A clinical-stage biotechnology company in California with 500 employees and $120M annual revenue faced critical financial operational challenges that threatened regulatory compliance and cash flow management.
Clinical-stage biotechnology company, California
Financial Impact: Legacy system caused 40% payment delays, <10% electronic payments, manual processes, poor spending
visibility, and regulatory compliance risks.
<5%
late payments (reduced from 40%)
>85%
electronic payment adoption (increased from <10%)
85%+
process automation across P2P workflows
100%
regulatory compliance with full audit trails
Real-time
vendor communication via centralized portal
Goals
- Implement streamlined P2P processes with automated workflows
- Transition to electronic payment systems for improved cash flow
- Establish robust approval controls and audit capabilities
- Create comprehensive analytics dashboard for financial insights
- Improve communication and reduce processing friction
Our Solution
- Streamlined P2P Process: Redesigned procurement-to-pay workflows with automated routing
- Electronic Payment System: Integrated automated ACH processing and payment controls
- Analytics Dashboard: Built real-time spending visibility and custom reporting
- Vendor Portal: Created centralized communication hub for improved relations
- Compliance Controls: Implemented multi-tier approvals with full audit trails
Results
- 75% reduction in late payments (40% to <5%)
- 850% increase in electronic payments (10% to 95%)
- 85% process automation with automated supplier follow-ups
- 75% reduction in maverick spending through improved controls
- 100% regulatory compliance achieved with full audit capabilities
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