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JOST

World’s leading producer of vehicle connection components.

About Jost

As the leading supplier of fifth wheel couplings and landing gears worldwide, JOST heads the market in the vehicle interface systems sector. JOST companies are also international market leaders in the supply of Handling (container technology and hydraulic cylinders products) and Maneuvering (ruck and trailer axles and forced steering) Solutions across the globe.

A global sales network and production sites in thirteen countries across five continents mean that JOST has direct access to all major manufacturers of trucks and trailers, as well as all relevant end customers.

JOST currently employs over 2,900 staff worldwide, with 2018 revenues of over €750 million.

Problem Overview

Before engaging CashAnalytics, JOST knew that their cash forecasting and bank reporting processes needed to be upgraded, and a stock exchange listing was the catalyst that pushed them into action.

Although they had worked in the past (when the business was smaller) their previous processes had become too slow, too prone to error, and simply could not scale as the business was growing.

Once the decision to engage CashAnalytics was made, JOST very quickly had a best practice process that produced the highest quality reports and forecasts.

What are their key requirements?

Due to the increased focus on cash management, reporting, and forecasting brought on by the listing, JOST turned its attentions to upgrading its finance and treasury systems.

Realising their previous, manually driven processes were no longer scalable or sustainable, JOST mapped the key requirements they would seek to achieve from an automated cash forecasting and bank reporting solution.

JOST identified the foundational requirements that must be achieved by the new process.

  • Achieve group wide bank account visibility.
  • Implement a robust and reliable 13 week forecasting process.
  • An easy to use system to support day to-day cash and liquidity management.
  • A planning system for capital expenditure.
  • A tool to produce high quality reports for Management and the Board.
  • An enhanced process for quarter and year end forecasting and reporting.

The Solution

Following a review of solutions and options, JOST chose CashAnalytics as its cash reporting and forecasting solution provider.

After an eight week implementation process, JOST reviewed the new systems and confirmed that they had achieved and/or surpassed all requirements identified at the outset.

Automated cash reporting

Over 80 bank accounts were connected directly into the system with an automated daily feed. Dashboards were also created to show daily consolidated cash balances from across the business, as well as other cash management KPIs.

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Effortless forecasting

Due to the high degree of automation achieved, a weekly reporting cycle was established, with most data refreshes from system sources being updated at the touch of a button.

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Strong support for day-to-day cash management

Peter Fox, Jost's Head of Treasury found that the CashAnalytics KPI dashboard was a great platform to support day-today cash and liquidity management.

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Quick, easy, high-quality board reporting

Senior Management were also pleased with the output of the new system.

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Day to day benefits

The new process improvements can largely be grouped into two areas: automation, and reporting & analytics.

JOST managed the transition from an outdated, manual, excel driven cash forecasting and bank reporting process, to a state-of-the-art, automated, cloud technology driven process by choosing CashAnalytics.

Once their choice was made, CashAnalytics was up and running on their systems with a matter of weeks and with minimal disruption to the company’s day-to-day activities.

  • Forecast data collection
  • Bank data collection
  • Collection and reporting
  • Currency revaluations
  • Daily consolidated bank reporting
  • Consolidated 13-week cash flow forecast
  • Credit facility monitoring and forecasting
  • Actual versus forecast and variance analysis

Day to day Benefits

JOST managed the transition from an outdated, manual, excel driven cash forecasting and bank reporting process, to a state-of-the-art, automated, cloud technology driven process by choosing CashAnalytics.

CashAnalytics was up and running on their systems with a matter of weeks and with minimal disruption to the company's daily activities. On a day to day basis, the CashAnalytics system us used for:

Forecast data collection

Bank data collection

Collection and reporting

Currency revaluations

Daily consolidated bank reporting

Consolidated 13-week cash flow forecast

“The CashAnalytics bank balance report gives me a good overview of how cash is developing in each of the subsidiaries. It shows if there is enough, or too much, liquidity in each, and can prompt a quick conversation with colleagues,”

Peter Fox Head of Treasury

“It’s really helpful being able to make quick alterations to the forecast” “if we originally forecast a payment for the first week of June, but then realise we’ll need to delay it, we can do so easily, and have it instantly reflected in the forecast sheet.”

Peter Fox Head of Treasury

“When I log into CashAnalytics in the morning it gives me a sense of what was paid the previous day, and gives a good impression of how receivables, payables, and overall cash will develop in the coming days.”

Peter Fox Head of Treasury

“The main report we use for our management board and our advisory board is a custom consolidation report. Although we also use the cash walkthrough graph to give an overview of how we reached the closing position from the opening position.”

Peter Fox Head of Treasury

“CashAnalytics provides a flexible, easy to handle cash forecasting solution that supports me and my colleagues reliably in our daily work. Also, onboarding of new subsidiaries or bank accounts is no big challenge. Any questions put to the CashAnalytics Team will be answered with top priority. CashAnalytics provides the relevant features that we at JOST have expected.”

Peter Fox Head of Treasury