U.S. Biotechnology Company Reduces End-to-End Close Times
Key Takeaways
⇨ Genentech achieved over 50% reduction in end-to-end corporate close times by automating 88% of its finance processes with Redwood Finance Automation.
⇨ The automation eliminated manual steps, reduced exceptions, and ensured error-free, accurate, and compliant data for C-suite executives and auditors.
⇨ The implementation improved employee retention by eliminating the need for intensive
Genentech is a leading biotechnology company that discovers, develops, manufactures, and commercializes medicines to treat people with serious and life-threatening medical conditions. The company’s transformational discoveries include the first targeted antibody for cancer and the first medicine for primary progressive multiple sclerosis. Genentech became a Roche subsidiary in 2009.
Genentech, as part of its commitment to continuous improvement, had started implementing the SAP Financial Closing cockpit (FCc) to automate its accounting and finance processes. However, halfway through the implementation, Genentech determined SAP FCc wasn’t delivering the level of automation or the benefits its management and finance teams had expected.
Processing dependencies were causing latency and unnecessary delays – all of which contributed to the finance and C-suite executives’ stress levels, particularly at the end of each month.
Genentech was considering implementing financial tools from multiple vendors, including BlackLine. Fortunately, the company realized this strategy could create potentially significant issues and focused on finding a unified solution.
Redwood Software delivers IT, finance and business process automation to help modern enterprises excel in the digital age. Redwood orchestrates and automates business processes across complex hybrid IT environments so enterprise organizations
can focus on business agility, cost-efficiency, and customer experiences. Our automation solutions help thousands of organizations across 150 countries execute with speed and precision. Redwood is Where Automation Happens.™
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