Best-In-Class Financials to Underpin Success of Biotech Organisations

In a fast-changing world, the right business software is not ‘nice to have’, it is essential to keep up with the pace of change. Biotechnology companies keen to scale up and exploit new opportunities need a robust financial management platform that will enable this, because outdated technology and inefficient processes inhibit growth.

 

How is growth of biotech companies inhibited by inadequate processes?

 

Outdated, ‘clunky’ back office processes and legacy technology can impact long-term success in a number of ways, including:

  • High operational costs and inefficiencies – time and money spent on manually managing business processes instead of on meeting customer needs and growing the business.
  • Manual data input and manipulation – disparate systems and spreadsheets that are not integrated and require manual updating.
  • Lack of visibility into key business metrics – inability to report with ease, for example on profitability by customer, due to data being stored in multiple systems and multiple spreadsheets.

 

The finance teams of life sciences companies wishing to thrive in today’s highly competitive and fast changing environment need to avoid spending valuable time and resources keeping multiple spreadsheets and systems up to date, where their time and resources would be better spent on strategic activities. This is where a unified cloud based financial management system – such as Oracle NetSuite – enables teams to spend less time on cumbersome manual processes and multiple points of data-entry, and instead enjoy real-time visibility of any aspect of their business’ finances at any point in time.

 

The life sciences companies that we work with at Eureka Solutions – including Achilles Therapeutics, Bit-Bio and Collagen Solutions – realised that upgrading their back-office systems was essential to enabling them to properly capitalise on new opportunities.

 

By streamlining financial operations, finance leaders can base data-driven decisions on accurate, accessible information, so crucial to success in new product development strategies and new market expansion. NetSuite ERP’s comprehensive financials capabilities streamline business processes and free up the time and resources needed to scale and innovate competitively.

 

Best-in class financial management

NetSuite Financials provides end-to-end visibility into receivables and payables. Biotech businesses can automate the complete order-to-cash process and streamline the procure-to-pay and record-to-report processes, freeing up time and reducing risk of errors.

 

As a true cloud platform, NetSuite enables real-time views of key, pre-configured but easily customised financial reports, based on biotech industry leading financial practices, as well as accurate insights into budgeting, expense allocations and amortisation. This, combined with flexible revenue analysis, allows businesses to make informed data-driven decisions.

 

NetSuite also provides tracking for the complete fixed asset lifecycle, as well as reporting from acquisition, through depreciation, to retirement of assets.

 

Multiple location management and consolidation:

NetSuite’s ‘OneWorld’ functionality – enables biotech businesses to grow at the pace they wish, managing multiple subsidiaries locally or across the globe from the single cloud solution. Especially welcome in these ‘Brexit times’, this global ERP can handle different currencies (over 190), taxation rules and reporting requirements, helping pharma and biotech companies with multiple locations and subsidiaries to streamline operations and achieve real-time visibility at a local, regional and global level. With OneWorld, biotech companies have the option of developing robust business processes and deploying them across entities at the click of a button, and to seamlessly meet the individual needs of local operations and easily adapt to the latest accounting standards and regulations.

 

This, combined with NetSuite ERP’s Customer Relationship Management (CRM) functionality, enables a seamless flow of customer information as biotech companies scale and acquire new customers, across the complete customer lifecycle and customer journey, meaning that it provides benefits and efficiencies across the organisation, not only for the finance team. And with NetSuite’s ‘SuitePeople’ being rolled out in the UK in 2021, core HR capabilities and analytics are added to the mix.

 

Proven Industry Leading Practices

So, with industry based leading practices derived from over 20 years of implementation experience, NetSuite is designed to deliver value on day one. As the UK’s leading NetSuite partner, the Eureka Solutions team is widely recognised as the most technically proficient NetSuite team in the UK – leaders in unifying the business systems of growing organisations due to our constant investment in technical expertise, support and customer service. As the pace of change accelerates, Eureka Solutions is here, with NetSuite, to future-proof your ERP.