The pharmaceutical industry has become accustomed to change in recent years – and that’s an understatement. Between emerging technological trends and the all-encompassing impact of Covid-19, businesses throughout the sector have scrambled to evolve, adapt, and, ultimately, stay afloat.
The overlooked backbone of many pharmaceutical businesses, however, is their finance and treasury functions. With post-pandemic growth, every organisation’s banking operations need futureproofing as much as the wider business – but this is rarely the case. This can greatly stunt company-wide ambitions, as well as opening them up to risk and fraud.
This doesn’t need to be the case.
Right now, we’re willing to bet the following rings true for your finance or treasury functions…
➜ You’re Bogged Down by Manual Processes
Manual processes aren’t just tiresome and demotivating – they create genuine issues, too. Businesses yet to join the 4th Wave of Banking are reliant on outdated workflows centred around spreadsheets, card readers, and banking portal logins.
Not only do teams around the world waste hours every single day bogged down by these procedures, but they’re opening the door to risk and human error.
Up to 90% of spreadsheets are thought to contain errors, and while a misplaced decimal point here or extra zero there might not seem like a big deal, they’re typically enough to send you into shortfall.
➜ Your Operations are Complex and Disparate
Being a multinational pharmaceutical business brings opportunity and excitement, but it also brings a whole host of challenges for finance and treasury teams.
If you have a global presence, you’re likely to also have a wide variety of banks and back-office systems in play, creating confusion where there doesn’t need to be any.
Many businesses attempt a DIY alternative to functionality such as Host-to-Host connections with little avail.
Letting a specialist take care of automation for you will both free up time and save you money in the long run.
➜ You’re in Desperate Need of Cash Visibility
Having complex banking operations also means that you never have a clear view of your total cash position.
With capital spread across multiple subsidiaries in various currencies, strategising and forecasting become near-impossibilities.
Say your company has a presence in both the US and Switzerland – how do you go about reconciling the combined capital from opposite ends of the world?
The answer lies in a sophisticated Cash Management solution.