The life sciences industry is undergoing a rapid transformation, with shifting healthcare needs, evolving regulations and intricate supply chains. In such a dynamic environment, traditional planning methods fall short of meeting the challenges businesses face. Modern, continuous planning is a much better fit for these organizations to thrive in a world of constant change.
The Power of Collaboration and Comprehensive Modeling
Successful planning in the life sciences industry requires collaboration between scientists, clinicians, and business leaders. Workday Adaptive Planning facilitates this collaboration by providing a platform where teams can work together closely, ensuring that decisions consider the broader impact on projects and trials. With multidimensional, driver-based modeling capabilities, organizations can model future scenarios, analyze variances, and project outcomes based on different factors like product mix, distribution channels, discounts, and rebates. This level of comprehensive modeling allows for a deeper understanding of the business and empowers decision-makers to make informed choices.
Real-Time Visibility and Enhanced Decision-Making
In a fast-paced industry like life sciences, having real-time visibility into operational and financial health is critical. Workday Adaptive Planning provides organizations with clear visibility into real-time analytics. With the ability to quickly update and analyze forecasts, allocate costs and revenue, and align sales territories and quotas, leaders can make data-driven decisions on the go. The intuitive interface and customizable dashboards allow for the generation of reports at any level of granularity, empowering users to perform variance analysis and gain valuable insights into planned versus actual behavior. With Workday Adaptive Planning, organizations can optimize performance, increase predictability, and adapt to market changes swiftly.
In a rapidly evolving industry like life sciences, organizations must embrace digital transformation to stay competitive. Workday Adaptive Planning offers a game-changing solution that empowers businesses to navigate the challenges of the industry with ease, agility, and confidence. By enabling collaboration, providing real-time visibility, and leveraging advanced technologies, Workday Adaptive Planning revolutionizes business planning, optimizing performance, and facilitating informed decision-making. Embrace the power of Workday Adaptive Planning and unlock the potential to thrive in the dynamic landscape of the life sciences industry.
How Life Sciences Companies Use Workday Adaptive Planning
There are many ways life sciences companies use Workday Adaptive Planning. Some use cases include:
- Gross-to-net revenue modeling – Plan product life cycles, retail pipeline rebates, accruals and chargebacks to develop accurate gross-to-net forecasts
- Project expense budgeting – Plan direct costs and allocate head count and overhead across projects and locations
- Project and expense budgeting and reporting – Give budget owners access to centralized data with drill-down capabilities into details like staffing and equipment
- Clinical trials planning – Create detailed trial-level spending plans to provide visibility into expenses over the life of a trial. Plan clinical trial milestones and expenses to manage cash.
Learn more about how life sciences companies use Workday Adaptive Planning. Join us on Tuesday, July 25, 2023, at 2pm ET for our webinar Maximizing Growth in Life Sciences with Workday Adaptive Planning.