“The FiREapps tools are easy to use and critical to our analysis. They bring issues we might not otherwise detect to our attention quickly so we can address them and make adjustments.”
Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact and help create a cleaner, safer, healthier world.
CHALLENGE
The combination of currency volatility, bottom-line impacts and an expanding global footprint created new exposures, demanding a solution that could provide full visibility into exposures so they could be effectively managed.
SOLUTION
After deploying the FiREapps OnRamp program, Tennant had the needed data integrity analytics that identified posting issues and timing inconsistencies in general ledger accounts. Granular visibility into its true exposures helped the treasury team identify data which was not accurate, complete or timely.
SYSTEMS ENVIRONMENT
Primarily SAP with a second accounting system for the company’s Brazilian operations
BENEFITS
‣ 42 percent reduction in organic exposures
‣ VAR reduced from $3.4 million to $0.5 million
‣ Reduced exposure by $25 million
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QUESTIONS OR COMMENTS
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