Lifesaving Pharma
FinanceJuly 28, 2020

Lifesaving pharma needs advanced CPM to manage risk and drive efficiency

The focus today is quite rightly on pharma’s role in developing lifesaving drugs. But just as pharma’s contribution to society has never been more important, so has the agility of finance to provide data intelligence to facilitate fast decisions. It’s what enables these drugs to be brought to market fast through boosted R&D, and production and distribution planning. 

To be able to deliver vital pharmaceuticals in today’s health climate is dependent on achieving agility, managing risk and driving efficiency across the supply and value chain. 

Consolidation in Excel remains common, but an approach based on manual entries is prone to error and the lack of a good budgeting and forecasting tool will severely limit a company’s ability to assess the viability of its plans. Any pharma business which operates across several countries, as most do, which has intercompany sales and purchases to be aligned, KPIs to be set and monitored, really needs to be using an automatic consolidation process and standard reporting across the enterprise. CFOs need a unified approach to CPM. Different formats of balance sheet, P&L etc. are simply pulling in the opposite direction. When it comes to acquisitions, it just gets even more complicated. 

CCH Tagetik for Pharma and Life Sciences has proved to leverage diverse, granular data from across the organization. It provides the predictive planning power to optimize profitability, maximize ROI, boost clinical trial efficiency and accelerate R&D. Urgency and uncertainty today mean the pressure is on to fine-tune drug development lifecycles from trial to production to delivery. Connecting production, COGS, cashflow, CAPEX and financial plans in a unified platform is the best way to achieve this. 

CCH Tagetik’s solution for this sector uses data intelligence to enrich product lifecycles and supply chains. Empowering the Office of Finance to make data-driven decisions means:

  • Profitability analysis by brand
  • KPI-driven budgeting and planning
  • Cash-flow automatic balancing
  • Spreading across the seasons and variance
  • Limiting exposure to risk
  • A unified approach to CPM 

Timely insights, faster decisions

Timely insights translate, quite simply, into faster decisions. To maximize the ROI of clinical trials, for example, requires transparency into the true drivers of financial costs and operational efficiency. With CCH Tagetik’s “beyond CPM”, perform in-depth modeling and analytics to transform raw data into actionable insights. 

If you want to go from trial to market before the competition, gain agility in the face of regulations and new discoveries, and optimize the effect of R&D, it’s time to consider how replacing legacy systems can help you focus on what really matters to your business. 

Many companies have already started their modernization journey with CCH Tagetik. We asked Vemedia what is making the difference in daily business life while using CCH Tagetik and here is what we heard from them: 

“We do automatic balancing for cash flow and we do automatic intercompany matching, so we can skip toll matching and we are automatically balanced. I think CCH Tagetik has mainly improved the reliability of the data, because we have a lot of diagnostics. It has added the most value in allowing the brand profitability to be more easily available.” 

Watch the full interview to discover how Vemedia has simplified their profitability reporting by brand with CCH Tagetik.