We had a great experience last week in Philadelphia at the Gross-to-Net Accounting and Accruals Summit for Life Sciences, hosted by CBI.
It’s clear that for Life Sciences organizations, an increase in disparate data sources and sheer data volume is leading to significant challenges. This data complexity has pushed existing IT infrastructure to its limits, forcing teams to rely on labor-intensive, manual processes to estimate accruals. This, coupled with extensive M&A activity and growing regulation, is forcing CFOs to look more closely at their financial systems and processes.
In our 15-year history of helping the office of the CFO tackle problems of data complexity and transparency, we’ve helped organizations in all sectors move toward a more streamlined financial architecture. High volumes of transactions, heavy regulation and complex business models have spurred many industries to move toward a better way to integrate, process and analyze financial data to solve complex accounting challenges like Gross-to-Net Accounting and Revenue Recognition.
We listened to panel participants and our one-on-one conversations and the key theme that continually surfaced was the idea of creating one single version of the truth by centralizing finance, risk, commercial, product and operational data. With this foundation, Life Sciences companies can achieve the following benefits:
- Better forecast, calculate and track accruals and liabilities
- Accurately generate analytics for actionable insight
- Easily and quickly respond to new regulatory requirements
We look forward to continuing the discussion around finance architecture best practices with leaders in Life Sciences. Please don’t hesitate to contact us at firstname.lastname@example.org to learn more about how we can help your organization.
Adam Ford is the Life Sciences Practice Lead for Aptitude Software