Understanding the role of the ERP for biopharma
RECORDED WEBCAST |
As biopharmaceutical companies grow and move toward commercialization or an exit, many find themselves having to reevaluate their accounting systems. When an organization reaches this point, it is crucial to invest in an enterprise resource planning system that can function as the technological foundation for the biopharma’s back office.
ERP system implementation can be costly and time consuming, which makes it all the more important that the company’s chief financial officer understands that an effective ERP is paramount for the transformational journey of the business. CFOs need to ensure they select a system that best fits the company’s needs, and that the organization is ready to adapt to a new system from a resource planning and change management perspective.
In this recorded webcast from the recent virtual Finance & Accounting for Bioscience Companies conference, RSM US LLP’s Joe Goldberg, management consulting director, discusses the key inflection points biopharma businesses reach that typically lead them to invest in an ERP system. At these inflection points, companies typically develop a need for:
- More robust reporting
- Scalability and integration capabilities
- Multidimensional reporting and project accounting
- Better visibility into clinical study spend
- More robust internal controls
The ERP is considered the foundation of the back office and can help in all the areas listed above, but it is also important to understand how it fits with other key systems such as human resource management, procurement and accounts payable, and contract management. Tune in to hear how RSM can help your business navigate decisions around ERP systems and these other areas of consideration.