kyriba treasury mamagement system implementation herbalife nutrition

Herbalife Nutrition

Kyriba Treasury Management System Implementation

Herbalife Nutrition Ltd. is a global multi-level marketing corporation that develops best-in-class meal replacement shakes and dietary supplements. The company was founded by Mark R. Hughes in 1980, and it employs an estimated 8,900 people worldwide.

Scope of the Project

The Herbalife transformation began with a partnership on a Treasury Management System (TMS) Roadmap with a Vendor Selection Request for Proposal (RFP). Numerous TMS vendors were evaluated on key criteria and the Kyriba software was selected as best in class by Herbalife. The TMS Implementation Project is a 2-phase cross-functional initiative to transition Herbalife’s global banking-related operations into a more centralized structure. As part of Phase 1, Elire and the Herbalife project team worked to implement Bank Statements Reporting, Bank Account Management & Bank Fee Analysis, Cash Management, and Debt capture modules. The aim of this project was to benefit the Corporate Treasury users and to improve efficiency in their day-to-day operations. A second release in early 2021 will include Global Payments, Multi-lateral Netting, and In-house Banking with associated Accounting for all components.

The Challenge

The most significant challenge with the project is execution globally — incorporating requirements gathering, design, and user acceptance testing for all regions in many time zones and numerous local in-country needs. Also a challenge is the deployment of new technologies such as ISO-20022 and API integration between the TMS and the ERP.

Success Delivered

Elire and Herbalife delivered a successful implementation of Kyriba Treasury Management to improve Herbalife business needs. Prior Day, Current Day, and Bank Fee Analysis statements (where available) from eight Banks were integrated to Kyriba. Daily Cash Position worksheet and reporting is auto generated, reducing the effort required to maintain it in MS Excel. Intercompany Loans and External Debt are now recorded in the Kyriba web portal and will further streamline the process of interest accruals and settlements. Go-live was successfully completed on September 13, 2021.

Want to learn more?

Interested in learning more about how Elire can assist your Treasury team? Visit our Treasury Services Page or contact our team at [email protected].