Best Practices from Finance Teams in Biotech and Pharma  

6 December 2017:

According to a 2016 EY survey, life sciences organizations—including biotechnology, pharmaceutical and medical technology firms—are placing greater operational demands on their CFOs than companies in other sectors.

Nearly three quarters of life science CFOs said they are being asked to take on wider operational leadership roles, as compared with 64% of global respondents across sectors. To deliver on a more diverse set of priorities, 58% of life sciences CFOs said they need to build their understanding of digital, smart technologies and sophisticated data analytics.

But finance leaders can’t go it alone. They need support from their FP&A teams to focus on the future while still keeping a close eye on daily operations.

In a recent webinar, we showcased four ways you can give your CFO the intel he or she needs to make data-driven decisions—and get more done in a day.

Tip 1: Embrace Collaboration
Smart, strategic decision-making relies on accurate information about key business drivers, such as drug pricing, regulatory changes and emerging innovations in healthcare. And the best way to provide your CFO with up-to-date info is by collaborating closely with the teams who work with this data every day.

While building these relationships requires a personal touch, cloud-based data management tools can also help facilitate collaboration. Making it easier for internal partners to update information makes it more likely that the finance team will have access timely data when they need it. And standardizing how and when people provide information slashes the time it takes to chase data down.

In fact, according to the Adaptive Insights CFO Indicator Report Q2 2016, 32% of respondents said their FP&A teams could be more effective if they leveraged new financial systems and software technologies.

Tip 2: Frame the Big Picture
Don’t force your CFO to waste time combing through multiple Excel tabs or massive metrics reports. Instead, offer a more consolidated view of key performance indicators (KPIs) while giving him or her the power to drill down into data as needed.

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Source:Adaptive Blog

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