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For many companies, doing business overseas has become part of their daily routine. Maintaining clients in various countries often proves the viability and success of a product internationally. However, when businesses look at domestic and global markets, different questions can often arise.
One of these important questions is currency exchange rates.
What are Currency Exchange Rates?
A currency exchange rate is the rate by which one national currency can be exchanged for another. This often determines the respective value of one currency in relation to another during exchange and trade. Created by differing forces, an exchange rate is often the factor that determines international success.
For example, the semi-recent hyperinflation of the Venezuelan Bolivar has destroyed its former value as a “hard currency.” Its collapse made it impossible for outside companies to do business with Venezuelan firms or operate within the nation. Understanding shifts like this can be critical as your company grows and expands.
Infor ERP already comes equipped with tools that provide organizations with the opportunity to gain a global edge. Infor supports multilingual enterprises, compliance to stringent regulations, and multi-site management, empowering each asset of your business to perform optimally around the world. Plus, its financial management system, Infor Financials, is equipped with multi-currency management. Whether you use a single database, multiple databases, or multiple servers, Infor enables transparent, efficient management of your entire international enterprise.
Infor + Unity X
That being said, without accurate, automated currency rates, Infor alone can only take your business so far in managing global currency. That’s why we recommend a Unity X integration. Unity X automatically transfers exchange rates throughout your enterprise. Over the past 20 years, Unity X has offered transparent exchange rates for over 60 world currencies. Even with constantly fluctuating values, Unity X provides up-to-date rates to mitigate risk and allow businesses to excel in the global marketplace.
There’s no denying it: Growing your business outside national borders introduces challenges to your processes and finances. But there’s also no denying that global expansion introduces exciting new opportunities for exposure and boosted revenue. To make it big in the international marketplace, we recommend using enterprise software solutions that streamline currency exchange.
After over 20 years of providing solutions to global manufacturers and distributors, Datix understands the difficulties of managing multiple currencies. We can help you integrate currency exchange software with your existing software. The combined powers of ERP and currency exchange software can make your business a global powerhouse.
To get started on building your global enterprise, contact Datix today!