How Lely transformed its treasury operations with Cobase

The management of the different banks and bank accounts led to a complicated process for Lely. Excel was initially used for cash visibility, but this led to a challenging and complex situation.

In addition, approving payments in different bank portals meant having to log in multiple times. Adding the need to approve each of these transactions was a time-consuming and arduous process. For this reason, Lely sought a solution that could grow with them and provide customer specific guidance in improving their visibility and payments.

Different providers were considered in the search for a solution. It quickly became evident that Cobase was the most suitable solution for Lely. In contrast to other providers who offer a standard package, Cobase is flexible and customer-oriented.

In addition, Cobase displays similarities with Lely in terms of philosophy. Cobase is an innovator that easily adapts and develops with the customer. The Cobase solution offers Lely the opportunity to grow and the Cobase team can add value to the processes Lely wants to improve, leading to efficiency and resulting in saving time and costs.

The main issue that led to a challenging situation is solved within Cobase through use of a central dashboard. The central dashboard provides an overview of all banks and bank accounts. In addition, payments often have to be transferred manually from the ERP to the various bank portals. The automatic transmission of batch files from the ERP system to Cobase removes a step in the process and thus the possibility of mistakes, which helps to reduce risks.

A significant advantage is the time savings it brings to the team who approve payments. Checking payments in detail is a time-consuming activity. With Cobase, the payment approval process saves a lot of time. This results in being able to focus on what is considered to be important and, in doing so, to put more focus on limiting mistakes and risks.

Lely expanded its scope, adding the FX module. The integration of FX brokers in Cobase benefits Lely in its FX exposure management. Additionally, Lely already benefits from Cobase’s in-house banking module, achieving significant cost savings and increased efficiency.

Lely also currently uses the Cobase cash pool (balance optimisation) functionality. Previously, maintaining multiple cash pools was complex and time-consuming, but Cobase's balance optimisation module has streamlined this process, making it easier and more user-friendly. Cobase continues to listen closely to customer feedback and further enhance its platform.