Managing cash flows for a Fortune 500 manufacturer that has operations in more than 50 countries requires deliberative decision-making based on available data. Information silos in areas such as foreign exchange (FX) exposures or bank account balances may be hard to avoid, but they can quickly undercut both the efficiency and effectiveness of treasury operations.

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