Tikkurila Adds IT2 System to its Treasury Operations
OpusCapita has supplied an IT2 treasury management system (TMS) to Tikkurila Oyj, a paints and coatings company headquartered in Vantaa, Finland. The company acquired its own TMS after it separated from its parent company Kemira Oyj.
“We are now taking our first steps in automating treasury processes, and the IT2 system plays a significant role in it. We have already got the basics of treasury operations rolling and will continue to automate our processes more in the coming years,” said Jarmo Lappalainen, director, treasury of Tikkurila.
The IT2 solution increases the efficiency of Tikkurila’s four-person treasury department. According to Lappalainen, it makes it possible, for example, to follow currency and interest rate risks in a reliable way. It is also a tool to get rid of the many manual phases, which typically enhance the workload of the treasury staff.
Tikkurila has production units in seven countries and sales companies in 11 other countries in Scandinavia, central eastern Europe, Russia and other CIS countries. Due to international operations, currency risk management is an integral part of the treasury operations. The company hopes that, with the IT2 solution, currency position management will be easier than before.
The user experiences gained with the new system during the first few months have been very positive according to Lappalainen. The next phase of the project will start off in the coming weeks with the testing of the IT2 Net module. It will integrate Tikkurila’s production units and sales offices into the IT2 system as well as further speed up the operations. The rest of the system functions will be put into use during the autumn.