Ericsson, a world leader in communciations technology and services, was recently recognized for its improvements in FX management. After collaborating with FiREapps, Ericsson gained greater visibility into its currency exposure data, enabling the company to save significant time, resources and costs.
After adopting FiREapps SaaS technology, Ericsson realized $2 million in annual savings while reducing FX-related risks by 30 percent.
END RESULT: Ericsson earned three prestigious treasury awards:
Dow Corning, a leading global supplier of silicones, silicone solutions, products, technologies, and services, employs nearly 12,000 people in 45 manufacturing locations around the globe, serving customers in more than 100 countries. The company initially relied on a manual FX process that was resource-intensive and subject to error. Furthermore, it’s SAP-based, multi-currency accounting environment was decentralized and failed to provide adequate currency visibility, resulting in frequent over-hedging.
After collaborating with FiREapps, Dow Corning reduced the amount of time it devoted to currency risk management by 600 hours; the company also realized annual savings of $5 million.
END RESULT: Dow Corning earned three prestigious treasury awards: