The project was a team effort. They were greatly supported by the system provider ION and consultants from Deloitte, as well as several internal stakeholders at Siemens Healthineers AG such as legal, tax, IT and Accounting.
The implementation of the new TMS offers a central platform for displaying risk positions and foreign currency requirements across all subsidiaries within a single system. Additionally, it provides insights into hedging ratios, generates automated hedging recommendations and seamlessly connects to an FX trading system.
This system’s comprehensive capabilities, spanning cash management, FX and interest rate exposure, payment processing, cash forecasting, risk management and accounting, while accommodating local requirements, represents a significant value addition.
It not only simplifies and streamlines treasury processes but also lays a strong foundation for digital transformation in the future.
The project’s global rollout encompasses all entities. Spanning the EMEA, the Americas, China and Asia Pacific regions and involving over 70 countries, the TREfF ITS project demanded extensive coordination and collaboration among multiple workstreams, including all treasury functions, IT, accounting and banks. Given the project’s scale, ensuring seamless collaboration and coordination across all stakeholders was crucial. One aspect, which should be highlighted, is that the treasury team, embracing the principles of diversity and inclusion, boasts a gender ratio of almost 50/50 (approximately 135 employees in the treasury team), reflecting the company’s commitment to equality and representation. Moreover, the teams comprised individuals from various cultural backgrounds, bringing unique perspectives and experiences to the table.
The backbone of this project is a talented workforce, consisting of seasoned treasury experts, data scientists and young talents, each contributing their distinct skillsets towards the shared goals. This diversity in expertise fostered a dynamic environment where creativity flourished, enabling them to tackle complex challenges with agility and innovation.
In embarking on this project, the team faced several challenges, each one presenting its own unique obstacle to overcome. From navigating the complexities of working across multiple time zones and currencies and the involvement of highly regulated countries, to coordinating numerous workstreams amidst tight deadlines and inherent risks, the road ahead seemed daunting. However, through meticulous planning, relentless coordination, and sensible resource allocation, they forged a path forward. All this required much change management and communication in multiple ways.
One of the pivotal decisions made was to opt for a phased roll-out approach rather than a big bang strategy.
This allowed their team to tackle each component systematically, mitigating risks and ensuring a smoother transition, while building up know-how in the newly established team slowly. Additionally, establishing clear ownership and delegating responsibilities among team members provided a structured framework for progress.
Yet, amidst the challenges, it was the collective strength of the team that truly propelled them forward. Each member brought their expertise to the table, contributing to a unified vision and steadfast determination. It was through this collaborative effort and unwavering teamwork that they not only overcame the hurdles but also achieved success.
Truly, this accomplishment would not have been possible without the remarkable synergy and collective expertise of every individual involved.
