Performance Challenge
A leading fuel supplier in North America faced operational challenges in their rack business operations across all business functions. With 1,000’s of daily truckloads across multiple terminals, matching the associated BOL’s to the relevant rack deal was a very time-consuming process.
With several different applicable business scenarios and the associated rules that apply in matching the BOL’s to the rack deal automatically, RightAngle (the clients system of record for their rack business) was failing to match 20% of their BOLs which led to inaccurate data capture increasing financial risk and causing invoice payment delays. Every day the client user team had to spend hours trying to manually figure out how to associate the BOL’s to the relevant rack deal so that the downstream business functions could continue as expected.
KEY RESULTS
Improved Accuracy & Reduced Errors in BOL Reconciliation
Reduced manual errors by up to 80% on implementing the custom automatcher rule within RightAngle.
Increased Efficiency & Productivity
20-30% boost in productivity through the implementation of custom interfaces, which monitor inventory levels and minimize write-offs.
Improved Informed Decision Making
Custom reports provided insights for better decision making resulting in reduction of risk exposure by 10–15%.
Expertise on Demand – RightAngle Enhancements
Our recommended solution included customizing RightAngle to enhance efficiency, productivity, and accuracy of the BOL matching process to optimize the overall rack business in the system. The solution featured tailored deal templates, custom BOL automatcher rules, invoice templates, daily invoice drafts, and custom reports. These optimizations streamlined operations, improved RightAngle system utilization, and enhanced user satisfaction while reducing errors and boosting profitability.
Customized automatcher rules automatically matched over 1,000 BOLs to transactions daily, reducing errors and streamlining reconciliation.
Mandated specific fields in rack deals within RightAngle to enforce data accuracy and completeness for automated matching of BOLs.
Developed interfaces to integrate actual inventory data into the system, enhancing the tracking of inventory levels and reducing write-offs.
Customized invoice templates to include rack transaction details, boosting billing accuracy.
Developed custom EFT draft reports, offering insights into counterparty daily billing, draft invoices, and payment deadlines by payment types, aiding credit risk exposure monitoring.
Value Creed Services Mobilized:
Expertise on Demand
Expertise on Demand
Unlock operational effectiveness and elevate the efficiency and reliability of your database through Value Creed’s services. Optimize performance with fast and accurate data extraction, reconciliation, calculation, and reporting.
Key Takeaways
To optimize the client’s rack business within RightAngle, our recommendation was to customize the BOL to rack deal matching logic called “Automatcher” within RightAngle. The customization incorporated all the business scenarios resulting in streamlined rack business operations, including managing trading activities, tracking positions, billing customers, and mitigating risks.
Also, the recommended solution included building custom reports and interfaces that would bring the overall inventory positions together on a near real-time basis and thereby help the middle office manage and monitor risk exposures effectively. This reduced manual efforts and errors in reconciliation.
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