Pihlajalinna

Challenge

The rapidly changing business environment puts a lot of strain on Pihlajalinna’s payment and liquidity planning processes. The team was struggling with resources and meeting deadlines as account statement handling was cumbersome and archiving was paper-based due to shortcomings in the previous system. Also, financial control and payment security were not supported by user right management. The complex company structure called for sophisticated liquidity planning but in reality, getting visibility to cash flows by using a spreadsheet-based forecasting process was impossible. There was a clear need for a partner with a lot of flexibility in the technical setup and capabilities to drive automation.

Solution

Today Pihlajalinna uses the Nomentia solutions solutions Payments, Bank Account Management and Cash Flow Forecasting. The implementation of the new solutions took less than three months and since then Pihlajalinna has achieved a high level of automation. Employees working with cash management have received the new solution well and has shown a high level of satisfaction. Posting automation has ramped up close to 100%. Payment security has increased significantly due to increased controls. Altogether the solution is very sound technically. Thanks to Nomentia, Pihlajalinna was able to save a lot of time: archiving has been automated, the searches are versatile, and creating and managing automation rules is a breeze. Account statements are delivered to bookkeeping on a timely basis. The biggest improvement however has been related to liquidity reporting which is now highly automated, accurate and flexible – Pihlajalinna is now in control of their cash flows!

"In three short months we were able to digitalize key elements to our cash management processes. Nomentia brought the tools and the experience to make this project run stress-free. Working with them has been great."

Tarja Rantala, CFO, Pihlajalinna