Atkore’s treasury team oversees 16 global brands, a mix of standalone and non-standalone brands, all of which roll up to the corporate treasury team.
Atkore was entirely reliant on spreadsheets to run its treasury management program prior to using Kyriba. The treasury team would pull cash data from bank portals for its 45 domestic and 25 international accounts, and then manually enter it into the cash positioning spreadsheet. The team developed a number of macros in order to expedite the transfer of data into the system.
In addition to the time required to enter daily cash data manually, one of the key challenges of using spreadsheets for its cash positioning was that Atkore’s team spent considerable amounts of time preparing reports. For example, it wasn’t possible to pull time-specific inquiries for individual accounts, making it very difficult to perform detailed analysis of individual cash positions.
“The fact that cash positioning and balance tracking are automatically coming in really allows us to spend more time doing analysis versus preparation of the data. With Kyriba I can quickly pull information from the system that previously wasn’t even possible.”
Top Treasury Official
Atkore decided to purchase a treasury management system, to streamline its cash management processes and enable it to create more accurate and timely analysis and reports. As Atkore runs a lean treasury department, it needed a cost-effective solution, which would require a short implementation period, and be intuitive and user-friendly. The company initially looked at five vendors, before choosing Kyriba.
Kyriba’s SaaS platform was a key factor in Atkore’s decision, as it requires no up-front IT investment, and can be supported by Atkore’s own team, with no burden on in-house IT staff. Another key factor in their decision was the fact that Kyriba was scalable and Atkore felt it would not outgrow Kyriba.
Atkore primarily uses three core packages within the Kyriba Enterprise treasury management system: Cash Management, Bank Account Management and Debt Tracking.
With Kyriba, all of Atkore’s bank accounts are automatically imported into a single, web-based platform, primarily via FTP for domestic accounts and SWIFT messages for international accounts. This enables Atkore’s team to quickly track balances and perform detailed analysis on individual vendor receipts. Previously only aggregate ACH data was imported, making it impossible to perform analysis at a granular level.
Atkore uses Kyriba’s Debt module to track corporate debt. As with cash management, this was previously a manual, spreadsheet-based activity, which Kyriba has made a more efficient and less cumbersome process. Kyriba enables Atkore to consolidate several processes – tracking debt, calculating interest payments and submitting agreement letters to borrowers. As with other spreadsheet-based processes that Kyriba replaced, this was previously a time-consuming activity, which took away from the treasury team’s ability to deliver high-value strategic support to the business as a whole.
The primary overall benefit for Atkore since it implemented Kyriba has been the increase in its analytical capabilities. The treasury team can extract more relevant financial data from Kyriba, giving it the ability to provide actionable analysis and strategic counsel for running the business more successfully.
Atkore is an industry leader in the manufacturing of galvanized steel tubes and pipes, electrical conduit, armored wire and cable, metal framing systems and building components; serving a wide range of construction, electrical, fire and security, mechanical and automotive applications.
With 3,100 employees and 23 manufacturing and distribution facilities worldwide, Atkore supplies global customers with innovative products and outstanding service.