Customer Case Studies

CTI Clinical Trial & Consulting


Issue link:

Contents of this Issue


Page 0 of 1

© 2018 Sage Intacct, Inc. All rights reserved. 877-437-7765 Managing the Complexity of a Growing Services Business Clinical Trial & Consulting C A S E S T U D Y Company Overview Clinical Trial and Consulting Services is a global, privately held, full-service contract research organization (CRO), delivering a complete spectrum of clinical trial and consulting services throughout the lifecycle of development, from concept to commercialization. The company's focused therapeutic approach delivers clinical and disease area expertise surrounding chronically and critically ill patient populations. Headquartered in Cincinnati, OH, CTI has operations across North America, Europe, Latin America, and Asia-Pacific. Executive Summary Results with Sage Intacct: • So ware paid for itself in <4 months • Saved 30 hours/month man- aging the monthly close • Cut project reporting time by 16 hours/month • Avoided one full-time finance employee Challenges Managing the Complexity of a Growing Services Business Clinical Trial and Consulting (CTI) is a worldwide clinical research organization that supports pharmaceutical, biotechnology, and medical device firms on six continents. As a service provider, CTI's biggest expense is for the labor of doctors, scientists, nurses, monitors, and project managers who work on these clinical trials in more than 25 countries, which requires complex project reporting. Compounding this challenge is the fact that the company has experienced consistent and significant growth since starting out in just the U.S. nearly 20 years ago. Now a multi-national corporation with 100 departments, it has become more cumbersome for CTI's finance team to manage labor allocations and deliver granular financial insight to stakeholders across the business. Previously, the team leveraged on-premises accounting so ware, but it failed to scale effectively as the company expanded and increased transaction volumes. CTI realized it needed a more powerful ERP solution that would eliminate the duplicate data entry necessitated by its disconnected silos of data held in the accounting so ware, expense management application, and a separate time tracking solution. "When our team went in search of a new accounting solution, we were looking for cloud-based options that would be more scalable, flexible, and intuitive for our teams around the world," noted Brian Lawrence, senior director of finance and taxation at CTI. "Sage Intacct was a no- brainer for us because, unlike NetSuite and the other vendors we looked at, it met all of our requirements for integrated time and expense management and multi-entity consolidations, and was robust and adaptable enough to grow with our business over time." Solutions Streamlining Financial Processes to Save Time A er making the switch, CTI leveraged Sage Intacct to improve several tedious financial processes, such as global consolidations, project accounting, billing, purchasing, and time and expense management. Monthly and year-end financial closes are now efficient and stress-free, in part thanks to Sage Intacct's currency conversion capabilities. Up-to-date exchange rates are automatically applied within the ERP system, and the finance team no longer has to manually convert balances from each country using Excel.

Articles in this issue

Links on this page

Archives of this issue

view archives of Customer Case Studies - CTI Clinical Trial & Consulting