In an impromptu meeting of NeuGroup for Life Sciences Treasurers, members hashed out treasury organization structures.
“Connected by NeuGroup” is a phrase we use to describe one of the key benefits of being a NeuGroup member: the opportunity to reach out to peers on a topic of concern, whether directly or through our expert matchmaking peer group leaders.
- Just recently, when one NeuGroup for Life Sciences Treasurers member reached out to a peer group leader with a question about treasury organizational structures, it led to a turbocharged, peer group-wide Connected by NeuGroup experience.
A super session. The session originated with a request by one member who asked NeuGroup to connect him with a few members to some benchmarking on a one-on-one basis. Mindful of the high level of requests we periodically receive on this topic, the peer group leader reached out to the group to gauge interest on the topic—which received a strong reception and quickly escalated into a high-demand session.
- The unplanned Zoom call, which had over 10 other treasurers in attendance, began with the member providing background on a recent development within his organization that led him to be responsible for almost four times as many full-time employees across far more locations overnight.
- With this as a short background, the member asked the group for their input on what the treasury structure should look like for a company with a globally significant footprint.
- Members spent the better part of an hour sharing not only their organizational structure, but their rationale for the human resources dedicated to each vertical.
Quick takeaways. Just a few of the insights gleaned by members in attendance:
- US-based companies like the member’s look to provide organizational support in three main geographic areas: Europe, Asia, and Latin America.
- “Allow treasury to focus on treasury,” meaning that single, fully integrated global technology solutions create a simpler environment than if each region had its own choice of platforms.
- Additionally, organizational structures with clear lanes and responsibilities were reported back as useful to prevent teams from getting bogged down in the process or multiple duplicative workloads with little value add.
- As treasury processes change, members were keen to highlight finding the pain points before changing a process, with heavy warnings on codifying inefficient or broken processes.
In all, it was a great session for the Life Sciences group, and plenty of member connections were made during and after the call. Learn more now about how you can be Connected by NeuGroup.