Our client is the Finance group of a leading global pharmaceutical company based out of Chicago, IL and headquartered in Tokyo, Japan. The company engages in the research, development, manufacture, import, and export of pharmaceutical products with a focus on therapeutic fields that include transplantation, immunology, infectious diseases, urology, oncology, neuroscience, diabetic complications, and metabolic diseases.
The Budget and Control Division was utilizing multiple datasets from various financial source systems. They wanted to analyze data for financial reporting month-to-month across all their reporting entities but did not have a smooth process to do so. They were manually pulling data, manipulating it, and then preforming quality checks. This time-consuming process was cumbersome and causing delays in critical financial reporting. The client noted that financial analysts and study teams were very comfortable within excel and did they not want to expend the enormous training cost attributed to switching to an entirely new technology.
MResult determined that they needed a full scope BI strategy and solution with end to end reporting capabilities that would be easily adopted by financial analysts.
We provided an extended team to help create the reports for the Financial Analysts so that they could spend their time on their core function of budget variance analysis. We then laid out the process to identify steps that could be automated. Our team worked with the client’s IS in order to do the following:
- Automated the data pull from the various systems and store it in a data mart.
- Created one-time business rules that help clean and transform the data to make it analysis ready.
- Using cleaned data, we created dashboards in a BI tool as well as in excel and provided the financial analysts with them so that they can be used for Clinical Study Financial Operating reviews.
MResult’s BI Solution increased the productivity of the group’s financial analysts. The set business rules reduced the validation time for every monthly run and, flexible enough to add new rules when they are required. There is no longer a need for the financial analysts to log into multiple source systems and create reports. In addition, the slice and dice capability of the BI tool helped the analysts get into the details of each report analysis enabling quick decision making and better insights. Our client has reported that the implementation of this solution has significantly reduced the time to generate repots, estimating a reduction time by 75% per month.
- Increased productivity
- Transition to Self Service BI
- Better decision making through insights
- 75% reduction in report generation time