From Manual To Automated: Navigating Financial Waters In Clinical Trials

By Chris Manchester, NetSuite Team Managing Consultant

Clinical trials are the backbone of medical innovation, yet the financial intricacies involved can pose significant hurdles. As groundbreaking treatments inch closer to reality, managing the financial aspects of clinical trials efficiently becomes crucial.

According to recent surveys, a significant portion of organizations in the life sciences sector struggle with outdated financial processes. A staggering 43% of invoices require manual handling, highlighting inefficiencies that can delay critical funding. Moreover, as highlighted in Deloitte's CFO Signals survey, digital transformation is increasingly recognized as pivotal in achieving strategic goals.

In this article, we explore the pivotal role of automated financial management in overcoming these challenges. By leveraging advanced software solutions, clinical trial stakeholders can streamline invoicing, enhance cash flow management, ensure timely revenue recognition, and effectively track research and development costs. This evolution from manual to automated processes not only optimizes operational efficiency but also propels medical research forward, promising profound impacts on global health outcomes.