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Selection and implementation of a TMS

Selection and implementation of a TMS. Noordwijk , 9 November 2012. Joan Schutte Assistant Treasurer. Introduction. Who??. VimpelCom – some key facts. Multiple telecoms operators providing voice and data services

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Selection and implementation of a TMS

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  1. Selection and implementation of a TMS Noordwijk, 9 November 2012 Joan Schutte Assistant Treasurer

  2. Introduction Who??

  3. VimpelCom – some key facts • Multiple telecoms operators providing voice and data services • Headquartered in Amsterdam since summer 2010 following combination of businesses by 2 main shareholders under new holding company; a Bermuda Ltd • Listed on the New York Stock Exchange under the ticker “VIP” • Operations in 18 countries; Russia, CIS, SE Asia, South Asia, Africa, Italy, Canada • 2011 revenue: $23.5 billion from 205 mln subscribers • 2011 EBITDA: $9.3 billion • 2011 debt: $27.0 billion • 5 business units covering regions • Operationally independent • HQ acts as ‘Strategic Controller’

  4. Treasury challenges Spring 2011 - the key issues: 100+ people in the ‘New VIP’ doing Treasury in 19 countries Many different cultures (country and corporate) and back grounds Widely varying practices, processes and policies (or lack of them) No treasury management systems – access to information No (Treasury) staff in Amsterdam – need to cooperate/delegate The immediate first step: Bring key Treasury people together and get aligned on 1. VMV and organization 2. Burning issues – fix the important and urgent first 3. Align on the end-state for all key elements of the function 4. Agree on a road map from ‘as-is’ to end-state

  5. Treasury at VimpelCom - Organization

  6. TMS – Selection process Key urgency issue: get detailed visibility on cash, debt, derivatives, bank accounts, etc. (June 2011) Start monthly reporting in excel on cash and debt (July 2011) Investigate what TMS’s are used and how (July – Oct 2011) Formulate TMS requirements and weights in light of the defined ‘end state’, local needs and decentralized organization (Dec 2011) Ask 2 Treasury consultancy firms to rank available systems in the market based on the defined requirements and weights (Jan 2012) Based on feedback consultants (same recommendation), invite vendor to demonstrate – webex meetings with RTCs (Jan 2012) Develop detailed & tailored test script with one of the consultants and do extensive test demo based on these scripts (Feb 2012) Additional demos for RTC teams and testing based on demo version Agree on final conclusion and recommendation to select – sign-off Start implementation – kick off March 2012

  7. TMS requirements & weights

  8. TMS – Implementation process (1/2) • Global kick-off meeting March 2012 – jointly with BELLIN – paint the bigger picture / policy in which the TMS fits – not a stand alone project • Create clear (local) ownership and responsibility – GT / RTCs / OpCos / IT • RTC relationship managers at GT level, key users in RTCs, single point of contact with BELLIN (top-down approach) • Step-wise implementation – cash and debt first, the rest later • Staff-up for initial phase of (centralized) static data entry - interns • Add all bank accounts in tm5 – 1,300 accounts globally – replace excel based reporting with tm5 based reporting • Ongoing training of key users in RTCs and some key OpCos through webex • Progress reporting to all teams on the project in general, ‘motivate the laggards’

  9. TMS – Implementation process (2/2) • Make processes and instruments fit the system – not v.v. • Keep pushing on simplification of underlying structures – cut back on complexity (# bank accounts, banks, manual processes)

  10. TMS – Implementationprocess

  11. Treasury Management System - Lessons • Keep it simple - ease of use & access is key for TMS to work for VIP • Align (with IT early), involve and communicate • Consultants do add value in speeding up the selection process; implementation can (and should) be done yourself • Know what you want, focus on what you need; nice-to-haves add complexity; will come later when people are familiar with the basics • Celebrate successes and recognize role model behavior – create ‘we’ • Demonstrate solutions for those that present ‘issues’ • Creating customized user manual is time consuming but essential • Key statistics after 6 months: • 1,300 bank accounts and all Treasury deals in tm5 • 180 users in 18 countries • 500 entities / counterparties • Global consolidated Treasury reporting from tm5

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