Challenges included integrating numerous internal stakeholders and a diverse systems network, as well as the limited capacity of a small over-extended treasury team. There was no dedicated IT expert managing this project and the short timeframe meant the project could not extend, for example to 24-months, a timeframe that may have been more reasonable for so much change and set up.
Implementation was spearheaded by the teams Assistant Treasurer, a dedicated individual who managed the initiative alongside full day to day treasury responsibilities, demonstrating remarkable leadership and resilience. The outcomes of this initiative have been transformational, extending benefits far beyond the treasury team. Streamlined treasury processes now support enhanced organisational agility, enabling improvements in internal customer relationships, supply chain functions, and engagement with other key stakeholders, internal and external.
The adoption of a scalable treasury management platform delivered operational efficiencies, mitigated financial risks and unlocked the power of real-time data insights. It has also reduced manual workloads, freeing employees to dedicate their expertise to strategic priorities. Phased rollouts and tailored training sessions underscore a commitment to employee empowerment, fostering a culture of trust and adaptability.
Employees, initially hesitant about the system, became enthusiastic advocates as they experienced process clarity and felt valued through regular feedback sessions. Their advocacy not only solidified buy-in but positioned them as champions of change, fuelling the project’s overall success.
The positive ripple effects of this transformation reverberated outward, benefiting local finance teams, suppliers and the broader banking network of Dowlais. Enhanced treasury efficiency has enabled the company to deliver faster, more accurate services, strengthening trust across the group and even prompting internal requests to access and utilise the advanced technological capabilities locally. This solution has proved particularly vital following a period of constant change as functions were fully established following the listing. One noteworthy curve ball was that the treasury team needed to refinance part of the Groups debt, c.£400m mid-way through implementation. The efficiencies achieved through the solution enabled the team to manage the refinancing inhouse without the need for external consultants, further demonstrating the employee-focused strategy for development and the drive to build and retain resilient, innovative, knowledgeable staff across the organisation.
“The Dowlais treasury team has demonstrated exceptional collaboration, efficiency and courage to challenge the norm with this project. We have delivered beyond the boundaries of treasury while working under significant pressure from both internal expectations and outside factors. My team’s hard work to deliver something of exceptional quality is evident in the solution we now operate and all while carrying out business-as-usual,” concludes Hayward.
