SOURCE: iMANY

http://www.imany.com/life-sciences.html

February 15, 2011 10:00 ET

Contract Performance Leader Announces iMANY Forecasting and Accruals Solution

Breakthrough Capabilities Set the Standard for Modeling Accrual Scenarios

PHILADELPHIA, PA--(Marketwire - February 15, 2011) - iMANY, the leading provider of contract performance solutions, announced today the availability of the iMANY Forecasting and Accruals solution as an integral part of its leading integrated platform, ContractSphere.

At the close of each financial reporting period, a pharmaceutical manufacturer is required to estimate the liability for payments/credits owed to customers but not yet paid and booked in accordance with generally accepted accounting principles. For many pharmaceutical manufacturers, however, the accrual calculation and reporting process requires significant manual intervention and data aggregation from a variety of sources, ultimately relying on numerous complex spreadsheets that need to be constantly updated. This data query and spreadsheet approach is error-prone and requires a deep expertise in data manipulation to arrive at the final accrual calculations that are updated within the organization's general ledger and given direct visibility to shareholders through the financial statements.

Integrated Forecasting and Modeling

The objective of recording provisions for deductions at the time of sale is to provide a reasonable estimate of the aggregate amount expected to ultimately credit to customers. It is critical for a pharmaceutical manufacturer to monitor actual credit memos issued to customers and compare such actual amounts to the estimated provisions for each deduction category to assess the reasonableness of the various reserves at each fiscal reporting period and provide constant visibility to those estimates.

The iMANY Forecasting and Accruals solution delivers the robust capabilities needed to drive better business outcomes through more accurate and timely forecasting. By automating the consolidation, collection, and calculation of data with integrated modeling, manufacturers can conduct 'what-if' scenario modeling that optimizes operations, provides more precise financial projections and mitigates the risk associated with manual spreadsheet based processes.

iMANY has additionally developed accrual blueprints that provide accelerated time to value in the modeling of the most common accrual deductions based on aggregate actual chargebacks and rebates granted and comparing them to the estimated accrued provision for those chargebacks and rebates. These blueprints include pre-defined processes to make relevant data available into an in-memory data cache for rapid collection, calculation, and data consolidation.

"Pharma executives now have self-service integrated data analysis, automated accrual calculation, and 'what-if' scenario modeling at their finger tips," said P. Kevin Kilroy, President and Chief Executive Officer of iMANY. "This is huge step forward in minimizing financial, legal and compliance risk and provides a greater value than ever before to our customers."

About iMANY

iMANY is the leader in contract performance -- helping organizations improve the way they manage complex commercial and government contracting and compliance strategies by aligning actionable information with revenue-based transactions. The iMANY ContractSphere platform, the industry's only integrated solution for contract performance, optimizes the entire contract lifecycle, limits gross-to-net margin erosion and ensures compliance in today's heightened regulatory environment. Hundreds of organizations across 21 industries worldwide, including the top 10 life sciences companies, depend on iMANY to reveal insights that drive more profitable business relationships. For more information, please visit www.imany.com.

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