Photo of Michael Zöllner, Martin Rauch, Burcu Yildirim, Lilla Gacsályi, Gamze Cebeci, Sven Eckert, Siemens Healthineers AG and Harald Fritsche, Deloitte.
Caroline Dehm
Head of Treasury
Burcu Yildirim
Project Lead
Germany
Siemens Healthineers pioneers breakthroughs in healthcare. For everyone. Everywhere. Sustainably. The company is a global provider of healthcare equipment, solutions and services, with activities in more than 180 countries and direct representation in more than 70. The group comprises Siemens Healthineers AG, listed as SHL in Frankfurt, Germany, and its subsidiaries. As a leading medical technology company, Siemens Healthineers is committed to improving access to healthcare for underserved communities worldwide and is striving to overcome the most threatening diseases. The company is principally active in the areas of imaging, diagnostics, cancer care and minimally invasive therapies, augmented by digital technology and artificial intelligence. In fiscal 2025, which ended on 30th September 2025, Siemens Healthineers had approximately 74,000 employees worldwide and generated revenue of around €23.4bn. Further information is available at siemens-healthineers.com
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The challenge
Siemens Healthineers (SHS) acquired Varian in 2021, the largest acquisition in the history of the Siemens Group. Both organisations operated under different treasury operating models, systems and frameworks. Meanwhile, SHS treasury was re-organising its treasury target operating model (TOM) and implementing a treasury management system (TMS).
SHS took a disciplined approach by first building foundations and establishing a future-ready treasury TOM before integrating Varian. Prior to integration, treasury operations across around 70 Varian entities in over 40 countries were fragmented and decentralised. Bank accounts and signatories were managed locally without a standard attestation process. Cash visibility relied on Excel-based reporting rather than centralised system access. Payments were executed through decentralised setups via host-to-host and e-banking, creating manual effort and operational risk. A high number of bank accounts increased complexity. Payment sanction screening was manual instead of automated. FX risk was managed at parent-company level, not at entity-level.
The catalyst for change was the ‘One Treasury’ vision. Achieving this required a unified financial backbone. Transitioning to a centralised, automated framework enabled consistent governance, enhanced transparency and alignment with global treasury standards.
The solution
The solution was the integration of around 70 Varian entities into the SHS treasury TOM, a holistic transformation of operating models, standardised processes and centralised technology. This approach was chosen to ensure governance and transparency through a TOM-aligned end-to-end setup.
Integration into the global payment factory enabled onboarding to the payments-on-behalf-of (PoBo) process in a wave-based approach, with automated sanction screening and strengthened fraud-prevention controls for PoBo.
SHS’s central cash management system was established as a single source of truth for cash visibility and bank governance, including central registration of bank accounts and signatories (with systematic attestation) and almost 94% automated bank statement delivery.
Onboarding of all entities to FX and money market management in SHS’s financial risk system (TMS) happened in four waves, enabled by an entity-level exposure identification, reporting and hedging process, with new roles within Varian Finance.
By assessing bank accounts and partners, connectivity set-ups and local processes to define a TOM-aligned future-state, consolidation was enabled.
Implementation started in May 2024 and used a wave-based rollout. Work packages ran in parallel, with dependencies managed via critical-path planning and agile replanning, protecting the overall timeline. The main challenge was adoption. This was addressed through proper project governance and a structured change story.
Best practice and innovation
Operating model transformation, technology enablement and change execution was combined into one scalable post-acquisition integration framework. Rather than a pure system rollout, Varian was embedded into the SHS treasury TOM operationally and technologically, with defined role ownership and end-to-end processes.
A key innovation was establishing an entity-level FX exposure identification and reporting model as a prerequisite for consistent hedging and SHS TMS onboarding, shifting from a parent-level approach to a governance-driven framework at entity level.
For cash and payments, centralised platforms and processes created a single source of truth for bank governance and visibility, including signatory attestation and automated sanction screening for PoBo.
Key benefits
Cost savings.
Process efficiencies.
Risk mitigation.
Number of banking partners/bank accounts reduced.
Improved visibility.
Increased automation.
Increased system connectivity.
Manual intervention reduced.
Benchmark for future treasury transformation projects.
This project successfully integrated all Varian entities into the SHS treasury TOM, delivered on time and without disruption. A unified and automated treasury landscape was established, resulting in transparency and control.
Entity-level FX exposure identification and reporting was implemented for the first time at Varian, enabling consistent FX management and replacing a parent-level approach.
Cash and payment processes were centralised through SHS’s payment factory and cash management system, resulting in automated sanction screening for PoBo flows, systematic signatory attestation and almost 94% automated bank statement delivery.
Importantly, the project leadership established a repeatable governance and delivery blueprint. This has increased the organisation’s readiness for future transformation programmes.
This transformation demonstrates that large-scale treasury integrations succeed not only through technology and governance, but through disciplined execution, genuine stakeholder engagement and seamless teamwork.
Harald Fritsche
Head of Global Treasury Advisory Germany, Deloitte
Deloitte is proud to congratulate Siemens Healthineers on this well-deserved recognition for their treasury transformation. Following the Varian acquisition, we jointly delivered a large-scale integration by embedding ~70 entities into a unified treasury target operating model. Together, we established a centralised, technology-enabled framework across payments, cash management and financial risk, enabling transparency, control and scalable governance. This transformation stands out for combining operating model redesign, system enablement and change execution at speed. We are honoured to have partnered with Siemens Healthineers in building a future-ready treasury and contributing to this exceptional achievement.
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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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