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Insight to All Things Currency and Treasury Management

Last week was a very exciting and interesting period of time for the corporate FX community.  One of the common themes that came out of the Alexander Hamilton Awards ceremony last week was the impact that cloud-based technologies and big data strategies are having in corporate finance and how the financial crisis was a catalyst event to spur a profound wave of innovation within corporate finance departments.

One point nearly every speaker made during the presentation of their AHA submission was the fact that the volatility and uncertainty that resulted from the 2008 financial crises and the on-going upheaval in the Eurozone created a compelling event for finance organizations to increase their use of technology to manage the risk of all kinds. For example, if you think back to pre-financial crisis, monthly FX exposure management processes that relied on partial or stale data and manual processes were fairly commonplace. If you contrast that to the programs that companies like Google, Ford, Microsoft and FLIR Systems, Inc. outlined in their AHA submissions, automation, big data, cloud-based analytics and daily exposure monitoring were recurring themes. Fortunately, these new technology-driven exposure and risk management solutions are now widely available to companies of all sizes.

In the October edition of Treasury and Risk, not only are the stories of the AHA submissions chronicled — including the story of FLIR Systems, Inc., the first mid-market company to win an award in AHA Financial Risk Management based on their innovative use of FiREapps — there is a great story about how Itron, Inc. has used cloud-based technologies to implement and maintain a world-class FX exposure management program. Read this story.

The Itron story is particularly interesting due to the complexity of the Itron business operations and ERP systems landscape. Itron, a $2.4 billion provider of smart metering solutions, has over 70 ERP systems. With their FiREapps-driven solutions, they are able to effectively aggregate and analyze their global exposures at the push of the button.

If you want to learn more about how FLIR and Itron have leveraged the cloud to bring clarity to the FX exposures, I invite you to download our FLIR case study or visit our YouTube Channel to see a video case study that outlines Itron’s FX program.