Does your pharmaceutical company have an eye on growing internationally?
By 2020, the worldwide pharmaceutical industry is expected to be valued at $1.3 trillion, according to the 2016 ITA Pharmaceuticals Top Markets Report. Given this forecast, it's not surprising that companies in pharma are looking for new ways to capitalize on industry growth.
While it may lack the glamour of R&D, marketing, or sales - one of the most critical areas that any company, in any industry, can choose to evaluate when building a plan for accelerated growth is the accounting department.
How can the right Cloud-Based FP&A Solutions help my organization advance in the pharmaceutical marketplace?
Easily overlooked yet vitally important, the health of your organization's accounting department – especially that of Financial Planning and Analysis (FP&A) solutions – has the power to help or hinder your organization's longterm plans for success.
Working with FP&A solutions that have become out-dated or that your company has out-grown hinders your finance team's ability to provide leadership with crucial financial insights.
The good news?
In today's cloud-based SaaS environment, there are dozens of FP&A software solutions that are designed to be implemented quickly and efficiently while providing users with a wealth of tools and capabilities – including those needed to help pharma companies, like yours, institute the financial systems needed to support international expansion and growth.
What do cloud-based FB&A solutions do?
At their core, cloud-based planning solutions streamline and automate the financial planning processes by centralizing actuals, budges, plans, and forecasts across multiple locations and entities into one system of record, providing clear and concise dashboards for visualization and analysis.
Most cloud based FP&A solutions include open APIs or webhooks, allowing the consolidation and centralization of data into one source of truth. Switching from several systems to a single data platform makes it possible for an organization to improve accountability while developing and refining planning processes capable of scaling with your globally-minded business.
A Modern FP&A and Pharma Success Story
Maybe your organization is like New Jersey based Amneal Pharmaceuticals. A few years ago, the generic pharmaceutical manufacturer used Microsoft Excel for budgeting, reporting and analysis. The process was manual and time-consuming, and because of these factors, it was difficult to engage with timely and accurate information.
In 2015, company leaders targeted a major acquisition in Australia and a strategic investment in Ireland, making it imperative to modernize FP&A processes. They chose Adaptive Insights, and more specifically, the Adaptive Planning platform, because it allowed them to streamline FP&A processes, provide executive leadership with timely, visually enhanced reporting that was easier to understand, and ensured that costly mistakes and accounting errors were kept at bay.
Automated FP&A Drives Growth in International Pharmaceutical Market
Now, Amneal has a budget at the General Ledger level and at the account level. The company also has a cube created within Adaptive for multi-dimensional planning. And when it comes to reporting, days are saved every month because executive reports are quickly generated with data directly from Adaptive.
Personnel in Mexico now are learning how to use Adaptive Planning, and there are also plans to use Adaptive to improve Amneal’s sales forecasting processes. Today, the company continues to evaluate strategic expansion of its business around the globe into markets in Europe and Asia.
Amneal’s journey is just one illustration of how adopting a cloud-based FP&A platform can help pharmaceutical companies like yours create the financial foundation to extend their international reach.
Want to learn more about Amneal Pharmaceuticals' dramatic transformation?
Click Here to read our Case Study, and learn more about how Business Solution Partners helped Amneal achieve their accounting department goals, in support of their much bigger push gobble up more of the worldwide Pharma marketplace.