(Cap)tivating Treasury Innovation at New Era

New Era Cap is a distinguished headwear company, renowned for its unwavering commitment to craftsmanship and quality since its founding in 1920 by German immigrant Ehrhardt Koch. Initially a small enterprise, New Era Cap has evolved into a globally recognized retail apparel and fashion brand, celebrated for its innovative designs and superior products. Through its dedication to excellence and continuous innovation, New Era Cap remains a pivotal force in the headwear market, delivering iconic products that resonate with sports enthusiasts and fashion-conscious consumers alike.

Modernizing Treasury Management for Enhanced Liquidity Performance

As a company with a legacy of innovation and excellence, New Era Cap faced significant challenges in modernizing its treasury management operations. The treasury team, though small, was tasked with managing complex financial processes that were heavily reliant on manual data handling and report generation. This approach was not only time-consuming but also hindered the team’s ability to provide timely and accurate financial insights to upper management, impacting overall liquidity performance.

Recognizing that these inefficiencies could slow growth, especially during strategic initiatives like acquisitions, New Era Cap embarked on a transformation journey to streamline and automate their treasury processes. By selecting Kyriba with Clearsulting as the implementation partner, they aimed to transition from outdated manual methods to a state-of-the-art treasury management system (TMS) that could enhance visibility, control, and ultimately, liquidity performance.

Strategic Shift with Kyriba for Greater Liquidity Control

With the challenges clearly identified, New Era Cap took decisive action by working with Kyriba and Clearsulting to implement a cutting-edge treasury management system. This strategic move was pivotal during a period of significant growth, marked by the acquisition of a major competitor, ‘47 Brand. Kyriba’s platform offered a seamless integration of foreign and domestic bank accounts, providing immediate and comprehensive cash visibility. This enhanced capability allowed New Era Cap to efficiently set working capital targets and manage financial operations, ensuring that the treasury team could support the company’s ambitious growth strategy with precision, agility, and improved liquidity performance.

Streamlining Operations and Empowering Leadership for Liquidity Success

Following the successful implementation of Kyriba, New Era Cap experienced a profound transformation in its treasury operations. By moving beyond traditional tools like Tableau, the company adopted Kyriba’s advanced cash position worksheets and Excel reporting capabilities. This shift significantly simplified data aggregation and visualization, offering the treasury team enhanced efficiency and accuracy, which directly contributed to better liquidity management.

The automation of cash forecasting processes allowed the FP&A team to seamlessly input data and evaluate various liquidity scenarios, empowering leadership with rapid, data-driven decision-making abilities. With a single-click view of global cash, categorized by currency and market, New Era Cap’s treasury leaders now possess unparalleled insight and control, crucial for navigating the company’s continued growth strategy and enhancing liquidity performance.

(Liquidity) Planning for the Future

Armed with Kyriba’s robust treasury management system, New Era Cap is well-positioned to navigate future financial landscapes with confidence and agility. The implementation of liquidity planning has enabled the treasury team to forecast with precision for 2025 and beyond. This capability, combined with the ability to conduct variance reports and analyze business volatility, equips New Era Cap’s leadership with the insights necessary to make informed, strategic decisions and optimize liquidity performance.

As the company continues to expand its international footprint and engage in strategic acquisitions, the streamlined operations and enhanced forecasting abilities ensure that New Era Cap can adapt swiftly and effectively to market changes, setting a new standard in treasury management excellence and liquidity performance.