06/08/2010
Tikkurila boosts its treasury operations with an IT2 system
OpusCapita has supplied an IT2 Treasury Management system to
Tikkurila Oyj, a paints and coatings company headquartered in
Vantaa, Finland. The company acquired its own treasury system after
it separated from its parent company Kemira Oyj and was listed on
the NASDAQ OMX Helsinki last March.
"We are now taking our first steps in automating treasury
processes, and the IT2 system will play a significant role in it.
We have already got the basics of treasury operations rolling and
will continue to automate our processes more in the coming years,"
says Jarmo Lappalainen, Director, Treasury, of Tikkurila.
"We chose the IT2 system because, out of the system alternatives
we studied, it is the only one which covers all the treasury
functions we wanted in a treasury system."
The IT2 solution increases the efficiency of Tikkurila's
four-person treasury department. According to Lappalainen, it is
the number one tool in their treasury operations and makes it
possible, for example, to follow currency and interest rate risks
reliably. It is also a tool to get rid of the many manual phases
that typically increase the work load of the treasury staff.
Tikkurila has production units in seven countries and sales
companies in 11 other countries in Scandinavia, central Eastern
Europe, Russia and other CIS countries. Due to its international
operations, currency risk management is an integral part of
treasury operations. Thanks to IT2, currency position management
will be easier than before.
"IT2's process descriptions based on Treasury Best Practice
thinking, and its reporting tools such as the liquidity and
currency risk reporting tools, made it stand out from the other
solutions on offer. And since the reporting section is integrated
into the system, the companies will be able to send us their
forecasts without needing another program in between to collect
data," Lappalainen continues.
The user experiences gained with the new system during the first
few months have been very positive, according to Lappalainen. The
next phase of the project will start in the coming weeks with the
testing of the IT2 Net module. It will integrate Tikkurila's
production units and sales offices into the IT2 system, as well as
further speed up operations. The remaining system functions will be
brought into use during the autumn.
Tikkurila aims to be the leading paints and coatings company in
the Nordic countries and Eastern Europe, including Russia. The
company's revenue was EUR 530.2 million in 2009.
