Biesterfeld
Customers / Biesterfeld
Industry
Biesterfeld Gains Control of Global Cash Flow with Coupa
Biesterfeld simplifies its complex global operations with a centralized treasury management system. Financial data and processes for subsidiaries in 50+ countries are connected and done in one place.
Company Overview
The Biesterfeld Group is a leading distribution and service company for plastics, rubber, and specialty chemicals.
Headquarters
Hamburg, Germany
Employees
1,000-5,000
Customer Website
Value as a Service
95%
Better Cash and Supplier Visibility
70%
Reduction in Banking Groups
3 Hours
Saved in Manual Work Every Day
Challenges
A decentralized treasury system meant the company only had visibility into two of its fifty subsidiaries.
The use of multiple systems resulted in a time-consuming collection and reconciliation process.
With so many subsidiaries, the list of banking groups grew larger and created additional costs.
Solutions
Results
Consolidating systems and moving all subsidiaries’ accounts to one platform increased global cash visibility by 95%.
Automating transactions, EMR processing, payments, and other tasks saves the Treasury team over three hours daily.
Completing all treasury activities in one place reduced the company’s number of banking groups by 70%.
