The Finance Transformation
in Insurance Awards
Enter the awards ceremony
Welcome to an imaginary celebration of the world’s most innovative technology companies and their CFOs. The firms may be fictitious, but their achievements could be real for your finance team. Learn from prize-winning efficiency drives in our five fantasy award writeups.
Best Cost Manager
Award
Best Risk Controller
Hover over the winners to explore their awards . . .
Finance Manager of the Year
Team of the Year
Data Transformation of the Year
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What they have in common
Award categories
Best Risk controller
Finance manager of the year
Data transformation of the year
Team of the year
Winner: Company A, a global digital services provider, supported by FIS
Every day, finance teams in enterprise tech firms must make sure they keep borrowing to a minimum and make profitable use of capital. This award recognizes firms who go further by slashing operational costs – and freeing up considerable funds for innovation – with super-efficient finance systems.
Award-winning achievements
Acceptance speech
Company A's story: Inflation and interest rates were still rising and driving costs up. So, it was all the more critical to make complex finance processes more efficient, integrate workflows and reduce the overhead of managing multiple systems, data sources, banking partners and payments to vendors.
Company A digitized, automated and integrated all its treasury management processes on a single platform, which gave it a complete view and better control of cash flow, as well as new capabilities for in-house banking, hedge automation and trade consolidation, too. Tightly integrated with Company A’s ERP system, an integrated payment hub now handles the firm’s high volumes of claim payouts and premium collections. And a managed cloud-based solution and bank communication channel takes care of the many administrative and compliance requirements of connecting to banks. With a single payment system, Company A can also make same- or next-day payments to vendors’ accounts or cards in hundreds of countries, for low, pre-agreed fees.
– Sam, CFO, Company A
As well as cutting our costs, we’ve improved visibility and control of cash flow, reduced our number of banking relationships and removed the hidden charges, fees and delays that can hit payments and harm relationships with suppliers. But we couldn’t have achieved all this without our fintech provider, FIS.
Winner: Company B, a major software developer, supported by FIS
As global businesses, large technology companies are typically exposed to foreign exchange (FX), interest rates, liquidity and other risks. In today’s volatile markets, this award goes to the firm that hedged these risks most effectively to protect its investment returns.
Company B's story: For effective hedging strategies, Company B needed a complete understanding of the risks it faced. But, it had struggled to bring together data on cash flow and exposure from all its corporate systems. And the firm’s different business units had no way of managing their own FX payments and trades.
By automating workflow for hedging with FIS’ advanced treasury management system, Company B accelerated complex data management and modeling processes. It can now present results clearly and consistently for a comprehensive view of risk – and execute more targeted hedging strategies to reduce trading volumes and associated costs. Company B also implemented FIS’ powerful FX system and portal, which gives its business units real-time rate feeds and auto-hedging capabilities across multiple asset classes.
– Li, CFO, Company B
Thanks to our fintech provider for helping us get risk under control. Now we can make better, faster decisions and respond quickly to market conditions and rate changes with sophisticated, well-informed hedging strategies.
Winner: Company C, a computer hardware manufacturer, supported by FIS
To complement organic growth, many technology companies are investigating opportunities for mergers and acquisitions (M&As). In uncertain times for both the technology industry and the financial markets, the winner of this award can rely on accurate budgets and forecasts to facilitate long-term investment strategies.
Company C's story: Disparate data sources, fragmented systems and manual processes were delaying the delivery of complete and up-to-date data on the availability of funding. Even when Company C did determine its current cash position, it couldn’t easily see how future adverse shocks would affect its liquidity.
By centralizing its cash management capabilities in FIS’ treasury management system, Company C made sure it could gain an instant, one-touch, real-time snapshot of its global liquidity positions. With advanced analytical tools for scenario analysis and stress testing, the firm can now also predict the impacts of changing market conditions on its investment and capital market financing strategies.
– Mark, CFO, Company C
However our inorganic growth plans evolve, however markets shift and however the business performs, timely, accurate budgets and forecasts will keep investment decisions informed and our firm on top of the risks. We’re proud to achieve this recognition, thanks to a great team and the best treasury management technology on the market.
Winner: Company D, a multinational technology firm, supported by FIS
Every business needs its finance function to operate as efficiently as possible. But is your staff consistently adding value and helping the firm achieve its strategic goals? The recipient of this award is the finance team that makes the best use of its talents.
Company D's story: Finance and accounting processes can be complex but should be seamless, especially when it comes to audit and control. For Company D, handling these processes with disparate systems and workflows meant wasted time, more opportunities for error and less capacity to cope with rising volumes.
Last year, Company D’s finance team started using integrated web-based payables software to automate B2B payments, which not only saves effort but also earns revenue share on virtual cards. Using workflow, AI and collaboration tools to improve cash flow, the team also automated the credit-to-cash cycle with one integrated system for receivables. Additionally, Company D can now seamlessly automate and control every step of the complex financial close process. Again, a single system does all the work – capturing the data and documentation the finance and accounting team needs to certify general ledger account balances for the close period.
– Jai, CFO, Company D
With technology taking care of repetitive tasks and improving speed, accuracy and control, my team are more motivated and productive, and they have more time for business priorities like managing cash flow. But I’d like to share this award with our fintech partner, FIS – you’re one of the team, too.
Winner: Company E, a global e-commerce firm, supported by FIS
To support decision making throughout the business, finance needs total faith in the figures it presents. There can be no surprises in terms of revenue and expenditure, which means no inaccuracies. This award goes to the firm that has transformed its data integrity processes most effectively to deliver more confident results.
Company E's story: Reconciliation is key to ensuring data integrity. But until now, Company E had been reconciling different sets of financial data in disparate automated systems. This classic sign of fragmentation stood in the way of efficiency, accuracy, compliance and control.
Company E adopted a centralized, highly automated reconciliation system that uses artificial intelligence and machine learning to accelerate everyday reconciliation tasks and constantly find new efficiencies. Backed by the same powerful reconciliation engine, Company E also standardized and automated account certification processes for the financial close, using configurable best practice models.
– Nia, CFO, Company E
With streamlined, digitally transformed reconciliation processes – and a constantly clear view of their progress – we can demonstrate consistent levels of data integrity and control, for confident reporting and decision making. With FIS as our partner, we’ve completely revolutionized the way we validate our data.
With our knowhow and agility as the world’s #1 fintech, FIS innovates for technology companies so they can innovate for their customers.
What do all five winners have in common?
Partnering with
20K+
Moving
$13t+
Processing
106b+
Solutions from FIS
clients
annually across the globe
transactions
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FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, absolute performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
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