AVNET, INC.

“Our program [FiREapps] makes sure that roles and responsibilities are clearly communicated, that everyone knows what is going to be managed and that they have the information and the tools they need to get the job done. And most importantly, it enables us to integrate newly acquired companies into the Avnet process quickly and efficiently.”

Avnet, Inc. is a B2B Fortune 500 distributor of electronic parts, enterprise computing and storage products, and embedded subsystems. With more than 300 global locations, Avnet serves customers in more than 80 countries.

CHALLENGE

Since 1991 Avnet has completed more than 80 acquisitions around the world, increasing its exposure in foreign currencies to 60 percent as the amount of income outside of the U.S. rose. Treasury had difficulty identifying and analyzing exposures, leaving risk manifesting in the FX gain/loss line.

 

SOLUTION

Avnet deployed FiREapps EnterpriseTM to incorporate with its ERP, trade execution and accounting systems. This allowed Avnet to establish a globally consistent exposure risk identification and multi-currency accounting process that improved timeliness, enabled cleaner/faster accounting closes and gave more time back to treasury.

 

SYSTEMS ENVIRONMENT

10 different instances of SAP and other ERP systems, SunGard, FXall

 

BENEFITS

‣ Lowered hedging costs by $75k a month in Europe through organic exposure elimination and reduced transaction volume

‣ Enables a consistent exposure definition and calculation management based on data extracted from multiple instances of SAP and other ERP systems

‣ Can be effectively managed from the four regional treasury centers to support hedging at the frequency needed for each entity

DOWNLOAD THE FULL CASE STUDY HERE

 

QUESTIONS OR COMMENTS

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+1 480 443 7333 X1
info@fireapps.com