HSBC’s cash management team, led by Senior Cash Management Consultant, Courtney Schofield, worked closely with Prince and his colleagues to implement HSBC’s Cash Flow Forecasting (CFF) tool.
The CFF platform helps customers operationally streamline forecasting complexities and increase transparency of future cash positions, ultimately simplifying the deployment of cash – and helping treasurers to achieve their strategic mid-term to long-term goals. A focus on user experience makes the system as easy to use as opening a spreadsheet. Furthermore, as the platform is fully integrated with HSBCnet, users from all around the globe can access the tool easily, and simple file upload and transfer functionality has allowed for complete integration with Harvey Nash’s own Enterprise Resources Platform (ERP) and other data sources required to build the forecast.
As a result as of the implementation, the entire cash flow forecasting process within Harvey Nash has been reduced from five days to half a day, which includes analysing the findings – creating a saving for the group of four days in resources, time-saving described by Prince as immense. “The tool is robust, reliable, very easy to use, intuitive and user-friendly,” he adds.
To ensure buy-in from all stakeholders, a clear and concise plan was put in place by Implementation Manager Adrian Dray, and Product Manager, Junaid Imtiaz, to give all stakeholders full understanding of the process and the benefits. Regular weekly calls were also put in place to give updates on progress, which included representatives from Harvey Nash and HSBC.
Adrian acted as the central point of contact for the HSBC Client Implementation team and as a liaison between the client Project Lead and the other HSBC account holding countries included in the scope, co-ordinating organisation of the accounts in HSBCnet globally.
Prince says the implementation process ran smoothly and with “minimal disruption”.
“There were no delays, no issues caused elsewhere [in the business] and the HSBC team clearly had a fantastic knowledge of the tool and its functionalities,” he says. “All of our questions were answered as a top priority, with quick responses, and the weekly implementation calls were very helpful.”
Prince says the stand-out highlight resulting from implementation of the tool is how easy it has made it for him and his colleagues to log in daily and obtain reports and analysis.
“The teams love the portal,” he says. “They can run their own reports and find it easy to include their commentary on the forecasts. Significantly improved actual versus forecast/forecast versus forecast variance analysis and a range of data visualisation tools to help with analysis.”
This, he says, is delivering massive savings across the group, greater transparency on future cash positions and group-wide bank account visibility, all in one place. “In fact,” says Prince, “it wouldn’t be too much of an exaggeration to call it life-changing.”