Interview with Martin Meyer - CFO AMAG Group AG

Deloitte: Looking back over the past 10 years, how has the finance function evolved? Were there any surprises, or any changes that happened faster or slower than expected?

Martin Meyer: The finance function has evolved from a retrospective reporter to a strategic management partner. Automation, driver-based planning, and scenario analyses are now standard. The integration of GenAI and advanced analytics happened surprisingly quickly. In contrast, the harmonisation of master data and processes has progressed more slowly — and so too has the broad implementation of blockchain technologies which, despite high expectations, have yet to scale significantly.

Deloitte: How can the finance function help address this year’s challenges relating to the global environment, including tariffs, trade and currency volatility, and increased uncertainty?

Martin Meyer: The finance function can play a crucial role in overcoming current challenges such as tariffs, trade and currency volatility, and geopolitical uncertainties. Key levers for doing this include increasing the flexibility of fixed costs and reducing unnecessary complexity. Furthermore, digitalisation and automation should be accelerated to boost productivity and counteract skills shortages. Pricing and contracts should be better reflected by incorporating input costs through indexation, shorter terms and adjustment clauses. Procurement risks can also be mitigated through dual sourcing and diversification. Planning and control should shift from rigid annual budgets to rolling driver-based plans with clear triggers — ideally available at the “push of a button.” Last but not least, resources should be focused on a small number of strategically relevant initiatives, and there should be disciplined management of working capital.

Deloitte: Switzerland is once again in a zero-interest-rate environment. What impact do you think this has?

Martin Meyer: The ongoing zero-interest-rate environment brings several challenges:

• Capital misallocation: When money is too cheap, there is a risk that funds are used inefficiently — for example, in low-return projects or inflated valuations.
• Refinancing for companies: Although key interest rates are at zero, many banks have introduced a “floor” at 0%. This means companies cannot benefit from negative rates — their financing costs remain despite the environment.
• Pressure on pension funds: The low interest rate makes it difficult for pension funds to generate the necessary returns. This complicates the long-term financing of obligations, potentially affecting coverage ratios and contribution rates.
• Negative interest on assets: Companies with large liquidity reserves incur direct costs due to negative interest rates, further influencing capital allocation.

Deloitte: How do you see the long-term development of the international role of the US dollar?

Martin Meyer: The US dollar will maintain its role as the leading currency in the medium term — thanks to market depth, liquidity, and access to safe assets. However, companies must prepare for increasing volatility. While the US government officially does not pursue a “weak dollar policy,” current fiscal and monetary policies — including high national debt, expansive spending programmes, and political pressure on the central bank — effectively act as a targeted weakening of the dollar.

In general, it is advisable to monitor new market infrastructures and digital forms of money such as tokenised deposits or corporate stablecoins (e.g., JPM Coin). These could sustainably change payment processes and liquidity/FX management.