# Why pharma CFOs are embracing a new era of agile decision making Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-09-27 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: How pharma is fast-changing in a post-covid world Meta Description: Discover how CFOs in the pharmaceutical industry can leverage cloud-based software and advanced planning tools to adapt to post-COVID challenges and drive URL: https://financedigest.com/why-pharma-cfos-are-embracing-a-new-era-of-agile-decision-makinghtml ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/mark-bodger-450x448-1736815147589-compressed.jpg) _By_ **_Mark Bodger,_** _Director at_ [_ICit Business Intelligence_](http://www.icitbi.com/) Across the country and the globe, organisations are demanding their finance leaders become more strategic, data-driven and collaborative. Nowhere is this more important than in pharmaceuticals, where decisions are taken everyday that could affect the wellbeing of millions. To get there, [CFOs in the sector need](https://www.financedigest.com/cfos-need-a-focus-on-forex-in-financial-planning-tools-accountagility-reveals.html "CFOs need a focus on forex in financial planning tools, Accountagility reveals") the right tools. That means shifting away from inflexible systems and manual processes to cloud-based software that can support more [agile decision](https://www.financedigest.com/world-class-finance-digital-transformation-and-analytics-based-decision-making-among-key-imperatives-for-creating-finance-agility.html "World-Class Finance: Digital Transformation and Analytics-Based Decision Making Among Key Imperatives for Creating Finance Agility") making. Post-COVID, the focus is on adaptability and driving value through better resource [planning and budgeting](https://www.financedigest.com/how-financial-planning-starts-with-a-new-approach-to-budgeting-and-forecasting.html "How financial planning starts with a new approach to budgeting and forecasting"). That leaves little room for legacy, spreadsheet-centric finance. **How pharma is fast-changing in a** [post-covid world](https://www.financedigest.com/financial-tech-what-will-stick-in-a-post-covid-world.html "Financial tech: what will stick in a post-COVID world?") Even before the pandemic, the [role of the pharma CFO](https://www.financedigest.com/10-ways-automation-has-changed-the-role-of-the-cfo.html "10 ways automation has changed the role of the CFO") was expanding, with digital transformation at its heart. Back in 2016, nearly three quarters of life science [CFOs said they were being asked](https://www.financedigest.com/10-questions-cfos-must-ask-themselves-about-privacy.html "10 questions CFOs must ask themselves about privacy") to adopt wider operational leadership roles, versus 64% of global respondents across all sectors. And 58% said they needed to [improve their understanding of sophisticated data analytics](https://www.financedigest.com/how-to-use-momentum-analytics-software-to-improve-portfolio-performance.html "How to use momentum analytics software to improve portfolio performance") to do so. Improved collaboration with teams from across the business, real-time data analysis and insight, and advanced tooling [were highlighted as key requirements.](https://blog.workday.com/en-us/2018/11/insights-finance-teams-biotech-pharma.html) That was then. Today, there is arguably an even greater urgency to these efforts. Pharma [finance leaders](https://www.financedigest.com/now-is-the-time-for-finance-leaders-to-take-on-a-more-strategic-and-valuable-role.html "Now is the time for finance leaders to take on a more strategic and valuable role") need to understand forensically where budget is being allocated. And they must be able to plan for the unexpected—and have the agility to refocus operations rapidly in response to fast-moving macroeconomic and [global health trends](https://www.financedigest.com/aquaponics-market-critical-insights-key-trends-global-outlook-forecast-till-2031.html "Aquaponics Market Critical Insights, Key Trends, Global Outlook & Forecast Till 2031"). None of this can be achieved with traditional tools and manual processes. The old static planning and [budgeting](https://www.financedigest.com/austria-plans-to-bring-budget-deficit-within-3-of-gdp-next-year.html "Austria plans to bring budget deficit within 3% of GDP next year") model of “plan, execute, plan again” is simply no longer fit-for-purpose in a volatile and fast-moving world. Spreadsheets are too often used beyond their core capabilities, saddling teams with stale, error-prone data and countless challenges [collaborating in a hybrid working](https://www.financedigest.com/how-collaboration-technologies-are-helping-organisations-to-embrace-a-hybrid-working-model.html "How collaboration technologies are helping organisations to embrace a hybrid working model") environment. Advanced planning and [forecasting tools offer](https://www.financedigest.com/microsoft-offers-strong-forecast-lifting-shares.html "Microsoft offers strong forecast, lifting shares") a different approach. They [deliver countless advantages for pharmaceutical finance](https://www.financedigest.com/delivering-on-the-potential-of-open-finance.html "Delivering on the potential of open finance") teams including: - [Extraction and reconciliation of data](https://www.financedigest.com/from-sec-edgar-to-business-applications-exploring-an-alternative-to-manual-data-extraction.html "From SEC EDGAR to Business Applications: Exploring an Alternative to Manual Data Extraction") across enterprise silos - Real-time [scenario planning and rapid reporting to drive](https://www.financedigest.com/revolutionary-scenario-in-healthcare-to-drive-the-demand-for-medical-devices.html "Revolutionary Scenario in Healthcare to drive the Demand for Medical Devices") better-informed decision making - Stress-testing of different scenarios, enhancing corporate agility - Support for [hybrid working](https://www.financedigest.com/smart-working-versus-presenteeism-enabling-productivity-in-a-post-pandemic-hybrid-work-culture.html "Smart Working Versus Presenteeism: Enabling Productivity in a Post-Pandemic Hybrid Work Culture") - Reducing the workload on stressed finance teams so [CFOs can retain their top](https://www.financedigest.com/2017-cfo-outlook-top-priorities-as-new-year-gets-underway.html "2017 CFO Outlook: Top Priorities as New Year Gets Underway") talent - Empowering organisations to boost the bottom line through [value-based planning](https://www.pharmexec.com/view/value-based-planning-uncovers-true-drivers-of-cost-across-life-sciences-organizations) **Delivering a new era of [finance innovation](https://www.financedigest.com/innovations-in-finance.html "Innovations in finance") in pharma** Recently, Wellcome Sanger Institute [transformed its finance](https://www.financedigest.com/how-digital-is-transforming-finance-in-2023.html "How Digital Is Transforming Finance in 2023") function through the use of such tools. Head of Commercial Finance, Allen Swan, and his team realised several [years ago that the volume and complexity of financial processes had grown to the point](https://www.financedigest.com/bio-based-lubricants-to-give-a-push-to-the-global-pour-point-depressants-market-in-the-next-10-years-says-fmi.html "Bio-based Lubricants to Give a Push to the Global Pour Point Depressants Market in the Next 10 Years: Says FMI") where manual spreadsheets were no longer a realistic option. They added time, errors and challenges around [version control](https://www.financedigest.com/version-control-systems-market-gain-impetus-due-to-the-growing-demand-over-2017-2026.html "Version Control Systems Market Gain Impetus due to the Growing Demand over 2017 – 2026") that the non-profit simply couldn’t afford. During the pandemic there were daily, sometimes hourly, changes in scientific activities on the ground and the budgets were changing virtually every day. The finance [team has supported](https://www.financedigest.com/allowing-yourself-time-to-grow-as-a-leader-consciously-will-enable-you-to-support-your-team-authentically.html "Allowing yourself time to grow as a leader, consciously, will enable you to support your team authentically") this by reforecasting month by month. The Workday Adaptive [Planning added much-needed visibility and transparency for the team](https://www.financedigest.com/heres-what-the-future-holds-for-financial-planning-analysis-teams.html "Here’s what the future holds for financial planning & analysis teams"). Among other benefits, it has: - Enabled [team members to access a single source of truth](https://www.financedigest.com/are-your-it-team-telling-you-the-whole-truth.html "Are your IT team telling you the whole truth?"), with accurate, up to date data, wherever they are - Automated mundane, repetitive tasks to enhance consistency and [save time](https://www.financedigest.com/modernisation-of-insurance-technology-saves-invaluable-time-and-money.html "Modernisation of insurance technology saves invaluable time and money"), especially in the area of estate allocation - Introduced powerful scenario planning capabilities to improve budgeting for staff costs and make the organisation nimbler in its world-leading [work tracking](https://www.financedigest.com/the-flexible-working-revolution-is-here-so-why-arent-you-tracking-expenses-on-the-go.html "‘The flexible working revolution is here – so why aren’t you tracking expenses on the go?’") of new COVID-19 variants In Wellcome Sanger’s very own words: “With Adaptive we can reforecast so much more quickly. That’s something the [management team hugely values](https://www.financedigest.com/document-management-software-market-to-expand-at-a-value-cagr-of-12-3.html "Document Management Software Market to expand at a value CAGR of 12.3%") because it allows them to make decisions about what they spend their money on or where they need to reallocate. Big decisions are being made as a result of our ability to do regular reforecasts.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---