FiREapps PRODUCT: FiREapps Enterprise™
ERP ENVIRONMENT: SAP
Avnet provides a vital link in the technology supply chain by connecting the world’s leading manufacturers with more than 100,000 customers globally. Since 1991, the company has completed 80 acquisitions around the world — a growth strategy that consistently yields high value, but at the same time creates a complex and everchanging operating and systems landscape, and increases exposure to volatility in foreign currencies as the percentage of income generated outside the U.S. continues to rise.
While some companies choose to centralize treasury operations, Avnet believes it is important to keep a local touch. Treasury team members are located in four regional treasury centers (Phoenix, Miami, Brussels, and Hong Kong), where they manage foreign exchange risk, as well as liquidity, cash management, and other types of services at a local level based on Corporate Treasury guidelines.
With a hefty workload and fast-paced change, the ongoing challenge for Joe and his globally distributed team is to continue to evolve and improve Treasury processes, including FX management, to keep pace with the company’s expanding global footprint. “We have multiple instances of SAP and we continuously inherit other ERP systems from companies which we acquire,” Joe explains. “Many of them need to be quickly integrated into our risk management program so we can understand and mitigate the exposures they bring with them.”
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