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The Osram Light success story with TIS

“We can model regularly reoccurring business processes such as the opening and closing of bank accounts or the communication of attestations as standardized workflows in TIS Bank Account Manager.” - Tim Geissler, Treasury Consultant, OSRAM.

Standardization and transparency in bank account management

OSRAM is one of the world’s most traditional brand names and is synonymous with light around the globe. OSRAM’s portfolio covers almost the entire value chain from components – including optical semiconductors such as light-emitting diodes (LED) – to lightings, lighting management systems and illumination solutions. In the 2014 financial year the OSRAM Group’s 33,800 employees generated revenues of € 5,142 million.

For OSRAM’s Corporate Treasury and Accounts Department, the group’s worldwide presence means organising a complex network of bank accounts and banking partners in various currencies. In order to take care of transparency and regulatory compliance in this regard, a system is necessary to allow the automated and unitary execution of payments processing, bank statement and accounts management. With OSRAM’s exit from the Siemens Group in July 2013 such a system was no longer available.

OSRAM faced the problem of having to deal with the settlement and documentation of exception requests in paper-based forms rather than via a software tool. Inevitably, this often led to error-prone or delayed communication of information.

Furthermore, OSRAM had to overcome the following challenges:

  • Lack of a single storage location for information on bank accounts and payment transactions
  • Only time-consuming data analysis and central monitoring was possible
  • Tedious and error-prone opening and closing of accounts via paper-based forms
  • No convenient online search possibilities for departments outside of corporate treasury

Learn more about how OSRAM found a solution with TIS which provides automation and maximum transparency through the central management of all information.

Register now to download the OSRAM success story.

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