Orchard Therapeutics is an international, commercial-stage biopharmaceutical company transforming the lives of patients with rare diseases through innovative gene therapies.
Project background
As a growing company, Orchard Therapeutics was preparing for an IPO and was unsure if their legacy ERP system, as well as their outsourced accounting operations function, could both appropriately support them through the transition of becoming a publicly traded company.
NetSuite was the preferred solution because it introduced an added layer of security and control features that other systems like QuickBooks were lacking. Other important factors were that the Orchard Therapeutics team was confident in NetSuite’s ability to help consolidate global entities, support the day-to-day operations and improve financial reporting, amidst a heavy transition and in anticipation of business growth in the next three to five years.
In beginning the NetSuite implementation, they quickly realized a need for additional expertise in a few key areas. Orchard Therapeutics sought a knowledgeable partner to guide them through an active implementation as swiftly and as seamlessly as possible.
Compared to other firms, Orchard Therapeutics was impressed with the project management, expertise and reputation that Charted, formerly SquareWorks Consulting, had in the life sciences community. Most importantly, Charted understood what Orchard Therapeutics needed out of the implementation process and ultimately delivered a tailored solution versus an out-of-the-box one, making them the partner of choice for this growing gene therapy company.
How Charted helped
Orchard Therapeutics brought on Charted as a project manager and advisor to push the implementation through the finish line. In addition, Charted took the initiative to plan and oversee the data migration, accounts payable (AP) setup, testing coordination and go-live preparation and support.
Project
- Project planning
- Project management
- SuiteSuccess implementation of NetSuite
- Data mapping and migration execution
- Post go-live support
Plan execution
Migrating financials in multiple currencies into NetSuite required a comprehensive overview of how NetSuite handles multiple currencies, revaluation and consolidation of financial statements, which Charted willingly facilitated.
As a second step, an extensive data mapping process was conducted to ensure that every field of all applicable records was properly populated, vetting each mapping decision to uncover any unforeseen implications.
After completing the data migration design, Charted guided the Orchard Therapeutics team through a data validation and testing process, making sure that all financial reports looked exactly how Orchard Therapeutics was expecting them to look. The end result was a smooth and successful data import.
When it came to setting up in-house AP and financial reporting functions, Charted brought additional experience to the table to fill knowledge gaps and weren’t afraid to question added functionality that could further complicate certain systems.
They talked through the pros and cons of key decisions that were vital to a smooth transition, especially ones that required deeper discussion. Orchard Therapeutics appreciated the proactive communication from Charted, ensuring they were on board with those decisions throughout the process.
NetSuite modules implemented
- General Ledger
- Financial Reporting
- Purchasing
- Accounts Payable
- Fixed Asset
Once it became clear that our implementation needed outside support, we selected Charted because they demonstrated they understood our situation and had been there before with clients. They put a remediation plan in place to keep our implementation on track. Little by little our confidence was restored that the system would be operational as we approached go-live.
Kris WardDirector of Procurement
Leaning on the NetSuite SuiteSuccess methodology as well as their own expertise, the Charted team developed an actionable plan for Orchard Therapeutics which ultimately carried them through go-live status in a matter of weeks and brought more, better controls to their financial systems prior to the IPO.
Results
- Delivery of a custom designed NetSuite solution in just four weeks, encompassing all custom reporting requirements
- Real-time, accurate and safe-to-share financial and operations reporting
- Significant cost savings by bringing AP function in-house
- Ability to maintain control and ownership of all global operations and financial reporting
- Renewed confidence in operations and auditing functions, since the IPO
This experience has inspired Orchard Therapeutics to think more strategically about what they need from an ERP system long term and will entrust in Charted to continue to support them in making the most informed decisions for their business’ future.
For more information about Charted: implementations, data migration, execution, and customization design and development, click here.
