“With FiREapps, we select what we want to trade, push a button and the trade is processed immediately … The connection eliminates unnecessary steps, as well as the risk that something may go wrong with the trade along the way.”
With annual revenues exceeding $6 billion, Sanmina is a leading integrated manufacturing services company providing custom design and global supply chain solutions to high technology Original Equipment Manufacturers (OEMs). Its solutions support the computing, healthcare, defense, aerospace and automotive industries amongst others.
Sanmina relied on a manual balance-sheet FX program, requiring the treasury team to gather spreadsheet data from 30 different entities. Treasury then used the data to consolidate its forecasts at corporate headquarters. It then uploaded and manually executed trades. This required treasury practitioners to devote significant time and effort to data collection and file consolidation to ensure the files were combined correctly.
Sanmina collaborated with FiREapps to modernize its currency risk management process using FiREapps SaaS technology, which seamlessly meshed with Sanmina’s existing program (including interfacing with Sanmina’s ERP data collection). Although the treasury team continued to collect forecasts using spreadsheets submitted by individual business units, the team determined that the remainder of the process would benefit from FiREapps automation.
As Sanmina continued to refine their FX management program, they looked for means to enhance their program results analysis and reporting, implementing FiREapps Hedge Performance.
• FiREapps Hedge Performance gave treasury visibility into previously undetected currency exposures
• Sanmina gained insight into causes for FX gain/losses and hedging mismatches
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