Imagine an organisation that is comprised of 60 internal companies: each operating internationally with their own banks, accounts, finances, funding, and responsibilities to boot. For ASYAD Group, this is their reality. ASYAD Group is an international company conducting business on 3 major fronts: ownership of the shipping vessels, ship management, and ship chartering.
With 60 ships in their fleet, the company operates with the mindset of one ship, one vessel, one company, each with separate financing needs. As you can imagine, the treasury needs of a company with this level of complexity is enormous. Interacting with around 35 banks with close to 150 open accounts across currencies, visibility and centralisation of data can make or break the efficiency of their treasury team. Muhsin Alrustom, Group CFO of ASYAD Group, had a vision to transform the department, and enrich the work of treasury employees.
Achieved 100% bank connectivity in 9 weeks
Reduced cash positioning and reporting efforts from 4 days to less than 2 hours
Implemented “Fleet renewal strategy” resulting in 25 million dollars in savings across the business with effects that will continue through the next 6-7 years
Improved banking relationship management - with “share of wallet” visibility they were able to reduce their number of bank accounts and negotiate fees for new account openings and services
Moved from 80% manual efforts from the treasury team, to 80% analytical
“With this kind of power at the touch of a button, treasury has gained a seat at the decision-making table.” – Muhsin Alrustom, Group CFO, ASYAD Group
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