With a business as diverse as that of the Sandvik group, spanning the globe and turning over 112 billion SEK, it may make sense to allow a diverse structure, even featuring various ERP systems. Yet as the benefits of system consolidation became evident, the company went for a broad digital transformation effort. The choice fell on the platform Quantum.
Launching its digital transformation project, the team set out to consolidate various finance systems, 2,500 bank accounts for 350 legal entities and 400 reporting entities across the world – into a single treasury management solution, also including the finance functionality of the corporate ERP system for Group reporting purposes. The treasury team led the project with the main system provider and internal resources, without engaging third-party consultants, and now sees the new system having delivered on all the 70 points that where on the requirements list. Being able to see all currency positions by 9 a.m. and netting the 350 legal entities in an integrated way, are examples of the resulting benefits.
Annika Romnéus Westberg, is Global Project Manager, and Krister Edgren is Manager IT, with Sandvik Treasury.
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