Treasury transformation and Kyriba implementation
Project overview and objectives
Xcel Energy engaged our team to transform its treasury processes through a Kyriba implementation. This meant moving away from spreadsheets and legacy systems that posed challenges around regulatory compliance and increased the risk of fraud. The goals of the overhaul included:
- Reducing manual processes across treasury and finance
- Embracing system automation and centralization
- Enhancing fraud protection
- Leveraging streamlined data across all entities and positions
- Creating automated reporting that could automatically feed to the general ledger
- Physically moving cash through wire transfers
What we did
No two organizations and industries are the same, so a current state analysis was critical for driving successful technology adoption. This was especially important given that utilities companies are governed differently than other industries. For Xcel Energy, that involved coupling traditional process improvements with the need for unique features—like moving actual cash from one entity to another and greater visibility into day-to-day and monthly positioning.
To do that, you need a treasury management system that can be easily tailored to unique requirements. Enter Kyriba. After collaborating with Xcel Energy on an initial roadmap of mutual goals, current-state analysis, and future-state design, we landed on a ‘big bang approach’ to maximize ROI and close compliance gaps. We also leveraged our close relationship between teams to pave way for collaboration and feedback among specific requirements.
The results stemming from Xcel Energy’s Kyriba implementation speak for themselves. In addition to laying the foundation for a scalable treasury function, we helped:
- Streamline all money market investments under one portal
- Automate data entry, reducing need for manual intervention and eliminating human error
- Automate reconciliation of more than 500,000 vendor payments and customer rebates each year across five payment systems and seven different integrations
- Facilitate the escheatment of thousands of uncashed check payments each year
No matter your industry or requirements, treasury doesn’t have to be complicated. Learn how a Kyriba implementation can set your teams up for success, significantly reduce repetitive manual tasks, and keep your organization forward-looking.