When the management team at Stanley Black & Decker rolled out their strategic goal of growing the global business from US$13 billion to $22 billion in annual revenues by 2022, mergers and acquisitions (M&A) became a key pillar of the corporate strategy. The increased M&A activity has been successful in growing the business, but it has come with a side effect: an increasingly diverse technology and banking infrastructure.
“A few years ago, we had over 100 ERP [enterprise resource planning] systems and more than 2,000 bank accounts with approximately 200 different banks,” explains Catherine Grant-Alston, director of global cash operations for Stanley Black & Decker. And the treasury team's processes for managing liquidity across this web of accounts and accounting systems was inefficient, at best.
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
