We all have a passion that drives us to be successful in our career. When Julie Porter gets up in the morning, it is her ambition to “create order out of chaos” that gets her going. In her role as Corporate Controller at Clinipace, she was challenged to do just that by improving overall efficiency of a hyper-growth company that grew at an astonishing 1,170% over the past three years. Looking for ways to get things in order and to do more with less, the company turned to SAP technology.
Clinipace is a $25 million dollar; Morrisville, NC based company that provides contract research services for biopharmaceutical and medical device firms. Clinipace is not just any growth company; it’s a hyper-growth company and has grown at an astonishing 1,170% over the past three years. Behind that growth is a CEO and strategy geared for M&A – it has acquired three companies in the past year and has one in the pipeline. This kind of growth would be a challenge to any company, but with operations in 8 countries, Clinipace was challenged with managing its own business while integrating its acquired companies.
Based on its growth trajectory, Clinipace was challenged to improve its overall efficiency and was looking for technology to help it do more with less. Clinipace selected SAP Business ByDesign as part of its focus on innovation and cloud-based operations, which provides the necessary business process automation across the company, allowing the team more time to focus on what is most important – business strategy and supporting the next big thing.
Supporting and integrating acquisitions was of paramount importance and SAP Business ByDesign delivered. With one consistent data source, the Clinipace finance team was fully prepared for any question raised by its investors and bankers. To assist in M&A planning, Clinipace can now map out acquisitions in advance, creating entities and performing hypothetical planning and budgeting activities for those companies. Once the deal closes, the finance team is already set up to implement a complete financial integration in no time.
On the revenue side, Clinipace saw immediate impact. SAP Business ByDesign gave Clinipace the benefit of shortening its billing cycle – and billings equal revenue and revenue equals cash. Now the sales teams have visibility into the status of every receivable, and can help push the cash along without the need to query various individuals across the company. Finally, Clinipace discovered was the power of information for the project teams. As they’re communicating the status of the project, they are now in control of the information that they’re seeing. Now the teams have instant overviews into projects and can see what the hours are that have been incurred against their project to date and its profitability. Instead of waiting 30 days to close the books, the results are available immediately.
As you can see, with growth being the primary focus, SAP Business ByDesign frees up time for Clinipace employees – from finance, to sales to project management, and allows them to focus on what is really strategic…growth.
See the Clinipace video on SAP.com here