Photo of Junichi Ono, Keryn Lee, Kristin Loh and Toshiaki Ichida, Ocean Network Express Pte Ltd and Swee Sun Tay, HSBC.
Following the merger of three companies that formed Ocean Network Express in 2017, the organisation badly needed a solution to bring the individual treasuries into one structure that would ensure operational efficiency, centralise payments to vendors and optimise turnaround time for receivables. With the help of technology, the merged company achieved that goal and, moreover, did so in just one year.
General Manager Finance
ONE is the global container shipping company headquartered in Singapore and offering an extensive liner network service covering over 100 countries. The company is the sixth largest player in the global shipping market.
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Technology helps ONE to fast-forward integration following triple merger
Ocean Network Express (ONE) was formed in 2017 and is the result of a merger between the three largest Japanese shipping lines: K-Line, Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK).
At the time of the merger, all three had different systems, bank accounts, workflows, cultures and operating models. They knew, however, that to be successful they would need to transform their individual treasuries into one structure that would:
Ensure operational efficiency.
Centralise payment to vendors.
Optimise turnaround time for receivables.
The challenge, then, was to action a programme that would deliver a new structure that would help integrate the differing workflows, operating models and cultures of the previously three separate entities.
The decision was made that the right solution to deliver the objectives would require best in class technology together with a robust and unified banking network. This would include a host-to-host enabled enterprise resource planning (ERP) system linked to an SAP HANA (an in-memory, column-oriented relational database management system).
Working with their banking partner, HSBC, ONE’s finance department implemented an ERP that integrated directly with SAP HANA, which supports 226 accounts in 44 countries.