Using Process Improvement and Program Development to Improve Financial Systems Efficiency: Readying an Organization for Commercialization

The Ask

Our client, a biotech company working toward product approval and commercialization, aimed to ensure its financial systems and processes could meet evolving needs over the next three years. With anticipated growth, the company sought to establish a scalable and reliable financial infrastructure to support budgeting, planning, and operational efficiency.

Solution

Statera Consulting delivered a structured approach to evaluate our client’s current financial systems, identify gaps, and recommend future state improvements. Key initiatives included:

• Development of a Current State Diagram including the nearly 30 vendors that made up the current architecture

• Development of a Future State Diagram aimed at simplifying data flows and improving the end to end process

• Provide recommendations based on project findings that included timeline and cost considerations.

• Developed a Project Portfolio for Finance to identify total cost per quarter and resource allocation needs. 

Results

Within the project timeline, the team delivered:

• Enhanced visibility into how financial data moves throughout the organization.

• Centralized Vendor List enabled better tracking of existing vendors and contracts.

• Outlined clear steps for system replacement, repair, upgrade, or migration to provide the team a clear roadmap aligned to company goals and timelines.

Conclusion

Through strategic analysis and clear documentation, Statera Consulting equipped our client with the tools needed to optimize financial processes, reduce risk, and support long-term growth initiatives.