Financial System Architecture Transformation leads to Increased Profits for Baylor Genetics
Baylor Genetics is a joint venture of Miraca Holdings and the Baylor College of Medicine. A pioneer of precision medicine for nearly 40 years, the company offers a full spectrum of cost-effective genetic testing with clinically relevant solutions. Baylor Genetics is headquartered in Houston, Texas and serves clients in 50 states and 16 countries.
Transformation of financial system architecture leads to corporate independence and increased profits
In anticipation of exponential growth and because of an organizational restructuring, Baylor Genetics needed to rapidly find a scalable system solution that would provide consistent data through real-time KPIs, as well as streamline and automate their business processes. Baylor Genetics engaged Bridgepoint Consulting to help select an ERP system, and ultimately manage a digital transformation to meet their rapidly evolving business needs. After selecting NetSuite SuiteSuccess, Bridgepoint managed an accelerated ERP implementation, including architecting the financial application layer, selecting supporting software and handling contract negotiations, migrating data and reporting, and creating and documenting financial processes and internal controls.
Rey Stroube CFO, Baylor Genetics
We were doing a lot of stuff on spreadsheets; we had people spending a lot of man hours, a lot more than they probably should have for some of the processes they were executing on. When we were trying to decide the professionals that were going to help us lead us through this digital transformation. One of the things we needed was a trusted partner that could help us from beginning to end.
Results: Real-time visibility, better reporting and increased profitability
Baylor Genetics completed a financial ERP in 81 days and integrated inventory, purchasing and financial systems. The results are a single source of truth and real-time transactional visibility across operations, for greatly improved ability to manage costs and drive profitability.
- Needed to transform from not-for-profit research facility to profitable business enterprise
- Primarily operating on manual spreadsheets
- No visibility into inventory, limited ability to capture profitability information
- Inadequate internal controls
- Majority of financial processes outsourced
- Many systems and license structures needed renegotiation and re-implementation
- Financial portion of ERP implemented in 81 days with NetSuite SuiteSuccess
- Real-time transactional visibility across operations and perpetual inventory
- Single source of truth for reporting and a fully documented financial process
- Complete visibility into individual test profitability
- Financial Application Architecture Design
- Business Process Automation
- ERP and Supporting Software System Selections and Contract Negotiations
- ERP Implementation Project Management (NetSuite SuiteSuccess) and Data Migration
- Reorganization of Parent Company and Subsidiaries
- NetSuite SuiteSuccess Optimization
- Financial Applications Implementation
- Post Go-live Support and Training