Managing cash flows for a Fortune 500 manufacturer that hasoperations in more than 50 countries requires deliberativedecision-making based on available data. Information silos in areassuch as foreign exchange (FX) exposures or bank account balancesmay be hard to avoid, but they can quickly undercut both theefficiency and effectiveness of treasury operations.

Eliminating such silos was a key concern for Glendale,Calif.-based Avery Dennison, whose approximately 30,000 employeesaround the world annually produce US$6.6 billion worth of labelingproducts and functional materials. “Our European business has beengrowing rapidly, both organically and through acquisitions,”explains Michael Klein, vice president and treasurer for AveryDennison. “That growth increased our business complexity in Europe,leading us to launch an initiative to assess the treasury-relatedrisks, processes, and opportunities to improve service.”