(PODCAST) Cloud-based Systems for Maintained Collaboration
Analyzing how BELLIN and ION Geophysical were prepared for COVID-19
Stories from the Front: The Cloud, Relationships and Staying Connected
It isn’t a stretch to say that COVID-19 affected everyone. From corporations, employees, families, small businesses, and everything in-between, changes hit us like a brick. However, some companies benefited from this disruption. Zoom, PayPal, Amazon, Peloton, were big winners and one obvious common denominator is they all enable digital use during a time when physical interaction was not possible.
As a treasury management software provider, we were not only prepared – our core product was essential to the success of most of our clients. Whether it was liquidity planning, netting, and reconciliation, payment processing, etc., our cloud-based system empowered our clients to remain efficient while being forced to be lean.
On this episode of the Stories from the Front from Strategic Treasurer, Host Craig Jeffery joins Lena Pennington, Director of Sales Engineering at BELLIN, and Lee-Ann Perkins, Assistant Treasurer at ION Geophysical, to discuss how they successfully managed through the onset of the COVID-19 disruption. They share valuable insights and effective strategies around working from home, relationship management, liquidity planning, technology solutions and more.
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To save you some time, I wanted to list some of the highlights of the podcast. Hope you enjoy!
Jefferey: “What worked well or more or less seamlessly at the start (of COVID-19)?
Pennington: “From the office one day – to total lockdown seemingly overnight.
Without preparation, companies that had cloud-based systems were more prepared because they can access from anywhere without being tied to any specific location.
We are a cloud based provider so our clients had an easy time adjusting.
But importantly, the economy was the most affected.
And our tool provides visibility and allows clients to see where exactly their cash is during the crisis.
We have seen that liquidity has been the focus over the past few months. Treasury was always in the background and once the crisis hit, treasury departments became key players in managing that risk.”
Perkins: “We were lucky. Employee safety was the most important thing. We put in protocols and regulations that matched CDC directives.
Success occurs when opportunity meets preparation.
We put plans in place long ago that really paid off. The adoption of digital solutions specifically helped us adjust to the crisis quickly.
Oil price decline and COVID hit us hard. Cash and liquidity management was key – as well as accurate data.
The BELLIN tm5 system was the difference maker here. Because it was cloud-based, we were able to make decisions quickly and accurately.
We would have had to spend a lot of time from not being able to automate our processes like logging into many banking portals to receive transaction information and cash balances, aggregating and verifying details, and then there is always a risk of the systems being down. The tokenization workflow represented an additional risk.
Tm5 lets us automate that process and we never have to log in to any banking portal.
While it may sound like we are taking full credit for the success of Lee-Ann and her team at ION Geophysical, we really don’t feel that way. Working closely with our team, Lee-Ann and her team were prepared and aware of the best practice approach to risk mitigation. We were simply the tool and sidekick that enabled them to put their expertise to practice.
With a cloud-based system, her team was naturally prepared for COVID-19 but the utility of a cloud-based system is not limited to just one-off viral pandemics. A cloud-based approach unlocked a host of benefits like data accuracy, timely decision making, and global collaboration to name a few.
What to hear about more benefits?
Let’s chat and we will be happy to show you.