Core Values and what they mean for ABS and our clients, I discuss Transparency. We previously discussed Excellence and Accountability. Neither of these are possible without transparency. 

In the previous blog post, I introduced ABS’ Core Values. These values stem from our goal to be a company that performs to the highest standards for our clients over the long term. I also discussed Excellence: what it means in an operational sense, and what we do to sustain it. Excellence is not possible without Accountability, our next Core Value.

At ABS, we are going through an exercise to clarify and evaluate our Core Values from a performance perspective. This exercise is based upon a book by Natalie Dawson, TEAMWORK How to Build a High-Performance Team. The values that we selected are meant to be actionable and drive our decisions on hiring, rewarding high-performance, and firing. They are intended to guide our individual and company performance.

I am going a bit out on a limb here and tackle a somewhat different topic than usual because we should be prepared for what may come. Right now, our industry is doing very well. We are coming off successes with the COVID vaccines, and there are major new discoveries in many areas. Employment is at an all-time high. However, there are headwinds ahead. Inflation rates are high. This erodes buying power for individuals and corporations. Central banks are raising interest rates to control inflation. Historically, such increases have often led to recession. In addition, political pressures are pushing to lower drug costs. Whatever side of the debate you are on with respect to this issue, lower revenues could impact future R&D.

Most of us have had the experience of being inundated with phone calls and marketing materials, only to later to have difficulty receiving a price quote or follow up after you place an order. We understand how frustrating this is.

For the past three decades we have asked our clients to complain. While we strive to get everything done exactly right every time, we know that may not always happen. No organization can guarantee that. It is far better to hear bad news or learn of a shortcoming than not to hear of an issue. That way, problems are solved, and processes are improved.