BMC Software, OpenText and Uber Technologies were named finalists for AFP’s 2018 Pinnacle Award. Sponsored by MUFG, the Pinnacle Award, established in 1997, recognizes excellence in treasury and finance.
Finalists were selected by a jury of treasury and finance professionals. Decisions were based on the entrants’ innovative solutions, which helped their treasury and finance operations run more efficiently and effectively. The AFP Pinnacle grand prize winner will be announced on November 4 at AFP 2018 in Chicago.
“AFP is proud to honor the 2018 Pinnacle Award finalists,” Jim Kaitz, AFP president and CEO said. “The treasury and finance teams at BMC Software, OpenText and Uber truly set the global standard for their peers and their profession with innovative solutions that serve their organizations as well as their customers.”
MUFG will make a $10,000 donation to a charity of the winner’s choice. Ranjana Clark, Chief Transformation Officer, Head of Transaction Banking Americas, and Bay Area President for MUFG and Jim Kaitz, will host the award ceremony at AFP 2018.
“MUFG is proud to sponsor the Pinnacle Awards to acknowledge innovation and achievements among treasury and finance professionals within the industry,” said Ms. Clark. “MUFG supports the AFP’s ongoing commitment to education and recognizing excellence in treasury and finance as exemplified by these Pinnacle Award finalists.”
BMC Software’s entry focused on financial planning and analysis. The software maker wanted to increase sales of new software licenses and maintenance contracts. To better measure progress and help the sales team increase revenue and cross-selling opportunities, the finance team created a new metric—New Bookings vs. Renewal Bookings. The home-grown solution, called bSMART, leverages Tableau and demonstrates how BMC’s finance team partners with the business to drive revenue.
OpenText’s submission centered on treasury management. The company has grown rapidly through acquisitions, leading to more than 400 bank accounts in over 120 banks—many not fully integrated into the global treasury center. Moreover, manual processes dominated. In response, the treasury team launched a process that automated payments, statements and cash management; rationalized banks and accounts; and created a global cross-currency pooling structure to improve liquidity management.
Uber’s submission enhanced payments for its drivers. Uber previously paid drivers once a week via ACH, which was inconvenient for users. Its new “Instant Pay” process works on demand, every day via debit card. The new process pays drivers before riders’ funds are deposited—a conscious choice by the company to place employees above the bottom line.AFP 2018 takes place November 4-7 in Chicago. Register for the conference here.