Reference: Feon

Feon Oy: A pioneer in the steel service industry trusts Avalo for cash management automation

Feon Oy is a Finnish steel service company known for its courage to reform a traditional industry. When the company wanted to maintain efficient and secure cash management growth and acquisitions, Avalo was chosen as the solution through a competitive bidding process.

A pioneer in the systems field as well

Feon is a key player in the steel service business, serving the machinery industry, steel builders, and retailers. The company has a turnover of approximately EUR 170 million and employs over 300 professionals across Finland. Feon's CFO, Pekka Kurikka, is responsible for HR functions in addition to finance.

Kurikka describes Feon as a company that is not afraid to challenge industry norms:

“We want to be a pioneer in the steel service industry. For example, we were the first company in this field to launch an online store nearly ten years ago. Back then, the market thought such a thing couldn't be done in such a conservative industry, but we want to stay ahead of the curve in terms of systems as well.”

Competitive bidding ensured the best solution

Feon’s need for a system like Avalo stemmed from a desire to ensure the optimal price-quality ratio and functionality of cash management processes. Although the company already had a similar technical solution in place, they decided to scan the market thoroughly once operations had stabilized.

In the bidding process, Avalo came out on top, particularly thanks to its user-friendliness and cost-effectiveness.

"“Our starting point was that the features had to meet our needs. Avalo was found to have a good user experience, and in this situation, Avalo’s pricing was the best,” Kurikka explains the choice.

Seamless support amidst acquisitions and daily operations

Centralizing cash management into a single system is critical for Feon, as the company operates with multiple accounts and banks. According to Kurikka, Avalo’s greatest benefit is highlighted in manageability:

“When a company starts to have multiple accounts and banks, a system like this is absolutely necessary. Management through one system is significantly easier than operating several banks separately.”

Feon has also grown through acquisitions, which has placed its own demands on customer support. Transferring bank accounts and setting up new ones requires precision and rapid response.

“In acquisitions, we have clearly needed more customer support, and we have always received great help. We have been very satisfied with the skilled consultants.”

“It always works”

Reliability is at the heart of financial management. For Feon, Avalo has proven to be an invisible but indispensable partner that ensures smooth daily operations without interruptions.

"“Avalo is a good, functional, and reliable system. It always works. We haven't seen any problems on our end or on the accounting firm's side. Our experience is that it is also a very secure solution,” Kurikka summarizes.

When Pekka Kurikka is asked why he would recommend Avalo to other companies, the answer is concise:

“A functional, reliable and secure solution.”