Precision Biomonitoring Inc.

In 2016, scientists from the Biodiversity Institute of Ontario at the University of Guelph founded Precision Biomonitoring Inc (PBI). The company specializes in onsite eDNA surveillance solutions, enabling early organism detection for faster response times. More recently in 2020, their portable diagnostic kits have been utilized for COVID-19 detection, offering simple RNA extraction, room-temperature operation, and real-time results delivered directly to a smartphone.

 

Since its launch, Precision Biomonitoring successfully sold the company and its assets in 2022, including its human diagnostic COVID-19 PCR testing business and TripleLock™ molecular diagnostic testing technology.

 

Identifying the Challenge

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Before transitioning to Microsoft Dynamics 365 Business Central, Precision Biomonitoring relied on QuickBooks for tasks such as order processing and data entry management. CFO of Precision Biomonitoring, David Bolton, highlighted the urgency and immediate rate at which the process needed a change. “Every time we placed an order, we were essentially doubling the size of our business,” he said. Amid the uncertainty brought by COVID-19, the start-up faced the urgent need to streamline and enhance its data entry processes as the demand for COVID-19 testing kits surged, driving a rapid increase in product orders. “The important thing was that we had to have a solid foundation to build on,” said Bolton.

 

Point11’s Solution

 

Progress had stalled with Precision’s previous accounting firm, making the transition to Point11 crucial for driving their growth forward.

 

Precision’s project timeline left little room for delays – in Bolton’s words the need for a change was “yesterday”. By implementing Business Central as the company’s ERP system, in 2020 Precision worked with Point11 Solution Architect, Oliver Lamaca, to solve business problems and efficiently create solutions to the fast-paced progress of Precision Biomonitoring.

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Lamaca worked to provide practical insights that combined accounting knowledge with a focus on finding solutions, ensuring alignment between the needs of the accounting team, quality control, and medical staff to meet service obligations. Point11 played a key role in addressing business challenges, with Lamaca’s ongoing availability for communication being invaluable to the project's achieved result in a short amount of time. Bolton highlighted Lamaca’s strong communication, accessibility, and consistent support throughout the entire process. “Oliver was not shy about talking through the very practical aspects,” David explained, emphasizing how Lamaca’s knowledge enabled discussions at a strategic level, far beyond just IT solutions. “In a team consulting environment, the personal connection or the communication abilities of those involved really set the tone for success of the project.”

 

Beneficial Outcomes

 

After implementing Business Central and working closely with Point11, Precision Biomonitoring successfully sold the company in 2022. Bolton credited Business Central, noting that it played a key role by consolidating all data into one system. This made it easier to present a clear and organized overview of the business, including details about customers, suppliers, and operations, which ultimately contributed to a smooth transition during the sale.

 

“Point11 and Oliver delivered the business solutions that we needed to get our business from zero to fully operational, providing the solid platform that we used to sell what we had created.”

 

“The best outcome we had was walking away from the big firm implementation plan and ending up at Point11. That really drove success for us on this project.”