Al-Futtaim was awarded the SAP Certificate for its outstanding performance and contribution in successfully implementing and integrating S/4 HANA Treasury & Cash Management as a cornerstone of its Treasury Transformation and Digitalization journey.
As part of the ceremony hosted in the Innovation Hub in Dubai Festival City, GD-Finance – Pär Östberg, Ex Group Treasurer – Cuan Duncan and IT Director – Marinda Sheahan were presented with the award by the SAP EMEA South Chief Business Officer – George Riding and the SAP Al-Futtaim account team.
In their key notes the speakers acknowledged and thanked the implementation and Transformation Teams for mastering more than 30 projects and 21 system go-lives across the Group.
Treasury Transformation to achieve best practice
The Treasury systems implementation marks a cornerstone of the Treasury Target Operating Model (TOM) realization. The TOM was set to establish state-of-the-art Treasury Operations within both the Group and Divisions. As part of the implementation the Treasury Function was significantly strengthened through the establishment of divisional Treasuries, the segregation of Front-, Back- and Middle-Office roles and responsibilities, standardized and integrated processes, system controls and governance, trainings as well as analytical Treasury dashboards and reporting via Alteryx and Tableau.
Key achievements of the implementation
- Workflow-based bank account administration and automated bank account reconciliation
- Daily multi-dimensional cash position based on bank account balances
- Central accounting-integrated record-to-report repository for all Treasury Transactions (Deposits, FX Spots & Hedges, Loans, Intercompany Loans, Trade Finance, etc.)
- Straight-through-processing of FX deals via fully integrated platforms for trading, market data and mobile approvals
- Financial risk management applications such as for internal and external Limits Management
- Analytical treasury reporting through SAP, Alteryx and Tableau
Roadmap – SWIFT
The GD-Finance – Pär Östberg and his leadership team recently set out further modernization and automation initiatives such as the Group’s Roadmap to join SWIFT – the global standardized bank communication and correspondence channel.