OmniFi accelerates report production and distribution for a Global Treasury
Challenges
A key task for treasury is regular reporting of its activities and positions to internal users, including senior management and more than one hundred operating units worldwide.
Reports include a group-wide daily liquidity report and daily FX balance sheet exposure report, as well as counterparty exposure reporting, investment analysis reports and monthly account statements and invoices for the in-house bank activity.
Compiling and distributing these business-critical reports was proving extremely demanding for the treasury team due to:
- Complexity of reporting needs – with more than 100 operating units worldwide, financial reporting represented a large and complex treasury task for our client.
- Pressure on resources – large amounts of data had to be extracted from different areas and modules of the system and manually compiled for calculation in Excel. This required extensive use of scarce treasury resource and time.
- Quality of reporting – manualprocessing is error prone. Our clientwanted to reduce errors and improvereport presentation and distribution.
Given the amount and the criticality of reporting, a more streamlined, efficient solution was needed.
It was very refreshing to work with people who understood Wallstreet Suite so well. Speed of implementation was impressive – OmniFi also represented excellent value for money.
Assistant Treasurer
Solution
The treasury issued a request for proposals for a solution to automate the compilation and distribution of reports - and deliver high-quality, user-friendly and professional results.
After a rigorous process that included a demonstration of how the reporting requirements would be satisfied, SkySparc’s OmniFi was selected as the clear winner. SkySparc’s consultants were able to show exceptional knowledge of Wallstreet Suite, as well as the speed and flexibility of OmniFi, during the demonstration task.
The company’s Assistant Treasurer commented: “It was very refreshing to work with people who understood the system so well. Speed of implementation was impressive – during the demonstration they captured about 60% of our requirements within a very short timeframe. We also had the confidence of knowing OmniFi is a proven solution, with many successful implementations for other organizations. OmniFi also represented excellent value for money.” Once implementation began, SkySparc’s consultants analyzed the reporting requirements and re-engineered existing processes to make them more efficient. For example, using OmniFi, it was possible to eliminate manual processing for the preparation and distribution of monthly intercompany invoices–but still include an important manualreview before distribution.
Automating the daily liquidity report and daily FX balance sheet exposure report were big wins, because of the complexity and time previously required to prepare the reports – and because of their importance to the business.
These reports are now automated and run overnight using OmniFi’s scheduler feature, for checking and distribution promptly each day. Further value is added because the reports can include easy-to-read graphical breakdowns. Once reviewed, reports are then distributed via email, together with any necessary commentary on the daily figures.
We’ve been very impressed with the knowledge, expertise and professionalism of the SkySparc team. They were a great implementation partner. They quickly understood and provided very effective solutions in a timely manner.
Assistant Treasurer
Results
Today the company uses OmniFi for all its enterprise treasury reporting requirements, including: daily liquidity, FX balance sheet exposure and mark to market reports; FX settlement, counterparty exposure and investment analysis reports; as well as the in-house bank monthly account statements and invoices.
The reporting is very flexible both in terms of speed (where necessary, reports can be quickly generated to reflect month-end figures, for example) and distribution, which can be via email, SharePoint or if required, in paper copies.
Because OmniFi is so easy to use, the treasury team has been able to implement some report requirements themselves, although they have also benefited from the financial and technical expertise of SkySparc’s consultants – for example, for developing their EMIR reporting.
The Assistant Treasurer said: “We’ve been very impressed with the knowledge, expertise and professionalism of the SkySparc team. They were a great implementation partner. They quickly understood and provided very effective solutions in a timely manner.”
