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Alexander Hamilton Awards

Collaborative Culture Underpins Treasury Transformation

Here's how Avery Dennison won the 2018 Silver Alexander Hamilton Award in Treasury Transformation.

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.”

Klein and Gregory Reddy, the senior director of treasury who previously oversaw Avery Dennison’s European treasury activities, worked with both internal stakeholders and third parties to determine service requirements. “We looked at the overarching treasury function and then focused in on certain areas, discipline by discipline,” Reddy says. “We’d done some benchmarking about a decade earlier, and we reached out to some of the same companies across a variety of industries. We also reviewed trade journals, including Treasury & Risk, to better understand trends and best practices.”

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Meg Waters

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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