“As a global company, currency can significantly impact our EPS. We now have the policies, processes, automation and intelligence we need to more effectively manage foreign exchange exposures. In this market, that’s not a nice-to-have. It’s a must have.”
Cabot Corporation is a specialty chemicals and performance materials company. It operates 44 manufacturing facilities in 21 countries with strong growth in emerging markets.
The multi-currency functionality of Cabot’s ERP system was not being used efficiently across the organization and was producing inaccurate data, leading to unnecessary monetary investments toward hedging. Cabot’s FX exposures were being analyzed and estimated based on 2-week-old source data, and 100 spreadsheets were submitted each month for manual consolidation.
FiREapps provided an open, cloud-based collaborative architecture with full access to all internal teams, providing visibility into current and historical data to show undetected revaluation and multi-currency accounting issues.
‣ Eliminated 63 percent of exposure internally and the associated transaction costs, and realized $1 million in annual saving
‣ FX impacts down from $0.06 EPS to less than $0.01 EPS
‣ Optimized currency risk management eliminates a further $575 thousand annually
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