This week Treasury & Risk awarded its prestigious 2018 Alexander Hamilton Award for Technology Excellence in FX to Newell Brands.
Newell, one of the world’s leading consumer goods companies, collaborated with FiREapps in modernizing its currency risk management program, which – spoiler alert – has proven to be a huge success.
Not only has the FiREapps-enabled workflow captured the attention of Treasury & Risk, it also reduced Newell’s cumulative foreign currency transaction net losses from $88 million (2013-2015) to less than $2 million in 2016.
But we are getting ahead of ourselves.
These are just two of the many perks that followed Newell’s decision to automate its FX program. To see the full list of noteworthy results, we urge you to download a new case study, which documents both the steps Newell took in overhauling its manual process as well as the many benefits that followed.
The Journey to Optimized Currency Risk Management
Included in the new case study is a step-by-step overview of Newell’s journey to automated FX, starting with an examination of the many shortcomings that hampered Newell’s previous manual FX program. Not only was it outdated and time-consuming, it was also inefficient, subject to costly errors and unsuited to keep pace with Newell’s acquisition activity.
The case study documents how the $16 billion company vetted a variety of best-in-class technology providers before selecting FiREapps, Kyriba and FXall to play key roles in automating the program. The study offers a highly-detailed overview of the new workflow – designed and implemented by FiREapps – which leverages the latest technology and interfaces with Newell’s 25 different global business units.
In addition to seeing a reduction in cumulative foreign currency transaction net losses, the updated workflow also…
- Automatically and seamlessly extracted data from 38 different ERP systems
- Increased the notional size of the balance sheet from $800 million to $2 billion
- Created visibility into 14 additional currency pairs not previously identified
Revamping a currency risk management program may sound like an enormous undertaking, but – in the case of Newell – the process was minimally invasive, taking less than 12 months to complete, and delivering nearly-immediate results.
Find out for yourself how FiREapps helped a top corporation improve its FX program, empowering it to better manage currency risk, improve efficiencies and reduce losses.
After reading how FiREapps helped a top consumer goods company, contact FiREapps to learn more about the benefits your organization can achieve by automating.
Get started: Download the FiREapps Newell Brands Case Study now.