As the financial crisis evolved from a deep recession to an imbalanced global recovery, Honeywell’s treasury looked to capitalise on its position as a strategic business partner within the organisation. Astute decision making supported by sound analytics allows the company to focus on shareowner value. The treasury department developed a new operating model, aiming to promote excellent performance, value creation, process excellence, and innovation.
Honeywell uses financial and risk management techniques accomplished through teamwork enabled by a common set of global processes to produce superior results. Honeywell’s approach to financial strategy, analytics and execution is embodied in the Honeywell treasury operating system. The system is unique, establishing a culture of superior performance through personal achievement and success. The treasury’s credo is ‘performance without results is wasted effort’. They have focused on encouraging passionate curiosity, fearless self-confidence, and team leadership skills.
The Honeywell treasury operating system focuses on creating value, process excellence, innovation, people development, banking relationships, and problem solving. Other key focal areas include:
- Customer value.
- Return on invested capital.
- Asset/liability management.
- Risk management.
- Cost management and productivity.
- Leadership and results.
- Lean Six Sigma (improving processes, eliminating waste, and leveraging technology).
The treasury seeks to maximise employees’ performance. Leaders provide employees with opportunities to develop their financial knowledge and technical expertise, expose themselves to senior management and advance their careers, in exchange for commitment to advance treasury policies, procedures, knowledge and performance.
