Smooth Integration of Acquisition’s Critical Records Information
A large pharmaceutical company had recently acquired a global multibillion dollar company and needed assistance integrating both companies’ regulatory records systems and business processes. In the highly regulated environment of pharmaceuticals, regulatory approvals and lawsuits rely on the accessibility and accuracy of company records.
The acquired company’s regulatory records were in a state of disarray. The size and scope of the records environment was not known, the records team would soon lose their jobs, and the entire site was going to shut down in less than one year. In addition, the smaller pharmaceutical company did not have the facility space to store all of the incoming records from the acquired company.
IPM was engaged to contract a third party vendor and manage the process of updating all records to new company standards and to lead the migration of all of the physical and electronic records data prior to the closure of the site. Speed was critical to project success as the departing resources were the only individuals who understood the record environment. The company wanted to ensure that no knowledge would be lost during the transition.
IPM quickly pulled together a cross-functional client team to define vendor project requirements and to evaluate and select the right vendor. IPM simultaneously conducted a detailed assessment of the acquired records environment to identify initial scope. IPM defined clear roles for the vendors and the project team, ensuring the most efficient use of resources and allowing the vendor to begin immediately. IPM identified project tracking metrics and defined a detailed project plan as a way to guarantee that all key activities were completed. Key project risks and corresponding risk mitigation strategies were put in place. In addition, IPM facilitated prioritization of key project tasks that reduced the overall work required and directed a two phased approach for upgrading the existing facility.
Twelve months after arrival onsite, all records were processed by the hired vendors, the system data was migrated to the new company, and the old system was decommissioned. The acquiring company facility was expanded to support the physical records and all knowledge had been transferred prior to resource departure. Daily business operations were not impacted by ongoing project activities or system downtime. The project was completed on time and came in significantly below budget. IPM and the contracted vendor:
Migrated 240,000 records into company systems.
Processed 80,000 backlog records.
Updated 160,000 records to ensure physical and electronic records were up to new company standards.
Coordinated the logistics of the shipment of approximately 12,000 boxes of records to the new company.
Expanded the records facility to accommodate the daily storage of 5,000 additional boxes.