BIO Tech ERP EPM Starter Package
BioTech Industry Challenges
Ever growing compliance & Reporting Needs such as SOX
Disconnected legacy systems are not scalable
Lack of process integration leads to expensive delays and introduces audit risks which can be very costly.
Manual, time consuming, error prone process affects overall decision making and it takes away agility of the institution to adjust to market conditions.
Lack of connected tools affects the ability of the Bank to align strategic 5-year plan with annual plan costing millions of dollars on missed forecast.
CFOs are constantly in search of finding tools that will help them innovate faster, reduce operating cost, improve efficiency.
Industry is more and more gravitating towards cloud-based applications due to low capex, reduced risks of infrastructure failures and availability of latest technological innovation without upgrade cost.
Companies are looking for ways to enable faster customer acquisition, predict consumer behavior and maximize profitability.
What We Offer (How we can help)
Digital IMS Cloud has helped a number of Bio Tech firms to transform their disparate financial systems using modern cloud based financial system. Digital brings core competencies in the areas of:
✔︎ Scalable Chart-of-Account design to meet complex reporting needs.
✔︎ Financial consolidation, automatic inter-company accounting, and accelerated financial close.
✔︎ Flexible, configurable and robust invoice approval, journal approval, and purchase order approval via email and mobile devices (Android and/or IOS)
✔︎ Automated reconciliation of bank statements, portfolio balances, and customer accounts
Digital IMS Cloud has migrated number of Bio Tech firms from a manual MS Excel based budgeting and reporting process to centralized budgeting and forecasting systems. Digital offers pre-built biotech models allowing customers to jump start.
✔︎ Milestone based Clinical Trial Models to project clinical trial expenses:
Clinical Trial Startup Cost
Patient Enrollment Cost
Clinical Trial Draft CSR Cost
Clinical Trial Final CSR Cost
✔︎ Revenue model to project milestone revenue, collaborative research revenue, product sales revenue by partners/channel.
✔︎ Head Count Planning Model to plan Salary, Bonus, Overtime, 401K, FUTA, SUTA at existing employee and new hires.
✔︎ Capital Planning Model to plan for capital purchases, maintenance, depreciation schedule at asset level.
✔︎ Allocation model to allocate salary, capital depreciation, and department expenses to Research & Development (R&D), General Administration (G&A), Marketing & Commercialization (M&C) expenses.
✔︎ Board package Financial Statements (P&L, B/S and C/F).
✔︎ Annual Plan, Quarterly Forecasting, 5-Year Strategic Planning.
✔︎ Accurate budget clinical trial expense.
✔︎ Enable budget owners to plan for non-clinical expenses, Head count and capital expenses.
✔︎ Enable CROs and FP&A to collaborate on Revenue projections and clinical trial expense projection.
✔︎ Perform What-if Scenario analysis, annual budget, quarterly forecast, and strategic 5 year plan.
✔︎ Allocate expenses (actual, budget, forecast) and report on Marketing and Commercialization, Research & development, General Administration.
✔︎ Reduce the Budget Preparation and Improve budget and forecast accuracy.
✔︎ Plan for P&L, B/S, and Cashflow
✔︎ One Platform for board reporting, management reporting
Solution Foot Print: Oracle Financials Cloud, Oracle Expense Cloud, Procurement Cloud, Planning and Budgeting Cloud Service