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 the vision to transform the department, and enrich the work of treasury employees with the help of TreasuryXpress.
Asyad's biggest hurdle was the visibility of information, not being able to pool cash and to invest it with the right bank at the right time, or draw down on facilities and match the maturities of investments with cash needs.
With the new TMS being integrated with the existing ERP for cash management and payments functionality, alignment with all 35 banks and the 200 accounts was required to ensure SWIFT messaging could be fully incorporated.
As a part of Asyad's robust business planning, its shipping portfolio in particular demands careful control. With more than 60 vessels under management, each bearing considerable value, at some point individual assets will need replacing.
Before the arrival of TreasuryXpress, about 80% of the team's work was operational, and 20% analytical. Asyad still needs the treasury expertise of the individual, but AI will help the company in making sound judgments.
“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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