Perspectives – Andrew Woods – MD SunGard AvantGard

Managing Director, Treasury Solutions, SunGard AvantGardAndrew

Woods is MCT qualified and has been successful in senior treasury positions in a number of major corporations including Guinness, Kvaerner and Cable & Wireless. In addition to his treasury expertise, Andrew has an impressive record in treasury technology solutions and is now responsible for product strategy for SunGard’s suite of treasury solutions. In this article, Andrew talks about his career, how his experience in corporate treasury has benefitted his role at SunGard and his advice for other treasury professionals considering a similar career move.

I studied Business Studies at college, sponsored by General Electric. When I left, I joined the treasury department at GE, although it was my intention to move into accounting - I never made the move however, and ended up working in GE’s treasury for 18 months. I then joined Guinness where I worked in treasury for six years, initially as treasury assistant but as treasury controller by the time I left. We had been using the Econintel treasury system which we decided to replace. Having conducted a selection project, we licensed Richmond Software (now part of Wall Street Systems) and once we’d implemented the system, I decided to move to Richmond Software. At that time, it was unusual to move from a corporate treasury to a systems supplier as vendors were still more focused on delivering software than the associated services which are now so important. This is less the case today as vendors now prize the skills that treasury professionals bring to their business.

Much of the success of my roles is in influencing a very diverse set of individuals.

I moved from Richmond to TNT, where we selected and implemented Quantum before it was acquired by the Dutch postal service, and I decided not to make the move to the Netherlands. I went to the Norwegian company Kvaerner, whose treasury was based in London following the acquisition of Trafalgar House, and worked as their Dealing Manager. One of the reasons I got the job there was that I had experience with Quantum, which they had recently licensed as their treasury management system. We used to actively manage the exposures from our internal subsidiaries and had an important role in contributing to the company’s profits without increasing our exposures.

With both significant experience of Quantum and corporate treasury, I decided to move to GIS, now SunGard, as a consultant managing large projects such as Exxon and Nestle. After a couple of years, although I had no plans to move from this role, a former colleague became Group Treasurer at Cable & Wireless plc and invited me to become Deputy Treasurer, which was a very exciting career opportunity.

At that time, the company had a very large amount of cash so it was a dynamic and innovative time for the treasury team. I was in the role for four and a half years and was involved not only in the types of cash and hedging activities I had undertaken in the past, but also in new areas such as maximising return from structured investments. This, alongside the experience I’d had at Guinness, TNT and Kvaerner stood me in good stead for the subsequent consultancy work I have done with corporate clients.

A beneficial career move

Coming back to SunGard has been a highly beneficial career move. During my corporate treasury roles, I was heavily involved in the detail of how each company worked but had little exposure to how other companies approached the same problems. At SunGard, I get to spend time with a large number of treasurers from countries around the world. Very often, these companies are faced with the same issues but have a very different way of tackling them. This has given me the ability to gain a breadth and diversity of knowledge very quickly. I enjoy problem-solving, and although corporate treasury also involves solving problems, working with a software vendor is quite different and the skills required differ too. For example, project management skills are very important and rather than managing a small treasury team, much of the success of my role is in influencing a very diverse set of individuals - customers’ senior treasury personnel, their IT staff, internal development staff, sales people etc. This is a subtle, and in my mind, rewarding aspect of the job which was not present in my previous roles.

Today, I am no longer involved in systems implementation projects and following roles in sales consultancy and product management, I now have overall responsibility at SunGard for developing and delivery product innovation to satisfy corporations’ and banks’ changing treasury needs. I make decisions on the strategic investments we need to make as a company so that our clients see a clear roadmap for the future which they want to be part of and ensure that we deliver high quality solutions to meet clients’ expectation. [[[PAGE]]]

Valuable skills and experience

Although the skills are different, working in corporate treasury and working for a treasury solutions vendor are highly complementary and it is becoming easier to move between the two, particularly with a respected qualification such as the MCT: corporations value the experience gained from working with many other treasuries as well as the treasury technology skills which are greatly in demand; treasury system vendors depend increasingly on highly skilled treasury professionals and the practical expertise and depth of knowledge which they bring. A treasury systems vendor is a very different environment, however. There is less focus on the day-to-day activities but more on delivering large projects, often which involve a large number of people. Time and resource are frequently in short supply, so the ability to project manage, prioritise and in particular, influence disparate agendas to create a common vision is key. This can be exciting, if challenging, and requires a wide range of both practical and empathetic skills.

At a systems vendor, in whatever role, whether support, training consultancy, development, product management or sales, you are at the front end of the business.

There are inevitably pros and cons in every role, but overall, I would say that I have found tackling the challenges inherent in my current role the more rewarding. The treasury community used to see someone working for a systems vendor as an ‘outsider’ but this is far less the case today. Ultimately you’re there to sell and implement software, and it is difficult for one individual to influence the quality or functionality of that software. No software does everything in exactly the way in which a customer would like it which can be frustrating. So how can you deliver satisfaction to the customer? You need to work harder to deliver value personally, but there is the potential to deliver significant benefits and satisfaction to your customers by thinking creatively, which can be very rewarding at a personal level.

I would say that working at SunGard has been the most challenging and enjoyable stage of my career so far. I feel more stretched and a little further outside my comfort zone than I was in corporate treasury. On the other hand, I have been very glad to have both corporate treasury as well as treasury solutions expertise and I would have been less effective and less credible without senior treasury experience. It’s important for our clients that their vendor understand the job they do and the challenges they face.

Life at the core

Another benefit I see is that although treasury is increasingly tasked to be closer to the business, it is still a long way from the company’s core activities, whether that’s drilling for oil, manufacturing consumer products, retail or developing innovative pharmaceuticals. At a systems vendor, in whatever role, whether support, training, consultancy, development, product management or sales, you are at the front end of the business: you don’t simply support the business, you are the business and intrinsic to its success.

If treasury professionals are considering a move from corporate treasury to a solutions vendor, even for a limited period, I wouldn’t hesitate, but you need to be equipped personally for a very different environment. You need to be very self-motivated, manage your time effectively and be able to influence very different people who may have different priorities to yourself. There can also be a lot of travel, with long days and time away from home. You never know how any new environment will work out but fundamentally, you don’t burn any bridges by moving to a systems role and the experience you gain will benefit any future career move back into corporate treasury. Being a great treasurer does not necessarily make you a great treasury solutions consultant. Treasury systems experience can be invaluable for an excellent treasurer.