Client Overview

Our client is a global biopharmaceutical company that develops medicines for people with limited options for a better life. The client actively engages in the research, development, and commercialization of pharmaceutical products.

Client Overview

Business Challenges and Objectives

  • The client wanted to enhance their existing consolidation process to fix the issues from the initial implementation.
  • They wanted to replace the manual process for static report designs and validation by automating the process.
  • The client required a dynamic and flexible Data and Load Process to handle the data from multiple source systems with no errors.
  • They also wanted the TekLink experts to create a process and design the KPIs for statutory reports to meet the International Standards.
  • They wanted to simplify the steps to address new acquisitions and enhance the scripts to automatically accept the changes.
  • They required that the new reports help auditors to easily reconcile data and handle the issues/changes as an ongoing process in the SLA.

The Solution

  • The TekLink Team enhanced the current process to resolve the issues.
  • The enhanced process has provided improvements in Data Load, Currency Conversion, IC Matching, and the Consolidation Process.
  • The team built a script-based solution for the net income calculation and pushing the actuals into the cash flow process without affecting the rest of the process.
  • We simplified the audit process with reconciliation reports.
  • We also worked for overall process improvements to avoid data load conflict between the Actuals and the Journal Posting.
  • The team configured the work status to provide the sturdiest data security as per the organization’s requirements.
  • We automated the Process and designed a framework to develop reports as per IFRS, GAAP, and Non-GAAP standards simultaneously.

Key Benefits

  • Streamlining of Cash Flow, IC Matching, Currency Conversion, and the Consolidation Process.
  • Reduction in the manual efforts in the monthly, quarterly, and yearly design.
  • Streamlining the process to accommodate new acquisitions and handling several local GAAP Accounts.
  • The new process has high data security with work status configuration.
  • The process provides clear visibility on the data changes with audit mechanism and flawless execution of the year-end activities.
  • The process ensures conflict-free data loads and journal postings with a simplified audit process.

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