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Cash & Liquidity Management
Published  23 MIN READ

Raising the Bar: Corporate Recognition Awards

TMI Awards

Year-on-year, the standard of entries to TMI’s Corporate Recognition Awards increases, taking the corporate treasury profession to new heights. The following overview of projects undertaken by corporates over the last 12 months provides a mere flavour of the innovation happening in the industry and we congratulate all our winners wholeheartedly!

Best Working Capital Solution

Dawn Foods, a global B2B supplier of baking ingredients with multiple entities and finance departments, embarked on a change-management programme designed to turn it into a more cash-oriented company. A taskforce was appointed with the key objective of a 10% year-over-year reduction of Net Working Capital Days. One of the pillars of the plan was implementing a 24/7 working capital tool – Cashforce - whereby the KPIs could be reported into several dimensions relevant to the different units and functions. Thanks to its choice of the right technology, and impressive cross-departmental co-operation, Dawn Foods has saved millions of dollars since the project began, with the cash freed up even being used to finance a strategic acquisition.

Best Cards Solution

A wholly owned subsidiary of Tata Motors, Tata Motors Finance Limited (TMFL) is one of the largest and oldest-established commercial and personal loan providers in India. It faced particular challenges from Indian market regulations that required insurance to be provided for vehicles it was helping to finance: complications arose from the time taken by TMFL’s insurance partners to process the relevant data. As insurance policies were only activated by the insurers on receipt of payment, TMFL typically had to make necessary payments 30 days in advance, resulting in USD$3-5m per month being blocked from use and preventing them from maximising yields on account liquidity. The treasury team worked with HSBC to put in place a new payment mode that harnessed purchase cards to settle premium payments to insurers on a bilaterally agreed due date. This card payment process has delivered greater cost efficiency as a result of the 45-day interest-free period provided by the solution, together with numerous other benefits including greater visibility and control over cash positions.