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.”