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Taking on the system consolidation challenge gave Sandvik prize

VIDEO | Lifting the trophy for the year’s best treasury transformation project at the 2022 TMI Awards could be the most public evidence that the treasurers at Sweden-based Sandvik are doing something right. On stage with the Treasury 360° Nordic conference on Thursday, treasury representatives Annika Romnéus Westberg and Krister Edgren described their digital transformation and system consolidation project. 

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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.

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Annika Romnéus Westberg, is Global Project Manager, and Krister Edgren is Manager IT, with Sandvik Treasury.

 


• News around Treasury 360° Nordic 2023, on 20 April, is gathered here.
• The conference info site, with detailed agenda, is here.
• For post-event access to recorded sessions, our video list will grow here.
• By the way … are we connected on LinkedIn already, as 1,200 pros are already? Follow us here.

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