Dow Corning managed to boost its cash visibility through a project that included moving from spreadsheets to an IT2 treasury management system and connecting with its banks via SWIFT.
The company went from having visibility into about 60% of its cash to having visibility into more than 98% for its 74 legal entities that are located in 34 countries and use 27 currencies.
John Coon, global treasury manager at Dow Corning, which is a joint venture of Dow Chemical and Corning that's based in Midland, Mich., noted that the company implemented the project in just nine months, "including joining Swift via a SWIFT service bureau and all the connectivity that goes with that, and onboarding all of our banks."
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