While the COVID-19 pandemic drove the advancement of analytics and digitalization in the Biotech industry, it also left a talent gap as there aren’t enough skilled professional available to meet demand.
According to global HR services leader Randstad, companies will need to hire advanced digital marketers, content creators, and data analytics experts to educate patients and transform customer-sourced data into actionable insights. With data analysis, ML, and AI, predicting customer needs as well as managing inventories and supply chains can be effortless and cost-efficient in the long-run.
As life sciences organizations grow, they need a variety of systems to support business-critical processes which requires people trained in local and global regulatory requirements from both a knowledge and technology perspective.
The Challenge
After implementing Oracle EPM Cloud, a leading Boston-based Clinical-stage Pharmaceutical company lacked the in-house Financial Planning and Analysis (FP&A) resources needed for post-project support, resource training, and business enablement.
How Stratos Consulting Helped
Experts in business enablement and managed services, Stratos Consulting is able to support organizations and business continuity by providing the skills they need for as long as they need.
- On-going support enabling the FP&A team to focus on enhancements to their Oracle EPM Cloud Planning environment
- Automated and streamlined existing processes, including configuring an automated upload to update fixed assets for lab equipment and office space
- Established frictionless on-boarding to quickly train new FP&A employees on the company’s existing technologies and processes for a seamless transition
- Implemented best practices for continuous education and knowledge sharing by defining routine and repeatable processes to maintain critical documentation
“Stratos Consulting has been an invaluable partner to us over the last several years […] The team is hardworking, dedicated, extremely responsive, and their technical expertise is unlike any other provider I have seen in the industry. We are lucky to have them.” — Senior Director, FP&A
The Result
By developing a trusted partnership with the FP&A team and fully understanding the client’s business and related processes, Stratos provided 1:1 training for new FP&A employees as part of the onboarding process which allowed them to quickly get up to speed and gain confidence, and enabled a successful, seamless transition and knowledge transfer.
There’s no doubt the life sciences sector is going through a major transition with massive investments and rapid growth in some areas but also layoffs at both small and large biotechnology and pharmaceutical companies. All of which creates a workforce planning conundrum and with many postponing recruitment drives for key roles, partnering with someone who understands your business and can assist with succession planning, training, and knowledge transfer is essential for the success of your organization.
Working exclusively with life science organizations, Stratos works with clients to define routine, repeatable processes for documentation and empowers users with access to an easy-to-use, reliable information repository reflecting key business and system processes. Contact us to discuss implementing transition and succession planning and guarantee your organization’s business continuity and enablement.
