GN Group is a global leader in intelligent audio solutions, with key brands: Jabra; ReSound; Beltone and Interton marketed in 100 countries globally. Through these innovative products, GN enables users to hear more, do more and be more than they thought possible. This same aspiration extends to treasury which is constantly striving to achieve better visibility over data and transactions, enhanced productivity and an even greater ability to add value to the group in new ways as it pursues its growth strategy. To achieve these objectives, treasury needs to leverage new technology to deliver greater efficiency, address changing risks, enable centralisation and provide a platform for future growth.
- GN Group, supplier of intelligent audio solutions, has recently expanded its treasury team and is undertaking the optimisation of centralisation, efficiency and automation
- The decision was taken to implement a TMS and Kyriba was chosen as the treasury hub, providing one-stop connectivity with the group’s banking partners via SWIFT
- Although still in the early stages of implementation, some objectives, including cash and treasury management capabilities across the group, have already been achieved
- Further plans include the use of XML ISO 20022 formats and the completion of the roll-out of Kyriba and SWIFT across the group’s banking and user community
With GN’s rapid growth, treasury recognised the need to upscale its activities in anticipation of more complex treasury needs as a result of further business expansion. Although GN’s treasury processes were appropriate to the existing business, they lacked scalability to meet future financial and operational objectives. Cash and treasury management was largely decentralised, with entities connecting directly with local banking partners. As a result, GN has embarked on a treasury optimisation exercise to reflect the evolving strategic and operational needs of the business, supported with state-of-the-art technology.
Setting the transformation roadmap
With additional recruitment to the treasury team, GN is now embarking on a step change in treasury centralisation, process efficiency and automation. By doing so, the company will be able to further rationalise its banking relationships, reduce costs by insourcing some activities formerly conducted by banks, standardise processes and controls and constantly deliver best-in-class reporting and decision-making.
The first step has been to outline the scope and objectives clearly. For example, as GN has grown, it has built up a portfolio of around 300 bank accounts with 50 different banks. This creates the potential for fragmented liquidity and a high connectivity and administration burden. Compliance going forward is also a major priority, so centralising bank account management, and obtaining electronic bank statements through a single channel will be essential.