FiREapps Client Flex Named Highly Commended Winner for Best Foreign Exchange Solution
2018 Adam Smith Awards Recognizes Flex’s Automated Balance Sheet Program
(SCOTTSDALE, Ariz.) – Flex – a global supply chain solutions company with manufacturing operations in more than 30 countries – was named a Highly Commended Winner in the Best Foreign Exchange Solution category for the Adam Smith Awards 2018.
Flex and Flex Treasury Director, Nidhi Sharma, were recognized for the operational excellence achieved by automating the balance sheet hedging program from end-to-end, with the aid of FiREapps dedicated FX system.
Andy Gage, FiREapps VP of Strategic Market Development, worked with Flex and Sharma to develop their new program.
“There are very few treasury teams that I have worked with that have had the vision, fortitude and commitment to tackle a project so complex and resource-intense as this,” said Gage.
Treasury’s global project to standardize accounting of FX transactions worldwide made it possible to centralize and automate the gathering of balance sheet exposure data directly from its ERP. Exposure data housed in the ERP system is now able to be automatically sent to FiREapps for consistent tracking of exposure data and customized reporting, then – thanks to FiREapps straight-through processing capabilities – FX trading is carried out via built-in FXall integration, rounding out Flex’s end-to-end, automated program.
“Against a challenging background of distributed manufacturing operations with varying multicurrency transaction recording methods and more than 200 ERP instances, Flex persevered to implement a best practice-based approach to automating a balance sheet program, while reducing risks and costs associated with their former program,” Gage commended.
FiREapps for Balance Sheet is a cloud-based currency exposure management platform that enables treasury professionals to measure, monitor and manage currency exposure and the associated risk from their balance sheet.
For media inquiries please contact Angie Schuster at +1 (480) 443-7333 Ext. 167 or by email at ASchuster@FiREapps.com.
FiREapps is the leading provider of corporate currency analytics and FX exposure management technologies. Established in 2005, FiREapps developed the first solution to automate foreign exchange exposure management for multinational companies. Through a combination of software solutions and expert analysis, FiREapps helps companies ensure they’re accurately measuring and managing their FX exposures. Numerous Fortune 500 companies rely on FiREapps technology to help them reduce FX risk and increase efficiency every day.
FiREapps is headquartered in Scottsdale, Arizona, with offices in Portland, London and Frankfurt.
For more information, visit www.fireapps.com or call +1 866-928-FIRE (3473).