Dynamic Budgeting, Planning and Reporting for Life Sciences Companies

Increasing demand from aging populations, chronic/lifestyle diseases, treatment, and technology advances are driving growth.

However, new regulatory requirements and efforts by governments, health care providers, and health plans to reduce costs are dramatically altering the health care demand and delivery landscape.  These forces are creating a number of challenges for Finance departments in Life Sciences companies:

• Supporting high growth in a dynamic and demanding industry
• Global competition, putting pressure on costs
• The need to constantly introduce new products, support merger and acquisition activity
• Adapting to new regulatory pressures
• Complex legal vs. management reporting requirements

Leading Life Sciences companies are turning to cloud-based enterprise performance management (EPM) software to help address many of the challenges they face. Cloud-based EPM solutions help Life Sciences companies survive and thrive in a dynamic and demanding industry.

Planful has worked with a number of companies in the Life Sciences industry to help address the challenges of managing performance in today’s dynamic business environment. We have helped many Pharmaceutical, Biotech, and Medical Device companies accomplish the following:

• Gain more collaboration and update manual processes
• Streamline the financial consolidation, close, and reporting process
• Reduce budgeting and forecasting cycle time, adopt rolling forecasts
• Analyze performance data to improve resource allocation
• Model and forecast predictable and consistent future results

In the dynamic and demanding Life Sciences industry, Finance departments can’t afford to be held back by reliance on spreadsheets and legacy software solutions.  Modern, cloud-based EPM suites can be deployed quickly, offer a low TCO, and can provide the agility needed to grow and adopt to fast-changing markets.