Faced with an antiquated cash management system incapable of supporting its growth, Vivarte required a web-based treasury management system that would allow it to deploy cash and treasury functionality to treasury and finance users throughout the organization.
Vivarte was faced with a significant technology issue – while it had a cash management system in place, it was an installed system that could not be shared with treasury and finance users from different business units. This issue threatened to hinder the company’s productivity, especially as it continued to grow organically and through acquisitions. Vivarte made the decision to find a new cash and treasury management system that could help manage cash and treasury for the multiple entities within Vivarte.
Several factors led Vivarte to choose Kyriba, including:
- Software-as-a-Service It was actually Vivarte’s IT department that encouraged treasury to pursue a SaaS application rather than an installed and internally hosted solution, since Vivarte had already switched much of its computer infrastructure to the cloud. Vivarte also felt that a SaaS solution would make the admission of new users much easier, thereby better supporting the scalability of the business.
- Cost The cost of the solution was also a deciding factor. The SaaS model eliminated significant costs attributed to hosting the software internally, including upgrading hardware, operating systems, and compatible software.
- Ease of Use The Vivarte team felt that Kyriba could be used similarly to their older cash management system so that processes did not have to be completely re-engineered. Kyriba was also able to migrate data from the old system as part of the implementation.
Vivarte uses the following Kyriba modules:
- Bank Reporting
- Cash Management
- Cash Forecasting
- GL Posting
- GL Reconciliation
In addition to the typical automation and productivity improvements, Vivarte benefited from:
- Improved Productivity Kyriba has become a strategic tool for the Vivarte Group, managing 3,000 accounts for 37 different businesses. The company was able to fully replace their legacy cash management system while also improving productivity of the treasury operation. The flexibility of the solution and ease of use made the implementation significantly easier. Kyriba’s Cash Positioning and Forecasting features exceeded Vivarte’s expectations, especially the ability to integrate Kyriba with internal systems for a consolidated view of cash activity.
- Global Cash Visibility Bank Reporting was key for Vivarte as they had previously used ETEBAC, a regional banking protocol and solution. Because Kyriba supported two replacements, Ebics and SwiftNet, Vivarte benefited from Kyriba’s flexibility. Vivarte chose SWIFTNet and incorporated daily reporting into Kyriba which combined bank connectivity with the rest of Kyriba’s workflow. Thanks to Kyriba Vivarte now enjoys a single fully integrated tool that delivers global cash visibility in all regions, including Europe and Asia.
- GL Reconciliation Vivarte chose to use Kyriba’s GL Reconciliation module since the bank transactions were already in Kyriba as a result of the daily bank connectivity. Vivarte was able to help Kyriba enrich its solution by recommending a number of feature enhancements that allowed Vivarte to migrate most of their processes to Kyriba. Today, 80 Vivarte employees use Kyriba’s GL Reconciliation module.
Vivarte S.A. is one of Europe’s largest footwear and apparel manufacturers, operating more than 4,400 stores throughout Europe. Vivarte employs more than 12,000 employees and has revenues exceeding €1.8 Billion.