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Enhance Inventory Management with RightAngle Customizations

Looking to view and analyze live inventory data across multiple terminal locations?

With RightAngle customizations, you can now streamline the inventory reporting process by creating multiple reports that provide users with comprehensive insights into their inventory positions. The real-time reporting capabilities of our customizations help to proactively manage inventory positions and mitigate any potential risks. Users can now quickly view and analyze the live inventory data across multiple terminal locations, which is further drilled down to the tank level, which enables better-informed trading decisions and improves operational efficiency.

Pre-Customization Challenges

Manually comparing the terminal inventory data with the inventory transactions in the RightAngle recon groups

Reconciling inventory transactions in the Recon groups requires multiple dedicated resources to compare data from various sources, including terminals and 3rd party applications

Updating the physical inventory maintenance with inventory balances from various storage facilities at multiple locations

Inventory data from different reports were being copied/exported from the RightAngle by the users into an Excel sheet manually daily

Value Creed's Diverse Customization Solutions

Customized jobs and reports help to make the inventory management process more efficient by providing the users with the necessary inventory data in a timely and accurate manner. The custom reports eliminate the need for manual searching and sorting through multiple reports, saving time and reducing the risk of errors. They are designed to automate inventory updates, ensuring that the data is accurate and updated, reducing the risk of missed trading opportunities and operational risks.

Below are the custom jobs that can be developed for the users which can streamline the BUSINESS PROCESS immensely:

Below are the custom reports that we have developed to streamline the INVENTORY MANAGEMENT in RightAngle for the business:

Key Results

Value Creed’s proposed solutions can make the current process efficient for the users by reducing manual efforts, improving accuracy, providing timely information, empowering better decision-making, and generating cost savings for the business.

Automation of Manual Processes

The automation of various jobs and reports has led to a significant reduction in manual efforts. our custom solution will save up to 90% of the time when compared to manual intervention needed for importing, exporting, and comparing the inventory data across multiple systems for correctness.

Improved Accuracy

The automated jobs and reports ensure that the data is accurate and up to date. This helps in avoiding manual errors and discrepancies that can be costly for the business.

Timely & Better Business Decisions

The reports provide users with timely information about inventory balances, terminal data, and inventory reconciliations. This helps in making informed decisions and taking corrective actions and users to make better business decisions.

Cost Savings

The automation of tasks like data comparison and updates, reconciling inventory transactions, and distributing inventory data from multiple reports at a scheduled time resulted in daily cost savings of between $300 and $450.

Value Creed Services Deployed

Value Creed provides a comprehensive range of services to deliver a one-stop solution that meets the client’s needs and improves their business processes.

Business Analysis

The process of understanding the client's business requirements, gathering information, and analyzing data to identify areas for improvement.

Data Integration

Integrating data from multiple sources and developing data integration solutions to ensure the accuracy and completeness of the data.

Solution Design

Creating a solution design that meets the client's requirements and incorporates best practices for optimal performance.

Quality Assurance & Testing

Ensuring the quality and reliability of the developed solutions through rigorous testing and quality assurance processes.

Custom Reports & Jobs Development

Developing custom solutions in the RightAngle tool to automate and streamline the client's business processes.

Project Management

Managing the project and ensuring that it is completed on time, within budget, and meets the client's requirements.

Cash Application & Disbursement Module in RightAngle
Rack Business in RightAngle

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Maximize Cash Flow Accuracy with Efficient Cash Application & Disbursement Management

Managing cash flows efficiently is crucial for any business’s financial success. That’s why RightAngle’s Cash Application & Disbursement module, available from version S20 onwards, is designed to streamline cash management processes and ensure accurate management of cash flow, leading to improved bottom-line results. Let’s explore the various advantages this module offers:

Automate and Minimize Errors

By automating the cash application and disbursement process, manual effort is significantly reduced, resulting in fewer errors. This streamlining not only saves time but also enhances accuracy, ensuring that cash is applied to the right invoices and receivables efficiently.

Seamless Integration with RightAngle Modules

RightAngle's Cash Application & Disbursement module seamlessly integrates with other RightAngle modules, providing comprehensive cash management capabilities. This integration allows for a holistic approach to financial management, enhancing overall operational efficiency.

Enhanced Visibility into Cash Position

With this module, businesses gain valuable visibility into their cash position. They can access crucial information, such as bank details and cash availability reports, empowering them to make informed financial decisions promptly.

Effective Management of Open Items

The module includes powerful tools for creating write-offs and managing open items effectively. This feature improves the accuracy and transparency of financial records, reducing outstanding balances and enhancing overall financial control.

Aging Reports and Accounting Control Panel

RightAngle's Cash Application & Disbursement module offers aging reports that provide a clear overview of receivables, payables, and cash flow. Additionally, the accounting control panel provides greater transparency and control over financial operations.

It is a one-stop shop that enables businesses to be more transparent and efficient in terms of cash management. Businesses would be able to apply cash received to invoices and other receivables, send cash disbursement data to financial institutions, Report on Open Cash, Open Receivables, and Open Payables, and maintain more detailed Bank and Bank Account information.

Business Issues

A business using a third-party tool connected to RightAngle through an interface may face challenges related to inefficiency and limited visibility into its cash flow. To fully address these challenges and improve the efficiency and accuracy of the cash management process, it would be necessary to fully implement RightAngle’s Cash Application & Disbursement module.

Implementing a Customized Cash Application module in RightAngle

The implementation of these customized solutions can have a positive impact on the company’s cash management operations, reducing operational costs and increasing customer satisfaction.

Our team at Value Creed has built an interface to apply cash in bank, by this the company has streamlined the cash application process and reduced manual errors.

The Sample bank BAI file inbound task developed by the VC team involves the automated loading of vendor draft files into a designated location, followed by the extraction of payment information from the records. Payments are then loaded into a staging table for further processing

Task scheduler –  Sample Bank BAI file

 

Further, it is then added to the Search Available Cash Report under the cash application and disbursement module for tracking and manual application to open receivables using the Cash Application Tool

Search Available Cash Report  


The team at Value Creed also has developed the EFT drafts report, using data from the cash release. It provides the company with increased visibility into its cash management operations.
The DTN EFT Drafts Interface task involves the automated loading of electronic funds transfer (EFT) draft files from DTN to a specific location. The task then extracts payment information from the records and loads them into a staging table called ‘Search EFT Drafts’, for further processing.

DTN Draft Jobs

The next step of the process involves attempting to match the records in this staging table to the cash release records and mark the release status of the matched records as ’Gone to Bank’. The Search EFT Drafts report also includes a section for errors, and users can review the status and errors in this report.

Search EFT Drafts

Overall, the DTN EFT Drafts Interface task streamlines the payment management process and ensures accurate tracking of payables, and using the Search EFT drafts report a better visibility is provided for the users on their cash management process.

Cash Release Management

Benefits of Implementing the Module

User-friendly & Intuitive

Higher opportunity costs against training purposes on the 3rd party tool

Eliminates Licensing Fees, Lowering Correction & Rework Costs

Saves a mid-size energy firm up to 100% of the cost of a third-party tool subscription

Automates Cash Application & Disbursement Process

Higher opportunity costs against training purposes on the 3rd party tool

Visibility into Cash Position

Includes Bank information and Cash availability report which can save a mid-size energy firm up to 40% of the cost of a separate reporting tool

Match & Reconcile Payments and Disburse Financial Data

Improves cash flows; this solution aids to save up to 20% on the cost of financial management, resulting in potential cost savings
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Importance of Purging & Archiving Strategies in RightAngle

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Optimize Your Data Management for Efficient Business Processes

With RightAngle handling large amounts of data, such as trade transactions, market prices, and risk positions on a daily basis it is necessary to regularly remove redundant data to prevent slowdowns and improve the overall performance of the system.

Purging and Archiving play a major role to provides a more efficient and effective way of managing old and unnecessary data, reducing the risks related to data management. RightAngle’s Purging and Archiving functionality eliminates the manual process of removing redundant data from the data table and enhances system performance.

Enhance Data Quality with Automation

Purging and archiving is a common challenges faced by organizations of all sizes. Learn more on how several impacts of the manual approach can be eliminated by implementing the RightAngle tool aiding organizations to improve their overall business performance.

Removing data directly from the database without proper backups or archives increases the risk of accidental data loss.

Over time, the database can become cluttered with unnecessary data, which can slow down the system and negatively impact performance.

Manually removing data from the database requires ongoing manual intervention, which can be time-consuming and costly.

The manual approach does not provide an auditable trail of data changes, which can make it difficult to comply with regulatory requirements.

Efficient backup and archive process, reducing the risk of accidental data loss and and recovery time is significantly reduced by up to 40%.

The solution automates the process of removing old and unnecessary data, reducing the need for manual intervention, and freeing up resources for other tasks.

The purging and archiving solution is integrated into the RightAngle tool, providing a streamlined process for managing data that is more efficient and effective than manual methods.

The solution provides an auditable trail of data changes, making it easier for organizations to comply with regulatory requirements.

 

Read More About Our Implementation Success

This case study highlights how Value Creed solved Space and Performance issues for a RightAngle Downstream Company

Comprehensive Data Management with Value Creed

Value Creed’s custom approach is built on the RightAngle tool, which provides a comprehensive and integrated data management platform. With popular beliefs on data being kept indefinitely, or that purging data is a complex and time-consuming process. 

We can help you with our broad expertise to automate the purging and archiving process, making it more efficient and reliable by reducing the job completion time by 20%, while also ensuring data privacy and security.

Value Creed's Approach to Resolve Complexities in the Process

Leverage our Expertise to Ensure Successful Implementation

Value Creed offers a range of services related to purging and archiving in the RightAngle tool. These services include implementation, training, support, and ongoing maintenance in RightAngle. With our wide expertise in the industry, users can benefit from our services with the right solution for their data management needs, reducing costs, improving system performance, and enhancing data security.

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Importance of Purging & Archiving Strategies in RightAngle

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Archiving and Purging Strategies

The purging and archiving solution in the RightAngle tool uses an automated process to move inactive data from the production database to an archive database. The process is designed to be simple, efficient, and scalable, with minimal impact on system performance increasing. The data is securely stored and easily accessible for retrieval allowing better use of their data.

Archiving in RightAngle

RightAngle provides the ability to archive data that is no longer actively used to a secure storage location. This can help improve system performance by reducing the number of rows in the tables and prevent any negative impact on the system due to a large volume of data

Purging in RightAngle

RightAngle provides functionality to configure the purging to control the record retention settings for the various log and archive tables within the system. It also provides the ability to define retention periods for specific custom tables.

Understanding the Implementation Strategies

Key Benefits of Archiving and Purging Strategies

System Performance

  • Effective management of the stored data in the database.
  • Ensures an efficient system operation and prevents data overload by reducing the volume of data and freeing up to 50% of disk space.

Data Management

  • Provides a superior data management experience by allowing users customization options.
  • Ensures only essential data is retained, resulting in an optimized data management solution and also reduces recovery time by 40%

Storage Cost Savings

  • It helps companies to reduce 50% of storage costs by removing unnecessary data from the custom and core tables, reducing the amount of data that needs to be stored.

Compliance

  • It help companies to comply with regulations regarding data retention in energy companies by providing a secure and controlled way to remove data from the system.
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Enhance Data Quality with Purging & Archiving in RightAngle

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Streamline Rack Business Operations

The energy trading industry involves buying and selling commodities through ETRM tools like RightAngle. However, standard features may not meet specific business needs. Our expertise offers customized solutions to streamline rack business operations, including managing trading activities, tracking positions, billing customers, and mitigating risks.

Below is how a Rack Deal is performed in RightAngle:

Industry Pain Points

Inefficient operations lead to delays, errors, and increased risk, which ultimately impacted the bottom line of the business. This further leads to challenges in retaining customers as well as acquiring new customers.

Each office has its own additional challenges due to the standard template available in RightAngle, these are: 

The deal template is incompatible to capture all the necessary data required by the business. The inability to enter internal purchase and sale deals within the system makes it extremely difficult to capture and manage internal trading activities between different departments or subsidiaries.

Middle office users spend a significant time matching physical trades to the movements, leading to an increased risk of errors and potential delays. With 3rd party tools, the process of capturing rack deals, scheduling them, and handling movements and related BOL files makes the entire process time-consuming.

The unavailability of customized invoice templates like payment type drafts, billing, and cash applications makes the process inefficient and error-prone, leading to delays in payment and potential disputes with customers.

Value Creed's Customized Approach to Rack Business

The suggested solution includes customized deal templates, automatcher rules, and invoice templates, as well as drafts for daily invoices and custom reports tailored to customer requirements. These customizations help clients to streamline their operations, optimize the use of the RightAngle tool, and improve overall efficiency, leading to improved customer satisfaction, reduced errors, and increased profitability.

Benefits

Customized solution for RightAngle by Value Creed has results in improved efficiency, productivity, and profitability for businesses.

Our customizations help streamline front-office operations, allowing businesses to more efficiently capture, manage, and track deals, resulting in increased efficiency and productivity.

Our customizations will provide businesses with enhanced middle-office capabilities, such as the ability to track inventory levels, automatch transactions, and generate customized reports, resulting in better risk management and improved decision-making.

Our customizations can help businesses streamline their invoicing and payment processes, reducing processing time and errors, and increasing efficiency and productivity.

Our customizations provide businesses with increased visibility and control over their trading activities, allowing them to better manage risk exposure and make more informed decisions.

Increased Efficiency & Productivity

20-30% increase in overall productivity

Improved Accuracy & Reduced Errors

Reduce manual errors by up to 80%

Better Risk Management

10-15% reduction in risk exposure

Improved Cash Flow

5-10% improvement in cash flow

Cost Savings

10-20% reduction in storage costs

Value Creed's Service Add Ons

Value Creed offers a range of services to help customers implement and customize RightAngle to meet their unique business needs. Some of the services that will help deliver the Customized Rack Business solution include:

RightAngle Customization

Customization of deal templates, automatcher rules, creating invoice drafts, multiple reports, and other features to meet the unique needs of the customers.

Special Report Customizations

Customized reports to include specific information such as the date and time of the interface, the type of deal, the deal ID, the source of the interface, and any relevant details or comments.

Business Process Optimization

Optimizing business processes by analyzing current workflows, identifying areas for improvement, and implementing best practices

Implementation and Integration

End-to-end implementation services from project planning and scoping to testing and deployment.

Training and Support

Training on core functionalities, as well as customized training on features, functionalities, and workflows related to rack business.
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Understanding and Managing the Complex Challenges of Credit Risk

Credit Risk is associated with the risk of a loss occurring due to the failure of any counterparty to abide by the conditions of a financial contract. Credit risk generally occurs due to the deteriorated financial condition of the counterparty. Failure to mitigate credit risk can disrupt the cash flows of the lending party and ultimately, take a toll on the organization’s finances. 

Value Creed helps its business users better manage credit risk and presents an opportunity to greatly improve overall performance and secure a competitive advantage.

Credit Risk in the Energy Sector

Credit risk has a huge impact on the energy sector and, following the credit crunch, more sophisticated methods of measuring, monitoring, and managing credit and related risks is now the norm. Four challenges arose as a result of this shift.

Energy Supplier Logistics Risks

When negotiating credit terms with a supplier, consider the added exposure that comes with long lead times in cutting production if a customer defaults

Sunk Costs and Overhead

The nature of the industry requires suppliers to pre-finance infrastructure and other non-commodity billing components

Dwindling Margins

Fierce competition and the global nature of energy and other commodities markets place a premium on liquidity and cash flow, which credit anomalies may significantly disrupt.

Unpredictability of Demand

COVID-19 and its aftermath turned the energy market upside down. Factories limited production, remote work dampened fuel demands, increasing the potential for excess supply.

Energy companies have become more aware of the contributors to and issues surrounding credit risk management functions:

Analytics

Internal evaluation aimed at workflow improvements

Benchmarking

External scoring still important, but other metrics have emerged

Sophistication

Standardization of credit worthiness and exposures all along the value chain

Focus

Credit risk concerns are garnering more executive scrutiny and becoming more strategic

Tangential Risk

Margining and increased collateral demands have shifted risk to other areas

Clearing

Compulsory clearing places greater emphasis on cash requirements and liquidity management.

Credit Risk Management in RightAngle

Credit Center provides information about a counterparty’s Total Available Credit versus its Total Exposures at any given time. The configurable tools and editable reports in Credit Center aid customers in regulating and managing trading activity with their counterparty. Credit Center reports provide insights that allow customers to predict future exposures and available credit so they can manage current exposures and available credit.

Credit Center allows customers to capture credit instruments for secured and unsecured allocation of credit and blanket instruments as well those specified by deal, deal detail, order, and movement. Credit Center supports RightAngle’s core credit instruments:

Credit Line

Prepayment

General Authorization

Bond

Letter of Credit

Promissory Note

Gurantee

Value Creed's Approach to Credit Risk Management

Value Creed’s SMEs have worked on various such configurations and customizations in RightAngle Credit Life Cycle:

Value Creed’s risk management services for RightAngle ensure the platform delivers all the functionality companies need to generate full transparency so they can make informed decisions to protect themselves while maximizing profits. This necessitates customizations in the RightAngle core Credit and Cash Application workflows, which are designed and developed based on the client’s business needs.

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