Best Liquidity Management Solution Highly Commended: Goldcorp

Published: Jul 2019

John Arthur

Manager, Sustainability Applications


Goldcorp, recently acquired by Newmont and now called Newmont Goldcorp, was a gold production company headquartered in Vancouver, British Columbia, Canada. The company employed approximately 15,800 people worldwide, engaged in gold mining and related activities including exploration, extraction, processing and reclamation.

Sidecar approach delivers effective solution to Goldcorp’s unique treasury needs

The challenge

As part of the organisation’s commitment to continuous innovation, Goldcorp wanted to streamline its treasury operations. The company was using a complex set of integrated systems as well as spreadsheets and other manual processes to manage its treasury activities across locations in Vancouver, Barbados and Switzerland. In addition to using generic business systems, such as Microsoft Excel, file servers and email, the team used four different solutions for managing its treasury activities namely; treasury trade and valuation, liquidity planning, bank account management, cash management, FX rates, bank communications and finance and accounting.

To maximise efficiency and improve cash flow and transparency of working capital, the company decided to centralise its treasury management activities in its core finance and accounting system.

The solution

The company decided to engage Serrala as implementation specialist and to use SAP S/4HANA to enable faster access to cash flow information from the business and to be able to leverage the new, enhanced treasury functionality available in the solution.

By consolidating its treasury activities in SAP the company would be able to; simplify the existing processes by managing all instruments and transactions in one system, optimise bank (bank file) connectivity for the execution of external payments, standardise bank account management (BAM) processes, improve short-term liquidity forecasting with real-time information, eliminate manual and spreadsheet-based processes that prevented transparency, simplify the IT infrastructure and lower IT costs.

The company planned to use a unique sidecar approach, running its current SAP system alongside its S/4HANA system, so it could benefit from uninterrupted treasury operations while transitioning off the other systems.

Best practice and innovation

Goldcorp was able to streamline its treasury data and processes in a single solution, eliminating friction points created by multiple connected systems. With a single system, the company is now able to:

  • Automate manual, repetitive data entry and validation tasks.
  • Avoid cumbersome mapping of information between disparate systems.
  • Reduce its reliance on spreadsheets and email.
  • Benefit from real-time cash flow information from accounting and other areas of the business.
  • Enable global transparency into treasury operations with real-time view of transactions.

The chosen solution has a vastly improved user experience, which enables users to access treasury information from a web or mobile device so the company can now:

  • Ensure anytime, anywhere access for busy users.
  • Ensure consistent operations across its global treasury offices.
  • Provide users with flexible views and reporting options to maximise efficiency.
  • Offer easy access to relevant data and documents based on the transaction and the users’ roles and privileges.
  • Increase the speed of review and approval for faster transaction execution.

The sidecar implementation approach eliminated the need for the company to do a complete replacement of its treasury systems. Instead, it was able to implement key functionality over time, so the company could adjust to the transition, demonstrate value and achieve its goals for improved processing.

Key benefits

Quantitative benefits:
  • Lowers IT licensing and support costs.
  • Reduces the number of supported IT platforms.
Qualitative benefits:
  • Simplifies the existing processes by managing all instruments and transactions in one system.
  • Improves cash flow and transparency of working capital across the company.
  • Optimises bank connectivity for payments.
  • Standardises bank account management.

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