Advanced Financial Data Solution Improves Cost Efficiency in Clinical Trials
The Challenge
Our client faced significant challenges with their legacy financial data platform used for clinical trial cost management. Their central challenge was harmonizing varied financial information into a unified study outlook, a task complicated further by these additional difficulties:
- Legacy Tech Stack: Our clients’ 18-year-old platform nearing obsolescence posed business continuity risks. This outdated system also caused budgeting delays, compliance breaches, and several operational inefficiencies.
- Unmet Needs: Initially crafted for clinical trial frameworks two decades ago, the platform’s rigid core capabilities stood ill-equipped for today’s diverse and evolving trial designs. This inflexibility rendered it ineffective in keeping pace with the dynamic nature of contemporary research, severely limiting its utility in a field that demands agility.
- Fragmented Data: The clinical trials’ financial data was scattered in multiple systems and relied on error-prone manual processing for crucial tasks like settlement, forecasting, and reconciliation. This disjointed approach hampered operational efficiency and introduced significant compliance risks.
- Data Integrity Crisis: Lacking internal validations and audit trails, the legacy system was plagued by data inaccuracies and an inability to trace issues to the source. Frequent budget miscalculations underscored its technical instability, casting doubts over the system’s overall reliability and undermining its operational credibility.
Due to these challenges, our client faced significant obstacles in attaining precise budget forecasts, directly impacting their strategic business decision-making process.
The Solution
Infocepts conducted a comprehensive assessment of the client’s current tools, processes, and applications to understand the gaps and arrive at a roadmap. We then helped them implement a modern cloud-based cost management solution tailored to their financial reporting & business needs. Key solution features include:
- Streamlined Data Management: We leveraged AWS’s native capabilities to simplify and enhance the process of data collection, transformation, and integration. This strategy improved performance and proved cost-effective, aligning flawlessly with the client’s objectives.
- Unified Financial Overview: We consolidated financial data from various sources into a single, harmonized repository —a centralized cloud database. This ‘single source of truth’ for clinical trial finances fostered informed, strategic decision-making.
- Enhanced Data Quality: Our solution proactively tackled data quality issues by identifying and isolating non-compliant data and facilitating corrective actions. This approach ensured a thorough audit trail, bolstering data quality assurance and accountability.
- Improved Data Integrity: Our solution ensured data integrity and accessibility by configuring rules that effectively manage and validate data before integration. This approach guaranteed accurate data for decision-making, enhanced by user-friendly access and a comprehensive notification system, fostering a transparent and reliable data management process.
Our solution transformed the client’s financial data handling from a fragmented and outdated approach to a streamlined, reliable, and insightful system, paving the way for smarter business decisions.
The Outcome
The solution brought significant business advantages to our client’s clinical trial cost management, highlighted by these key benefits:
- Optimized Budget Management: The solution facilitated more effective cost management and clearer visibility of clinical trial budget forecasts, leading to better decision-making and ensuring compliance.
- Higher Profitability: By improving data accuracy and reducing the time to market, our solution significantly contributed to increased profitability, benefiting all stakeholders involved in clinical trials.
- Improved Performance: Our modern data handling system, scalable to diverse data sources, resulted in a 50% increase in efficiency, streamlining data processing for faster, more effective operations.
- Superior Data Quality: With advanced data profiling techniques, our client achieved early detection of 65% of data quality issues, significantly enhancing the accuracy and reliability of the data.
- Reliability and Audit-Ready: Our comprehensive approach to data management, including consistent logging and tracing across various sources, improved the reliability and auditability of the process by 30%.
- Future-Proof Framework: The solution’s architecture is adeptly tailored to support future technological advancements, ensuring its longevity and ongoing relevance in a rapidly evolving industry.
Infocepts revolutionized our financial oversight, enhancing clinical trial budget accuracy and efficiency. Their solution delivered substantial cost savings, improved compliance, and supported our strategic goals.
Director of Financial Planning & Analysis
Global Pharma Company
About the Client
Our client is a premier biopharmaceutical company leading in healthcare research and drug development. They focus on discovering and commercializing medicines for critical medical needs and are committed to enhancing global patient health.
Discover how Infocepts’ Data Modernization Program can empower your enterprise with accelerated insights & smarter decisions.
Find out your Top 3 Obstacles to becoming more Data-driven
Infocepts
