With revenue of more than US$70 billion a year, Hitachi Group is one of the world’s largest conglomerates. That means it makes a huge number of payments every year. But until recently, payment processes were largely decentralized and the central treasury team had little visibility into them.
“The exception was Japan,” explains Kayoko Mikami, treasury project manager for Hitachi Ltd. “In Japan, we have had a shared service center for payments for more than 20 years, but all the legal entities outside of Japan managed payments independently.”
Because treasury had little to no view of the payment pipeline in legal entities around the world, the company’s treasury center in Singapore could not easily monitor Hitachi’s global cash position. This created governance risks and reduced corporate leaders’ access to information relevant to their financial decisions.
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
