GEHC began by assessing the state of the legacy GE treasury operation seeking its own “fit-for-purpose” operation. The legacy processes and systems were effective for a company the size of GE, but not suitable for a US$20bn healthcare company. Efforts to streamline technology infrastructure, optimise processes, and ensure the right governance, policies and risk control framework to support GEHC’s new operations began.

Thirty-six legacy systems were consolidated down to nine, and the treasury function’s structures and functionality was comprehensively redesigned – all within a year. The GEHC team engaged in the following steps to prepare for their transformation:

1. Robust planning and integration – GEHC created and executed a robust integrated plan to establish all key functionalities of a stand-alone treasury team, spanning ten workstreams. They successfully completed over 300 functional and system implementation milestones and conducted extensive testing of 2,500+ test cases. Throughout the project, they managed critical internal and external dependencies and continuously executed, reported, assessed and adjusted.

2. Invested in relationships with key external/internal partners – these partnerships included several internal “functional” partners such as digital technology, corporate accounting, tax, HR and legal, as well as relationships with GE HealthCare’s business segments and their leadership teams. Additionally, GEHC treasury team created relationships with key external parties – notably PwC Treasury Consulting team, relationship banks, and technology providers to enhance its capabilities and gather critical guidance to develop and execute its vision. GEHC hired and trained more than 50 professionals across 15 countries to achieve the “fit-for-purpose” build of global treasury organisation.

3. Implemented core treasury technology – collaboration among the GEHC treasury team was required to successfully implement a complete technology ecosystem. The team had to constantly coordinate among all workstreams to ensure processes were being executed effectively – in the process demonstrating unmatched teamwork. Some of the technology implemented included FIS Quantum, FIS Trax, FIS eBAM, AtlasFX, 360T, Komgo trade finance solution and one data platform, a central data lake integrated with the core treasury systems to enable company-wide reporting.

(This is a global solution implemented in North America (US, Canada), Latin America (Brazil, Chile, etc), EMEA (France, Germany, UK, Ireland, Spain, Italy, Egypt, UAE, Saudi Arabia, etc), and APAC (China, Singapore, Japan, Korea, Australia, etc).)