Preparing a 3-year Finance and Accounting plan for a Life Sciences company’s new product launch

Situation

The client encountered operational obstacles before launching an innovative product, hindering its efforts to establish efficient processes and a strategic vision for the finance and accounting function for the long term. In preparation for the product launch, the client’s finance and accounting team enlisted Altum to evaluate core processes and create a 3-year plan to facilitate growth and transition to a modern, forward-thinking organization.

Solutions

Leveraging its expertise and approach to client engagements, Altum was chosen for its ability to understand and address the client’s challenges, which complemented the strategic vision for the organization. Altum provided a robust three-year roadmap for the finance and accounting team to transform the organization into a best-in-class center of excellence. The roadmap was a tactical approach to help the client achieve its strategic objectives. Altum helped the client shift focus from roadblocks to developing a collaboration that enabled a “path to yes.” Altum identified the prevalent issues and designed a framework that incorporated bold yet realistic solutions that were attainable for the organization. The milestones in the roadmap were grounded in People, Process, and Technology, highlighting the importance of all three in execution.

Results

The Altum Crew underscored the importance of all three components – People, Process, and Technology – in execution by highlighting the impact a missing component would have on the other two in reaching the organization’s north star. This approach enabled the client to overcome apprehension and focus on the clear steps and milestones provided by Altum. As a result, the client was able to transform into a best-in-class center of excellence, with a strategic vision across the finance and accounting function for the long term.