Brown-Forman tackled its problem of antiquated cash management and produced a model of information integration and cash forecasting
By Russ Banham|November 01, 2003 at 07:00 PM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
No doubt, a year ago, there were days when Roger Shannon, assistant treasurer of Brown-Forman Corp., probably could have used a shot of Jack Daniel’s to help him through the day. Back then, the $2.4 billion distiller and distributor of wines and spirits, including the popular whiskey, was still using what Shannon described as “Stone Age” tools to manage working capital and make cash forecasts. All of Brown-Forman’s 16 separate subsidiaries were forced to re-key bank information into cumbersome spreadsheets for daily cash positions, manually reconcile accounts and post account-receivable receipts from paper bank statements.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing. Once you are an ALM digital member, you’ll receive:
Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices,
case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
Exclusive discounts on ALM and Treasury & Risk events.
Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.