Search
 

Efficiency Through Treasury Automation

How Gilead Sciences used a cloud-based treasury management system and SWIFT Alliance Lite2 to eradicate manual tasks in FX and cash management.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Twelve months ago, the treasury team at Gilead Sciences, Inc., a fast-growing biopharmaceutical business that develops and produces treatments for some of the world’s deadliest diseases, faced some critical challenges. The company brings in close to $10 billion in annual revenue through operations in more than 30 countries. Yet its small treasury staff was spending more time on transaction processing than on analysis, and manual data entry put the company at risk for errors.

Treasurer Brad Vollmer decided to revamp his department’s technology infrastructure to automate many of his team’s core duties. He worked with Melissa Cameron, a Deloitte principal who specializes in treasury, to integrate cash management and foreign exchange (FX) systems from forecasting to settlement to accounting. Now many of the previously tedious treasury tasks are automated, reducing the chances of errors and freeing up Vollmer’s staff for more value-added work. Treasury & Risk sat down with Vollmer and Cameron to discuss the project and its results.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.