Success Story.

Enabled a Pharma and Biotech MNC to become ASC 606 Compliant by Leveraging OutSystems

The client is a world leader in specialized preclinical and clinical laboratory services for the pharma, medical device, and biotech industries and also provides biomedical products and outsourcing services for R&D.

The challenge

The client needed to be compliant with ASC 606, a revenue recognition standard that impacts all businesses entering into contracts to transfer goods or services. To streamline this process, the client needed a digital solution for consistency in financial reporting and to reduce the compliance checklist review time.

The Solution

In a record time of just six weeks, the Aaseya development team, comprising of just only two developers and a partially-allocated architect, implemented and released a Revenue Recognition Tool using the OutSystems low code platform. The team ensured a rapid development and delivery of a pixel-perfect solution following agile methodologies.

Business Impact

With Aaseya's support, the client developed and deployed a future-ready tool with easy integration capabilities. Key benefits include:

100%

automation-driven compliance with ASC606

95%

reduction in checklist review time

Easy integration

with external ERP system

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