Cloud solution improves forecasting and planning at emerging biotech company

Business Challenges

  • Siloed Systems – Employees manually aggregated data from various systems for reporting purposes, leaving no time for value-added analysis
  • Labor Intensive FP&A – No systematic way to process finance and accounting data
    • Planning and Analysis processes were manually intensive and significant effort was required to maintain offline Excel models; information was not readily available for use
  • Excel-Based Tracking – Lacking system of record to manage fixed assets

Solution

  • Enhanced Planning Capabilities
    • Implemented Oracle Enterprise Resource Planning (ERP) Cloud, including the general ledger, accounts payable, cash management, and fixed assets modules
    • Implemented Enterprise Planning and Budgeting Cloud Service (EPBCS) application for financial and workforce planning
  • Integrated System – Integrated five critical source systems (Concur, ADP, Silicon Valley Bank, Oracle ERP Cloud, and Oracle EPBCS)
    • Developed automation to seamlessly integrate the ERP system to external sources, eliminating the need for manual data entry related to key activities (e.g., payroll, cash management, procurement, and travel expenses)
  • Embedded Automated Processes – Automated cost allocations and depreciation of fixed assets
  • Timely and Robust Reporting – Trained key stakeholders on how to query and obtain real-time reporting

Impact

  • Greater Efficiency and Visibility – Real-time access to actuals for budgeting, forecasting, and long range planning with the most up-to-date information available at the beginning of each workday
  • Automated, Real-Time Results – Structured data and report delivery is constantly in sync with the ERP, planning, and external systems
  • Scalability for the Future – Cloud-based, integrated approach will continue to fulfill the enhanced analysis and reporting needs as the company grows
  • Full Adoption – Solution was adopted by 100% of the users