Fiskars Corporation, a supplier of consumer products for the home, has selected IT2 to provide a best practice treasury technology solution. IT2’s business partner in Sweden and Finland, OpusCapita, led the transaction. OpusCapita, an accredited IT2 implementation partner, is managing the Fiskars implementation project.
Fiskars will use the IT2 system for registering treasury transactions, managing financial risks, liquidity planning and the netting of intercompany transactions. The new system will be implemented later this year and expectations are high.
“Nowadays, benefiting from information technology is normal practice in treasury operations. Mistakes can be reduced and better use made of the time available by automating processes and transferring information between systems, with as few manual stages involved as possible,” said Jari Laaninen, treasurer, Fiskars Corporation corporate treasury. “We expect to gain significant improvements in our governance and audit trail by replacing our current in-house system with IT2. Also, as our needs change with regard to new accounting regulations, for example, and we expect that we can expand our IT2 usage to fulfil the new requirements.”
Fiskars had several criteria for choosing the system: that it must have an established position on the market and many users (ensuring future product development), and that implementation and support were available in Finland. IT2’s integrated netting function tipped the scales in its favour. According to Laaninen, many suppliers offer netting as a separate system, but Fiskars wanted to have one truly integrated system covering all of its needs.
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