Peugeot Citroën optimises its Cash Management globally with new technology
Frankfurt, Helsinki, Stockholm, Zurich (ots)
- Hinweis: A graphic can be downloaded under
http://www.presseportal.ch -Two worlds co-exist within cash management of PSA Peugeot Citroën Group. Firstly, the industrial and commercial world that produces and sells cars, and secondly, the world of financing (over half the cars sold are purchased on credit). Mr. Benoist Mulsant, Group Cash Manager, says that 'this situation has existed for a long time within Euro zone, but it is now expanding rapidly within new EU member states, Central and Eastern European countries and Latin America.'
Cash management and cash pooling
Cash management for the Group entities is centralised within France and decentralised for the other countries and subsidiaries. Cash pooling has been extended to the Euro zone and is managed centrally at Group Treasury Centre in Paris. This cash pool covers the Central and East European countries and it will soon be extended to the UK. For the Group's other companies outside the Euro zone, the possibilities are limited due to local regulations such as exchange rate control or tax restrictions. Benoist Mulsunt continues: 'Pursuing this logic of decentralised cash management at each international site and maximum concentration of the Group's liquidity, we decided to optimise our global cash management operations with the new ASP-technology (Application Service Provider).'
pdf-file: "Overview of the new technology", for free download
under: www.presseportal.chRestructuring as opposed to reorganisation
'The next step,' says Benoist Mulsant, 'was to replace our legacy systems with one global application. Of course, we already had developed our ways of working in different tools, but they weren't the same for everyone and were developed differently in each country, which led to a lack of efficiency. What we were looking for was a new technology application that could be used everywhere, that didn't make our IT teams' job harder. PSA Peugeot Citroën is above all a car manufacturer and its IT resources (both the computer experts and the group's physical resources) are focused on producing and selling cars; we therefore looked for a solution that would stress our own IT resources as little as possible, whilst nevertheless being scalable and suited to our needs.'
Initial results
'The first advantage that has become apparent is the ease of installation. It took just one month to implement the whole system in a major sales country (Spain). The second positive point is that using the same product across the world greatly facilitates dialogue, as all teams share the same databases and the same methods of using the tool. This commonality obviously strengthens the links between the teams, which guarantees efficiency', says Mulsant.
Marko Sjoblom, Managing Director of Kyriba Central Europe, says: 'PSA Peugeot Citroën represents yet another corporation who is taking an advantage of best money for value cash management application in the market place. They were quick to realise how much economical it is to have such strategic application on pay-as-you-go ASP-model rather than on old fashioned client server installation. Our solution suits for mid-and-large-sized corporations with operating units across different countries. Implementation within an organisation like PSA Peugeot Citro'n demonstrates how flexible our Global Bank HUB and application itself is. There are many benefits of having secure and direct internet access for all group subsidiaries via ASP-platform. Above all, our clients have confirmed that our initial start-up fees are some 25% of traditional client-server applications and running costs are even lower because monthly user fees include not only the license fees, annual support fees and hotline number but also all up-grades, monitoring, hardware and interfaces to banks.
About Kyriba:
Kyriba Corporation is the market leader in real time, web based on-demand Cash Management. Our very affordable ASP pricing and value packed cash management solution puts customers in control of their liquidity, forecasting and treasury management needs. Kyriba meets stringent Sarbanes-Oxley 404 audit trail workflow and control requirements. Kyriba is a privately held company. Our investors include American Express, Commerzbank AG, GRP Partners and Mangrove Capital Partners.
Contact:
Marko Sjoblom
E-Mail: msjoblom@kyriba.com
Tel.: +33/678/63'80'38