Genomic specialist with thousands of employees and multiple global locations seeks greater data accuracy and report timeliness.
Wolters Kluwer, a global leader in professional information, software solutions and services, announced today that Novogene has selected the CCH® Tagetik corporate performance management (CPM) expert solution to help the company digitize its management financial statements so it can achieve higher data accuracy and ensure reports are delivered in a timely manner.
Novogene is a leading provider of genomic services and solutions with cutting edge next-generation sequencing (NGS) and bioinformatics expertise as well as the largest sequencing capacity in the world. As the business grows more rapidly, Novogene’s internal financial management and performance appraisal has become more demanding. The company aims to establish a financial management platform to achieve greater data accuracy and report timeliness. After rigorously evaluating relevant vendors, the CCH® Tagetik expert solution from Wolters Kluwer was selected as the best platform for accelerating financial transformation.
In the life science industry, their front-end business has become ever more intelligent, including applications of artificial intelligence (AI) technology on the production line so business data can quickly enter production, enterprise resource planning (ERP), and other systems. The project has brought together multiple data sources, including historical data. With R&D investment being a major cost for Novogene, in the future it will be allocated to divisions and projects according to project management and public resources. This will enable a more realistic assessment of profitability in light of a complex settlement relationship within business departments. With the CCH® Tagetik expert solution, profitability can be analyzed to restore accurate internal settlement costs and the internal cost center can also perform internal revenue settlement virtually. CCH® Tagetik is powered by the Analytic Information Hub, a powerful data engine that connects granular financial and operational data with process management to align business across the enterprise for an integrated business perspective.
“We spent several months refining the model of management reports, with a larger data processing volume, business data mined to a deeper level, more accurate business unit assessment data, improved timeliness of management report issuance, and the accumulation of data can help us better service high-level decision-making,” said Hongwei Zhang, CTO of Novogene.
"As their business grows faster and faster, the internal financial management and performance appraisal of Novogene is becoming more and more refined. The finance department is actively seeking changes to achieve standard data management practices, digitalization of management processes, visualization of results, and reduction of offline manual work to become a true partner in the company's strategic growth strategy," said Michael Chung, General Manager for CCH® Tagetik Greater China at Wolters Kluwer Tax & Accounting. "We are delighted to have Novogene join the growing CCH® Tagetik family and look forward to our joint journey."