Mapped out FP&A discovery project/plan
COMPANY OVERVIEW
A world leader in the development and manufacturing of state-of-the-art, whole blood, point-of-care and critical care analyzers, as well as providing the biotechnology industry with the most advanced instruments for cell culture monitoring. It is one of the fastest growing in vitro companies in the world.
BUSINESS NEED
The company’s FP&A team, along with the Controllers, needed an efficient tool and streamlined process to support the financial management of their continued growth. The company had several concerns they needed to address. The initial focus was on reporting financials after loading data from various general ledger systems in different countries. That process included eliminating intercompany balances – a crucial requirement and painful process before implementation of Adaptive.
These needs meant the company needed to reconsider the structural design instead of simply recreating their current structure. They were also looking for a more flexible and robust reporting platform – by products, territory, entity and more. The reporting application needed to have clear visuals and ease of drilling into activities. The implementation of a more user friendly and flexible budgeting and planning solution was much needed as well.
SOLUTION
Ironside’s FPM team thought outside of the box to propose the use of one system to accomplish their reporting, budgeting and consolidations needs and led the client’s implementation of the Adaptive Insights Planning and Consolidation CPM solution through the following phases:
Define the Design
Build the Structure
Build the Financial Eliminations
Implement Key Requirements
KEYS TO SUCCESS
Through the implementation of Adaptive Insights for consolidations, budgeting and reporting, the client was able to:
EXECUTIVE SUMMARY
The client is a rapidly growing mid-sized biomedical manufacturing company. A classic good news and bad news Office of Finance situation has transpired over the last few years. That is, with rapid growth comes more requirements to report, eliminate and consolidate. The Controllers and FP&A team are highly experienced. As with many Finance teams, they had been rolling up their sleeves to successfully meet this challenge but their existing tools – Excel and Budget Maestro – have made this task difficult. The Finance team recognized this was a risky situation. They needed a modern tool and streamlined process for supporting strong growth and healthy margins.
Ironside was selected by the company to support the implementation of Adaptive Insights for their financial reporting and consolidation function. Ironside had worked with this organization on other projects in the past, from automation of incentive compensation to training and optimization. It was a close partnership that fueled the confidence to crawl, walk, and run with a modern CPM solution to address key financial needs.
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