A Good Reason to Look Forward to Budget Season

Posted by: Jennifer Field

Apr 24, 2014 10:11:44 AM

TM1 Brings Light to Emergent BioSolutions’ Financial Planning and Forecasting

For a lot of finance departments, the thought of sitting down to prepare the annual budget can send shivers down spines. After all, budgeting and planning season can be a messy endeavor, full of tabbed Excel spreadsheets, back-and-forth budget approval requests, and a MASTER budget sheet that needs constant corrections before it is finalized.  All of these tasks are issued manually through email requests and via the physical distribution of documents and reports. And to make matters worse, there has to be swift coordination between all business units, as well as the executive management teams.

What if budgeting didn’t have to be so complicated or error-prone? Emergent BioSolutions—a global specialty pharmaceutical company—found out the night-and-day difference that an automated, integrated budgeting and forecasting solution can make. It represents a complete cultural change for Emergent. This exciting transition meant going from static, once-a-year budgeting and forecasting, to a dynamic, rolling forecast.

According to Felipe Alcorta, Director of Financial Systems & Analysis, “We are constantly on a rolling forecast. 9 months into the year, we’re already 3 quarters of the way to establishing a budget before the planning period actually begins.”

By enlisting the aid of QueBIT, Emergent has been able to take advantage of all that IBM Cognos TM1 has to offer for web-based financial planning, budgeting, and forecasting. By integrating QueBIT’s web-based solution WebWORQ with TM1, users are empowered to create and manage real-time budgets through a unified, online delivery platform.

To read the rest of the story between QueBIT and Emergent, download our latest case study: QueBIT and Emergent Achieve Company-wide Cultural Change for Budgeting and Forecasting. Learn how QueBIT’s TM1/WebWORQ solution helped Emergent evolve from a user base of 20 people to over 150 users.

Topics: TM1


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