Control of daily operations proves vital to organization’s success
A growing biotech company, focused on genome editing technology, wanted to improve and formally document their end-to-end financial business processes while implementing a more robust financial solution.
The company turned to Archetype to help gain greater control and clear direction of the day-to-day financial operations of the business by analyzing and documenting the current activities for each of their key financial processes.
As the company continues to rapidly grow, there is a natural increase in demand for time and effort from all functions across the business. This, coupled with the financial control requirements of being a public entity, has created a massive burden on the Finance Team that goes above and beyond their day-to-day activities.
Firefighting mode was not going to help the team resolve critical and time-sensitive issues. In addition, the team’s ability to implement operational and process changes was met with resistance from the business that didn’t want to be bogged down by cumbersome and over-engineered processes.
The company turned to Archetype in order to gain greater control and clear direction of the day-to-day financial operations of the business. They hoped to understand each of their key financial processes by analyzing and documenting all current activities.
The team’s ultimate goal was:
- to assess and analyze a current-to-future state gap,
- identify risks,
- and define a best practice future state in collaboration with an enhanced technology solution.
Detailed functional and technical process maps along with supporting documents were developed in alignment with internal and external requirements. These process maps will be used as the basis of the future-state requirements and design phases for their newly chosen ERP solution.
Our discovery and documentation of their current processes and associated gaps will help to solidify the Finance team’s business case: that investing in a holistic and scalable technology solution is a top priority for the company.