Thyssenkrupp AG adopts Serrala’s SAP-integrated solutions to enhance payments and cash management.
- Industry: Industrial engineering and steel production
- Revenue: $38.7 Billion
- Employees: 103,598
- Headquarters: Essen, Germany
Business need
Business need
Thyssenkrupp is a major diversified industrial engineering conglomerate with a strong focus on steel production. It comprizes 670 global subsidiaries with revenues in excess of €40bn and over 100,000 employees.
ThyssenKrupp’s global financial challenges
For such a large organization, complexity is often inevitable. Prior to its transformation project, ThyssenKrupp was blighted by a disparate and highly complex IT landscape that caused severe problems for financial operations.
In the words of Group Processes and IT Lead Peter Kellner: “Complexity, lack of standardization, lack of connectivity, and lack of automation created many problems. Including a lack of visibility over cash positions, the need to conduct many processes manually, and an extremely lengthy and painful process whenever we needed to change anything.”
Solution implemented
Solution implemented
ThyssenKrupp’s transformation approach
With the company looking to move to a single SAP instance, the treasury team had to devize a way of creating a central platform that could allow it to standardize, warehouse, and utilize its data across disparate ERPs more effectively while also facilitating process automation and rationalization. Including moving from ad hoc host-to-host communication with banks to a global policy of using EBICS and SWIFT to facilitate electronic message transfer directly from their new SAP ERP.
The business chose Serrala as their partner for this project because of our FS2 solutions’ ability to both integrate seamlessly with SAP systems while also providing backward and onward compatibility and integration with non-SAP ERPs. Which made us the perfect partner for uniting data from older systems as they were phased out
Results achieved
Results achieved
The result – streamlined, standardized, automated finance processes globally
Serrala’s FS² Payments has been instrumental in seamlessly connecting data from dozens of legacy ERP systems as they’re sunsetted, converting entries into a standardized format that’s compatible with their new solution. This hasn’t just improved payments as a process and helped optimize working capital – it’s helped the organization create a more effective and logical internal IT infrastructure.
At the same time, FS² AutoBank and FS2 eBAM have driven standardization and efficiency in how ThyssenKrupp manages cash and works with its banking partners. All bank statements are now centrally stored, and processed and reconciled automatically based on globally applied rules.
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