Best practice and innovation
In less than just nine months the team at Linamar completed approximately 95% of their planned implementation which was made all the more complicated as a result of the aforementioned acquisition.
As Dageria Morgan, Manager of Treasury, Linamar Corporation recalls, “The team worked diligently to integrate the acquisition, improve and update the existing disparate systems operations and maintain the day-to-day activities and working capital at a firm that operates across 17 countries.”
The Linamar treasury team worked in record time to take a series of outdated and disparate treasury systems and migrate to a new consolidated, workstation platform. Linamar has a very lean team who managed this project in-house, no external consultants, apart from banking partners, were involved in this project. The team managed this process during a year of industry upheaval and at the same time managed to onboard and integrate a major acquisition in MacDon industries. Efficiency by design and a balanced approach to ensure all stakeholders were involved (part of Linamar’s “Stepping Stool” philosophy) make this project unique.
- Improved process efficiency.
- Increased automation.
- Number of bank accounts reduced.
- Costs reduced.
- Increased profitability.
- Cash flow forecasting and liquidity planning improved.
- Increased straight through processing.
- Operational risks reduced.
- Working capital improved.
“The team focused on the mission at hand and worked collectively and collaboratively with other stakeholders across the organisation, to meet the agreed milestones and timelines and managed to do so with a sense of humour and comradery,” explains Morgan.