Building Treasury success with Tesco
'One of those rare occasions where “blue
In June 2007, Tesco Treasury engaged Deloitte Corporate Treasury Consulting to advise them on the way forward with their Treasury System and Operations. Treasury was faced with increased activity and complexity and at the same time pressure on the cost base. In addition, the group was using an older version of SunGard’s AvantGard Treasury solution and would benefit from an upgrade allowing for increased functionality and scalability.
Tesco Treasury wanted to address all these issues and in particular upgrade the TMS to take advantage of improvements in the latest software offered by AvantGard. Treasury also wished to improve the system service levels, simplify daily processes, improve internal controls, rationalise the static data and create some price tension in dealing. Overall, management wanted to become as “Straight Through Processing” (STP) as possible.
In their quest for improvement Tesco Treasury management were open to new ideas and ways of doing things differently. Where perhaps other treasuries would have been sceptical and hesitant, needing convincing and prior justification, Tesco embraced change with open minded desire and readiness to get on with things. We were therefore able to:
- recommend some of the more advanced ideas in Treasury IT;
- implement them in a relatively short space of time; and
- achieve quick results.
This inspired further confidence and in turn allowed more radical ideas to flourish and be applied. Chris Rowland, Tesco Treasury Project Manager, emphasised this by saying “This was one of those rare occasions where “blue sky” thinking was encouraged, supported, and finally applied.”
Please contact Mike Lloyd for further information.
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