CRAYON

About Crayon

Crayon is a global vendor-agnostic IT services and consulting company headquartered in Oslo, with over 4,000 employees across forty-six countries. The company specializes in helping customers build the commercial and technical foundation for a secure, cloud-first, digital transformation journey.

"For cash forecasting, it’s crucial to have the visibility of the Company’s cash flow, understanding and controlling the payment compliance level of customer collections and vendor payments. We need accurate, real-time data rather than relying on guess work to secure our financial position." - Lei Wang Giæver, VP, Group Treasury at Crayon

The challenges of cash management and liquidity forecasting

Before Nomentia Crayon struggled with a cumbersome, manual cash management process that relied heavily on Excel sheets. The existing system was inefficient, prone to inaccuracies, and required significant time and effort from employees, particularly those in charge of group-level cash management. The lack of real-time data and visibility into the company’s cash positions hindered effective decision-making and led to suboptimal liquidity management.

“Before Nomentia, we relied on a decentralized structure where subsidiaries had to find extra time to provide required financial information. You can’t build accurate forecasts on lacking or inaccurate data.” - Lei Wang Giæver, VP, Group Treasury at Crayon

Crayon’s cash flow forecasting was a major challenge. It relied on Excel templates that often led to errors and delays. The company’s decentralized approach meant subsidiaries struggled to provide timely and accurate data, leaving the group-level management without a clear picture of their liquidity.

"We were always a bit behind, working with a gigantic Excel sheet that took ages to refresh, with people spending numerous of hours per month just to keep it updated." - Lei Wang Giæver, VP, Group Treasury at Crayon

In order to get their cash and liquidity management on the right track, Crayon aspired to achieve real-time visibility into cash positions, improve the accuracy and efficiency of liquidity forecasting, and reduce the manual workload associated with their financial operations.

"Forecasting was done on an Excel template, and not everyone used it correctly, which made accurate liquidity forecasting nearly impossible." - Lei Wang Giæver, VP, Group Treasury at Crayon

The Nomentia solution to cash and liquidity management

To solve their cash management struggles, Crayon implemented Nomentia’s cash visibility and liquidity management tools. These tools allowed Crayon to achieve instant global cash visibility, automate cash flow forecasting, and streamline liquidity management across the company. The solution provided a central location for all financial data, reducing reliance on email and Excel-based processes.

“Nomentia helps to eliminate the need for constant email exchanges and relieved us from the arduous task of maintaining data manually." - Lei Wang Giæver, VP, Group Treasury at Crayon

The implementation process involved integrating Nomentia’s solutions into Crayon’s existing centralized data platform, which enabled automated data collection from various banks and subsidiaries. While centralizing much of the company’s cash management, the new system was also set up to allow for manual adjustments when necessary, ensuring that local subsidiaries could account for specific deviations and improve cash flow data accuracy.

"Our liquidity forecasting has seen massive improvements. Step by step, we’ve developed a more productive and resilient routine for cash management." - Lei Wang Giæver, VP, Group Treasury at Crayon

Cash and liquidity management success with Nomentia

Nomentia’s Cash Visibility and Liquidity Management tools have transformed Crayon’s approach to cash and liquidity management. By automating previously manual processes and centralizing financial data, Crayon has achieved significant improvements in efficiency, accuracy, and visibility.

Crayon has been pleased with the improvements in cash and liquidity management achieved through Nomentia as its current TCMS provider and they are expanding their partnership through implementation of loan management module to further streamline their financial operations and enhance overall efficiency.

Companies struggling with similar challenges in cash and liquidity management should consider exploring Nomentia’s automated solutions to enhance efficiency and accuracy in their financial operations.