Dealing with foreign exchange risks has become even more critical given the volatile market conditions. But it's hard to hedge positions if you can't quantify them, and many companies find it a challenge to ferret out that data from their ERP systems. That's where FiREapps comes in. The latest release of its foreign exchange exposure management platform gives companies a more powerful tool for aggregating and understanding information about their FX positions.
Agilent, a $4.5 billion manufacturer of scientific instruments, started using FiREapps recently as part of a makeover of its treasury technology. The Santa Clara, Calif.-based company previously employed spreadsheets to pull together data on its FX exposures, and Dawnette Blake, Agilent's treasury manager for FX and pensions, expects FiREapps to make it simpler to find the information she needs.
Instead of having to hunt through multiple spreadsheets, "with FiREapps it's all there," Blake says. "It's all logical and it's all in one spot."
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