Tennant Company Case Study
FiREapps PRODUCT: Currency Analytics Pro™
ERP ENVIRONMENT: SAP
Tennant’s story demonstrates that currency risk management is not just for huge companies. A Treasury team of 3 people can implement processes and technology to increase FX predictability, reduce costs, and improve operating controls by engaging the business.
Challenge: Global Expansion Amid Currency Volatility
The Tennant Company began its FX management program transformation in an environment of significant global currency volatility. In that environment, currency volatility was impacting Tennant’s bottom line, sometimes beyond its management threshold of $.01 EPS.
At the same time, Tennant was expanding its operations globally. The company’s strategic growth goal depended in part on reaching new customers and new markets, including by expanding its global footprint. Tennant’s Assistant Treasurer, Vicki Haugen explains, “We were expanding through acquisitions in the UK and Brazil and expanding our footprint in China. That expansion, plus the creation of different legal entity relationships, created new exposures for us.”
The combination of bottom line impacts from currency volatility and an expanding global footprint that created new exposures demanded a solution that would give Tennant full visibility into their exposures and enable the Treasury team to truly manage currency risk.
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