Sealaska Achieves Deeper Treasury Intelligence and Maximizes Yield Potential
Established in 1972 and celebrating over 50 years in business, Sealaska is the Alaska Native regional corporation for Southeast Alaska. Their 25,000 shareholders are Tlingit, Haida and Tsimshian people with more than 10,000 years of ancestral ties to the oceans, forests and communities of Southeast Alaska.
Headquartered in Juneau, Alaska, Sealaska owns and manages 362,000 acres of land on behalf of their shareholders. Sealaska’s land holdings in Southeast Alaska are roughly 1.6% of the traditional homelands that the Tlingit, Haida and Tsimshian people have inhabited for more than 10,000 years.
Environmental Services, Commercial Services, and Sustainable Seafood
Manual Workflows Made Bank Reconciliation a Time Consuming Process
In business for over 50 years, Sealaska has grown into a complex organization through organic growth and multiple acquisitions. The company gained an array of new banking partners across the globe as they scaled their operations. Coping with the expanding intricacies of their bank mix was a challenging and repetitive manual task. They spent countless hours collating daily balances in spreadsheets, manually generating reports and forecasts, and conducting rigorous quality assurance checks to guarantee the accuracy of forecasts. Not an easy task with cash reports across 30+ subsidiaries! This labor-intensive process limited time spent on gaining strategic insight and driving growth for the organization.
Limited Cash Forecasting Capabilities
With high volume transaction data across their subsidiaries, manually scouring through spreadsheets to generate forecasts was a pain point for their lean treasury team. Sealaska’s lack of automation was limiting how far into the future they could forecast and plan for. They needed an automated cash management platform that empowered them to spend less time gathering and normalizing data, and more time on strategic analysis.
Senior Treasury Analyst at Sealaska Corporation
Automated Bank Reconciliation Fosters Strategic Cash Management
By leveraging Trovata’s APIs, Sealaska was able to streamline the aggregation of their bank data, creating a Multi-Bank Data Lake™ that provides a comprehensive overview of cash flow across their bank mix. Additionally, Trovata’s machine learning functionality automates cash reporting and forecasting based on historical data, drastically streamlining their process.
Director of Financial Operations at Sealaska Corporation
Trovata has also enabled the team at Sealaska to seamlessly manage the complexities of multi-entity finance. Sealaska has a number of their international entities utilizing Trovata which allows them to compartmentalize so their subsidiaries can only view their own accounts, reports, forecasts, and data. Meanwhile, the team at Sealaska leverages the platform to focus on the big picture and have a birds’ eye view of the organization’s global cash flow.
Easy, Flexible Implementation – No IT Required
With Trovata, the team at Sealaska were able to implement the system without assistance from IT. Furthermore, thanks to the flexibility of Trovata’s API, they were able to customize their setup and make changes as needed.
While obtaining powerful technology has been a game changer for Sealaska, they also have gained a true partnership with Trovata’s team of experts. No matter what their needs or queries are, or who they speak with from team Trovata, they experience world class customer service that exceeds their expectations.
Deeper Intelligence for Cash Optimization and Growth Opportunities
Armed with streamlined reconciliation, deeper visibility, and comprehensive forecasting, Sealaska has been empowered to make smart decisions that generate returns for the organization.
- 10+ hours saved weekly by automating bank data aggregation with Banking APIs
- Improved Forecasting – Trovata enabled Sealaska to evolve their cash forecasting capabilities from 1 month cash planning to 13 weeks – 1 year.