How a Leading IT Solutions Provider Strengthened Financial Controls and Saved Over 100 Hours
Mphasis is an Information Technology (IT) solutions provider specializing in cloud and cognitive services. It is one of the top three global insurance companies with $ 1.59 bn of revenue and has about 36,000 employees across twenty-one countries
Challenges
• All banking activities related to trade finance were maintained in excel
• Accounting entry was done manually by the respective teams
• Keeping track of open exposures and hedges
• Tracking of daily FX activity was challenging
• Obtaining real-time view of the cash position was major pain area
• Maintaining underlying exposure in ERP was challenging
Benefits
• Automation of more than 50% of internal financial controls
• Increased operational efficiency, data accuracy & visibility (Treasury team can achieve 1 day closing of accounts used to take up to 3 days)
• Drastic reduction in error rate as data and workflows are managed by the system
• 1000+ hours saved annually due to fully integrated processes and modules
• Real-time decision support a holistic 360- degree view for management and boards.
• Significant reduction in manual work
• Increased transparency – real-time visibility of cash position & tracking of daily FX activity
Client Feedback:
Manish Duggar, CFO-Mphasis
"“Our treasury ecosystem gained significantly from IBSFINtech's solution to meet our specific business needs. The solution has helped us achieve our goal of streamlining our approach to handle cash, mitigate risks and provided better visibility of our entire treasury portfolio. Armed with the data from the platform, we have a much clearer picture of cash, FX & liquidity in real-time, and can spend more time to make decisions that bring the most impact to the P&L. The solution has also improved control and governance. The implementation team continuously worked together with us to achieve the value benefits that the solution offers with a thorough grasp of our demands.”"