Forecasting is essential in the efficient functioning of a pharmaceutical business and in providing treatments to patients who require them. Robust and detailed forecasts allow informed decision-making around product development and asset acquisition, and a lack of planning can have possible catastrophic impacts.
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A global pharmaceutical company approached J+D when it required a solution for a robust process management system to provide it with a solid foundation when forecasting its pipeline assets.
Members of the global forecasting team were already aware of J+D's expertise and capabilities from previously attending a two-day Fundamentals of Forecasting training course with the solution provider.
The company's current solution did not have the flexibility it required. To promote efficiency, they needed a central forecasting surrounding, where files and models could be stored in one place, with a high levels of access and control, and provide readily available insights.
The challenges
- No standard method to save files with no naming conventions, making file location challenging.
- Navigating scenarios and models was difficult with a need for multiple scenario exploration.
- Forecast consolidation was time consuming and hard to interpret.
- Difficult to share models throughout regions and countries.
- Inconsistency in forecasts make it tedious to access insights and reports for various models.
The solution
J+D’s FC365 NPP platform for new product planning was the perfect solution for this client. Existing in their internal IT environment, it keeps a high level of forecasting independence while achieving the flexibility and customization needed for efficient synergy with internal processes.
Easy to adopt
Since the models constructed in FC365 are developed in Excel, an already familiar and trusted tool, it eliminates the need to learn new software. It brings huge advantages by reducing the learning curve for the team.
As the solution runs in Microsoft Teams, it is simple to save files, access content, share, and cooperate in a platform they utilize daily throughout the company.
Working together
To determine the correct solution for this client, J+D performed an in-depth organizational process flow analysis, tracking wide senior-level stakeholder interviews and an elaborate audit of present processes.
This stressed the main inefficiencies to be fulfilled and determined how the experts would tailor FC365 to achieve a standardized forecasting process.
J+D started work on the system build, developing new forecast models and creating a range of in-depth FC365 analytics dashboards. These robust reports exhibit insightful visuals from the forecasts. This provides real-time updates whenever a forecast has been approved or updated inside the platform.
A change management process was enforced, and J+D’s forecasting experts provided training to guarantee the launch and integration were smooth and effective for their group.
Image Credit: J+D Forecasting
The success
FC365 has been successfully deployed in the client's internal IT environment, with all files and models safely stored and accessible from one central cloud-based location. This makes it simple to navigate between scenarios and models, determine and share files, and collaborate locally and regionally.
The power of the platform's additional functionalities, such as the potential to archive a project and easily explore scenarios, has been significant. The team is currently in control of its data. It has access to rapid and smooth analysis of forecasts with automated processes, and the FC365 analytics has been described as a game-changer to the business.
The mixture of a structured forecast management process, high-level training, and continuing support from J+D’s forecasting experts guaranteed the smooth launch of the FC365 forecasting platform on time and to requirements.
This client has a consistent method of forecasting throughout the business, enabling global affilliates to build strong forecasts efficiently, using best practice principles to confidently assess pipeline assets and opportunities.
The FC365 platform has revolutionized our forecasting. Models are easy to find and manage, while the analytic reports give great insights.”
Global Forecasting Manager
FC365, an all-in-one pharmaceutical forecasting solution:
Built on the functionality users know and trust, J+D's FC365 application empowers improved decision-making via effective knowledge generation and visualization.
The company streamlines forecasting with a centralized process in a single, shared cloud-based interface and produces captivating visual dashboards Standard functionality is complemented by reports that can be tailored to client needs and updated in the touch of a button.
About J+D Forecasting
From bespoke pharmaceutical forecasting models and innovative software, to interactive training and resources, we have the solution to your forecasting needs. At J+D we work alongside Pharmaceutical Forecasters, Analysts, Business Insights Managers and Marketing Departments to create models that meet the needs of both individuals and pharmaceutical companies. We balance market complexity with easy to use yet innovative technology, underpinned with the best pharmaceutical forecasting principles.
Our clients’ needs are central to the services and solutions we create, which is why we create solutions with specific business needs in mind. J+D understand the complex challenges within both global and local forecasting, allowing us to apply these to our solutions. With our knowledge, experience and passion for innovation, we aim to inspire confidence in pharmaceutical investment decisions allowing us to shape the market alongside our clients.
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