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Industry roundup: 23 October

Cashforce teases new data-driven cash forecasting platform

Cashforce, a cash forecasting and working capital analytics software provider has provided more details of “Cashforce NextGen”, its new software platform, leveraging years of experience in delivering data-driven cash forecasting. With this platform, the company says it wants to lower the barrier of entry for cash flow forecasting by introducing real-time data processing, a more intuitive user experience, enhanced scenario building capabilities and more AI-powered-algorithms. Cashforce NextGen will be launched in Q1 of 2021.

“Through years of experience in cash flow forecasting at organisations with various complexities, we’ve learned that the perfect solution should be able to adapt to the client’s maturity in order for them to scale their cash flow forecasting process at their own pace,” said Cashforce CEO Nicolas Christiaen. “Our NextGen platform will allow global and local users to start forecasting using an easy workflow and then perfect their process gradually using system integration capabilities, real-time data processing and smart alerting functionality.”

Learn more about Cashforce NextGen in CTMfile's exclusive webchat with the company's CEO, Nicolas Christiaen, and at their YouTube presentation on their new concept.

These developments are also driving Cashforce’s partnerships. “Last year Citi partnered with Cashforce because of the increasing corporate demand for improved cash visibility, accurate cash forecasting, and effective working capital management,” explained Ron Chakravarti, managing director and head of the Treasury Advisory Group at Citi’s Treasury & Trade Solutions. “Today’s market conditions highlight the need for better and faster decision-making. Cashforce NexGen will further support clients with improved decision-support and automation.”

Current Cashforce users are also anticipating the upcoming platform. “Thanks to Cashforce, we are able to analyse a lot more data at a higher quality than we had ever been able to before,” said James Kelly, group treasurer at Pearson. “Cashforce boosted our cash forecasting process with AI-powered algorithms and scenario-building capabilities generating significant savings in annual borrowing. With the NextGen platform, I’m most excited to use real-time data to improve the accuracy of our scenario models even further.”

The NextGen platform is being built in conjunction with clients and prospects (through an early adopter programme), treasury advisory firms and global cash management banks. The first rollout is scheduled for early 2021.

 

Dräger scoops AFP grand prize for excellence in treasury and finance

Dräger has emerged as the winner of the Association for Financial Professionals (AFP) 2020 Pinnacle Grand Prize for excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by Mitsubishi UFJ Financial Group (MUFG), was presented during the AFP 2020 Virtual Experience.

Dräger is a manufacturer for medical and safety technology products, employing more than 15,000 people worldwide. The company generates revenues of around 2.8 billion Euros, 55% of it in foreign currencies. Dräger's FX portfolio requires reliable data processing in an automated, cost-effective, and flexible manner. Until the end of 2019, FX exposures were computed in a highly manual and time-consuming, spreadsheet-based process.

To improve data availability and reliability, Dräger implemented an FX management tool to automate data processing and the calculation of exposures. Additionally, the company automated the exposure planning process and created a cost-efficient hedging portfolio. To find out all about the project, read CTMfile's detailed case study of Dräger's implementation from earlier this year.

 

Coupa launches inclusion initiative to connect businesses with diverse suppliers

Coupa Software has announced an initiative focused on making it easier for enterprises to increase their spend with diverse and inclusive suppliers. Called the Coupa Inclusion Initiative, the programme provides new resources, tools, and technologies, including the launch of a diverse supplier portal that connects buyers with diverse and inclusive suppliers to drive economic impact.

“Businesses recognise the need for policy changes when it comes to diversity, equity, and inclusion goals, such as supplier diversity programs, because of the ROI, lower operating costs, higher profits, and access to increased innovation for the company,” said Rod Robinson, vice president of supplier inclusion and sustainability at Coupa. “However, most companies’ supplier diversity efforts are failing in good faith because the information and technology they need to efficiently source and spend with diverse suppliers was not available. Now within the Coupa Business Spend Management Platform, every company can make diversity and inclusion a strategic part of the business, rather than an afterthought.”

Standalone diversity, equity, and inclusion programs have struggled to make a significant impact on business supply chains, due to a lack of access to the right technology and information. The Coupa Inclusion Initiative focuses on enabling companies to find, select, and direct spend to hundreds of thousands of diverse and inclusive suppliers via the Coupa platform, including:

  • Helping diverse suppliers strengthen and scale: Resources such as whitepapers, videos, and certifications are available to help diverse suppliers gain the requirements needed to partner with larger companies.
  • Guiding a successful future: An advisory board of global diversity leaders and experts have been established to help guide Coupa to become a destination for inclusive suppliers who need mentoring, exposure, and connections with buyers.
  • Directing corporate spend to diverse suppliers: A new, publicly available supplier portal is intended to enable businesses to search and find diverse and inclusive suppliers to meet their corporate goals.

 

Contour and Mphasis partner to accelerate digital trade finance transformation 

Global trade platform Contour has announced a partnership with Mphasis, an IT solutions provider specialising in cloud and cognitive services, to accelerate the scaled adoption and extend the reach of the Contour network by banks, enterprises and partners worldwide. 

With the backing of strategic investors such as HSBC, BNPP, Bangkok Bank and Standard Chartered, Contour says it is on a mission to revolutionise global trade and bring trust, transparency, collaboration, and agility to what has traditionally been a complex and cumbersome industry.

Through this partnership, Mphasis will leverage its Front2Back Transformation approach and its portfolio of next generation IT and operations capabilities to help accelerate the implementation and usage of the Contour network across the global community of banks, corporates, and ecosystem partners. 

“As our business continues to grow following its launch at the start of October, we are constantly looking to expand our network with technology that enhances trade processes and overcomes longstanding obstacles that the traditionally paper-based industry has been subject to," said Carl Wegner, CEO, Contour. "Our vision to create a global standard for trade will be achieved through our work with other technology providers that build upon the interoperability of our network and streamlines processes. With Mphasis’s global footprint and expertise in financial services, our work together will ensure that organisations can reap the benefit of improved trade.” 

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