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Performance Challenge

A major petroleum company had several manual issues that led to incorrect inventory balances. Users manually updated inventory balances across storage facilities, relying on RightAngle data. This process was error-prone and time-consuming, especially during month-end closing. It required several employees to spend several hours daily, with additional hours to correct discrepancies. Inventory data was also manually transferred from RightAngle to Excel daily, lacking automation for efficiency.

Value Creed’s proposed solution approached these challenges with our proprietary digital transformation strategies. The business can now 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.

KEY RESULTS

$280,000

Annual Cost Savings: Automated data comparison, reconciliation of inventory transactions, and distribution of inventory data from multiple reports

90%

 Time Savings: Efficiency achieved by automating manual inventory management tasks

Digital Transformation & Advisory Services

Our team of experts invested time in understanding the business’s needs and challenges, creating a solution featuring four specialized jobs: Physical Inventory Interface, Terminal Inventory Recon, Auto-Agree, and Third-Party Inventory Outbound. These jobs automated data comparison, updates, reconciliations, and scheduled report distribution.

Additionally, we developed custom reports updated by these jobs. This solution saves significant time and money by automating manual inventory tasks (estimated at 18-21 hours daily) and digitally transforming the inventory reporting system. To address the business needs, we delivered a comprehensive solution to achieve the desired results through the following services:

Business Analysis: Our team assessed the client’s business needs, gathered information, and analyzed data to identify areas for improvement.

Solution Design: We created a solution design that met the client’s requirements and incorporated best practices for digital transformation.

Custom Reports and Jobs Development: We developed custom solutions in RightAngle to automate and streamline the client’s business processes.

Data Integration: We integrated data from multiple sources and developed data integration solutions to ensure data accuracy and completeness.

Quality Assurance and Testing: We ensured the quality and reliability of the developed solutions through rigorous testing and quality assurance processes.

Project Management: We managed the project to ensure timely completion within budget and meeting client requirements.

Value Creed Services Mobilized:

Advisory Services

Advisory Services

Our Advisory services not only will help you guide your operations but also help you achieve your vision by taking all stakeholders into consideration. Our highly experienced team has combined full lifecycle, functional and technical expertise to deliver frameworks and guidance around building reliable and scalable commodity trading businesses. 

Digital Transformation

Digital Transformation

Obtain the most appropriate and useful data for your specific needs! Value Creed offers a range of services to support you during your data transformation journey. With expertise in data integration, reporting, and performance optimization, we assist in ensuring that your data is optimized for analysis, visualization, and validation.

Key Takeaways

Value Creed offers a full suite of services to provide a comprehensive solution tailored to meet client’s needs and enhance their business processes. With our RightAngle customizations, users could streamline the inventory reporting process with the help of detailed insights into their inventory positions. Our customizations’ real-time reporting capabilities helped manage inventory positions and mitigate any potential risks proactively. This digitally transformational approach resulted in substantial cost savings and time, reduced manual efforts, improved accuracy, and provided timely information. Additionally, the ongoing support from Value Creed ensured the continuous value delivery to the business.

Contact us today to learn more about our digital transformation solutions.

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Performance Challenge

In the routine operations of a leading fuel supplier in North America, significant errors and mismatches in Bill of Lading (BOL) numbers posed a notable challenge, affecting operational efficiency. The BOL numbers outline shipment contents and destinations, these details were often compromised due to manual data entry errors made by truck drivers at delivery sites. These discrepancies included mistakes in BOL numbers, vendor details, and other critical information. With the receipt of hundreds of BOLs daily, totaling 10 to 100 mismatches, cash flow experienced a notable impact. Failure to generate invoices due to Bill of Lading discrepancies posed risks to credit limits, trade restrictions, operational disruptions, regulatory compliance, resource allocation, customer satisfaction, and cost management.

To address these issues, daily manual validation became necessary to maintain the accuracy of BOL information. Recognizing this need, Value Creed introduced automation solutions to identify and rectify BOL data discrepancies, ensuring the seamless integration of accurate and up-to-date information into the system. Through the implementation of automation, businesses could effectively reduce errors, minimize delays in invoice generation, and uphold smooth operations within fuel transportation logistics.

KEY RESULTS

Operational Efficiency

Automated analysis processes boosted operational efficiency by 75%

Data Accuracy

Achieved 95%+ Data accuracy on BOL data

Resource Utilization

60-70% reduction in resource utilization for manual tasks

Code Management

90% accuracy in destination code management

Invoicing Process

Decrease in invoicing cycle time by 80%

Digital Transformation

Our suggested solution is a comprehensive workflow implemented through Power Automate, designed to significantly enhance operational efficiency by optimizing manual processes.

Data Integration and Visualization: Implemented a unified platform to integrate data from various sources such as RightAngle, and other applications to fetch information from various parameters.

Automated Validation and Matching: Developed automated algorithms to validate BOL numbers and other parameters across different systems to identify correct data. Enabled automated mapping of this data that generated simplified results in the desired format.

Streamlined Reporting: Automated generation of reports and summary tables enabled distribution of data throughout the organization to verify and align the data.

Efficient Database Updates: Integrated automated tools to update Bill of Lading (BOL) data in the RightAngle database seamlessly to ensure timely and accurate updates to prevent errors in fuel delivery logistics

Performance Optimization:  Streamlined operations, reducing manual processing time and errors by 70%. Implemented user feedback loop for ongoing enhancements and analytics-driven refinements.

Value Creed Services Mobilized:

Digital Transformation

Digital Transformation

Obtain the most appropriate and useful data for your specific needs! Value Creed offers a range of services to support you during your data transformation journey. With expertise in data integration, reporting, and performance optimization, we assist in ensuring that your data is optimized for analysis, visualization, and validation.

Key Takeaways

Our solution aims to revolutionize the industry by offering a scalable, user-friendly, and highly efficient platform for managing fuel delivery logistics. The solution covered custom solution development, data integration, workflow optimization, data validation and quality assurance, user training and support, and continuous improvement initiatives.

We tailored a Power Automate workflow for seamless data extraction, validation, analysis, and database updates. The solution drastically reduced manual analysis time from 8 hours to 2 hours daily, preventing breaches of credit exposure limits due to Bill of Lading data mismatches. It streamlined operations, minimized errors, and reallocated resources efficiently. Automation and validation mechanisms ensured data accuracy and compliance with fuel tax regulations, mitigating risks of incorrect tax calculations. By automating data validation and synchronization, our solution expedited invoicing, ensuring accuracy, and reducing manual analysis time, ultimately enhancing efficiency.

Contact us today to learn more about our digital transformation solutions.

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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 unable to effectively match 20% of their BOLs which led to discrepancies in data capture increasing financial risk and causing invoice payment delays. The client user team then had to spend time manually to associate the BOL’s to the relevant rack deal to enable the downstream business functions.

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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Performance Challenge

Achieving a competitive edge requires agility and seamless data integration. This case study details how we revolutionized railcar integration and tracking for a top energy trading firm. The client encountered significant operational challenges in managing the in-transit inventory across 80-100 railcars. Manual tasks consumed 10-12 hours of labor due to the absence of an automated and integrated railcar management system. Implementing our suggested solution reduced manual entry, costs, errors, and improved inventory and service efficiency.

Our solution prioritized Inventory Management, reducing stockouts, optimizing resources, and enhancing financial reporting precision. It’s adaptable to market shifts, improving cash flow visibility for efficient working capital management.

KEY RESULTS

10-15% Annual Cost Savings

In-Transit Inventory Management

3000+ Record Tracking

Efficient Time Management – Records processed within 10-15 minutes

Streamlined Railcar Operations

Automates updates to railcar orders and movement status 

Improved Risk Management

Market Risk, Credit and Replacement Risk, In-transit Inventory Risk

Scalable Infrastructure

No extensive reconfiguration is required

Improved Operational Efficiency

Reduction in manual data entry

Optimizing Operational Efficiency

Value Creed suggested a customized solution that utilized RightAngle’s advanced features, including custom tasks, reports, and integrations.The strategy was centered on using Car Location Messages (CLM) to automate data flow between external railcar tracking systems and RightAngle. This ensured accurate, real-time updates on railcar locations and statuses, streamlining operational workflow. The implementation phase included several essential components: 

Creating Custom Interfaces: Developing interfaces to connect RightAngle with external railcar tracking systems.

Data Mapping and Transformation: Ensuring smooth data exchange across different systems, formats, and standards.

Automating Data Updates: Setting up workflows for real-time data updates in RightAngle to minimize manual errors.

Customizing Scheduling: Tailoring scheduling for railcar tracking to improve transaction settlement tracking.

Ensuring Quality: Implementing rigorous testing protocols to ensure system reliability and accuracy.

Planning for Scalability: Designing solutions with scalability in mind to accommodate future business growth and changes.

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

In our approach to addressing operational challenges around practical railcar integration and tracking, we prioritize efficiency, reliability, and scalability. For instance, our focus has been on improving in-transit inventory management, as our clients typically handle around 80-100 in-transit railcars per month, totaling 1-1.5 million gallons of volume. With our solution, we’ve achieved significant cost savings of 10-15% annually on in-transit inventory management.

Through our emphasis on efficient inventory management, precise timekeeping, streamlined operations, and improved risk management, our team addresses current market complexities while paving the way for the client’s sustained success and future growth in a dynamic market environment.

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Performance Challenge

A leading Energy Company based out of Houston found itself at a crossroads when it needed assistance with upgrading its ETRM system. Lacking prior experience in such complex technical endeavors, the company sought expert guidance to navigate this crucial upgrade process.

The current version of their ETRM system lacked the most recent functionalities and had limited performance enhancement features. The absence of these updated features posed challenges in the inventory reconciliation process, resulting in data mismatches. Furthermore, accessing the system through a Terminal server added connectivity issues.

Additionally, the business team had a limited understanding of the latest version and its features. The overall situation emphasized the urgent necessity for an upgrade that seamlessly integrates advancements without disrupting the intricate existing functionalities of the business teams.

KEY RESULTS

Comprehensive Testing

Ensuring the highest quality standards with testing cycles at every stage

3 - Month Delivery

Ensuring continuous transparency of the project’s progress with a focused 15-day sprint

Smooth Transition

Curated user training plan from subject matter experts along with hyper-care support

Revitalizing Project Excellence

Revolutionary Access Solution: Our implementation was primarily focused on Azure’s visual desktop that completely transformed accessibility, offering a flawless experience.

Expert-Led Knowledge Transfer: Our subject matter experts delivered unparalleled training sessions, empowering business teams with insights that elevated their expertise.

Cutting-Edge Artifact Management: We established an unprecedented system where every test case and result are securely stored at the client’s location, providing instant access.

Automated Excellence: All deployments were seamlessly automated and meticulously process-oriented, setting a new standard for efficiency and precision that defies industry norms.

Unrivaled Transparency: Our execution strategy was characterized by unmatched transparency, rendering every operation audit-compliant effortlessly, setting an exemplary benchmark for industry peers.

Real-time Empowerment: Our weekly dashboards not only kept the client informed but also transformed the way stakeholders perceived project statuses, elevating their understanding to an unprecedented level of clarity and engagement.

Value Creed Services Mobilized:

Upgrade Services

Upgrade Services

Our team is made up of industry-leading CTRM experts who help you model new business requirements to ensure a future-proof setup. Our commitment to CTRM technology is reflected in our upgrade services, which empower you to customize and enhance performance. Our primary focus is to optimize functionality across the board, aligning with market demands through a holistic solution.

Key Takeaways

Hindered by system performance and other challenges, the company urgently required a seamless upgrade. Our transformative solutions included a revolutionary Azure visual desktop, expert-led knowledge transfer, cutting-edge artifact management, and automated processes, setting new industry standards. Unmatched transparency and real-time dashboards elevated stakeholder understanding and engagement. This comprehensive solution not only addressed immediate concerns but also positioned the Energy Company for a future marked by technological excellence and operational efficiency.

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Looking to Manage Inventory Costs for Liquid Commodities Effectively?

Conventional manual methods and third-party systems might not provide the needed real-time accuracy for inventory costs and valuation. Additionally, calculating costs for individual units of inventory, especially within a range of contracts, can be time-consuming. The introduction of RightAngle’s latest version, S21.1, featuring the Daily WACOG by Contract capability, addresses the need for accurate, real-time inventory valuation.

Unlike traditional methods that struggle to reflect daily commodity price fluctuations, the new feature in the latest version of RightAngle closely aligns inventory valuation with market dynamics, benefiting businesses with high daily sales volumes. Implementing inventory valuation methodology of WACOG in an integrated system like RightAngle streamlines inventory management and enhances risk and accounting practices. We recommend that our clients embrace RightAngle’s WACOG method, as it offers a comprehensive remedy for efficient inventory management. This solution capitalizes on industry-specific attributes, tailoring options, and alignment with regulations, all of which combine to enhance effectiveness, accuracy, financial gains, and competitiveness. 

Addressing Inventory Cost Challenges

Challenges in managing inventory costs accurately are widespread. Manual methods can lead to inefficiencies, errors, and compliance risks that affect decision-making. The absence of real-time inventory data visibility can hamper competitiveness, and the complexities of calculating costs for liquid products are a recognized concern.

Current complexities involve disjointed systems, manual calculations, lack of integration with workflows, and the inability to capture frequent price fluctuations inherent in liquid commodities, which ultimately leads to inaccurate cost estimates. Additionally, the continuous flow nature of liquid commodities makes precise inventory tracking difficult, as factors like shrinkage, blending, and measurement inaccuracies can lead to discrepancies in quantity and cost assessments. Managing inventory across various storage facilities, determining appropriate pricing points for cost allocation, and adhering to regulatory standards further contribute to the complexity of the process.

Commodity companies will employ specialized ETRM software and other peripheral systems to address some of these challenges however even then other issues like maintaining data integrity, resource-intensive inventory data updates, error-prone reconciliation processes, and the manual marking of transactions are prevalent in accurately tracking inventory costs and value. 

Benefit from Real-Time Insights, Customization, and Precise Reporting

Selecting RightAngle for implementing WACOG inventory valuation for liquids commodities offers several advantages over other ETRM solution alternatives. The integration of WACOG modeling into RightAngle is customized to suit the business’s needs, utilizing the platform’s robust reporting capabilities. This encompasses features like contract-based cost tracking, flexible pool-based cost calculations, and daily WACOG reports for precise cost insights.

To maximize the utility of RightAngle’s inventory valuation capabilities, we recommend crafting bespoke reports within the platform that consolidate diverse inventory data points. By doing so, businesses can streamline their inventory management processes effectively. A notable case involves our creation of tailored reports for a client within RightAngle, where we amalgamated data from various sources. For instance, this approach integrated information from multiple reports, yielding insights into tank-level inventory through the Physical Inventory Interface. This encompassed valuable details, including estimates of daily end-of-day inventory. Furthermore, our solution seamlessly incorporates the Terminal Data Staging Interface, which validates terminal data to facilitate reconciliation. Moreover, the Search Terminal Inventory Recon Interface was utilized to meticulously compare terminal net quantity against transaction records, ensuring the continual updating of reconciliation statuses to promote a well-balanced inventory control system.

Additionally, RightAngle solution provides risk assessment via daily WACOG risk mark-to-market reports. Notably, the “Use Zero Values to Market for WACOG” function refines inventory valuation accuracy. Additional advantages include prior period adjustments, efficient accounting, seamless system integration, tailored reporting, and real-time data access for adaptive decision-making. This tailored implementation ensures accurate cost management, risk assessment, and reporting while catering to the client’s distinct operational requirements.

We advise clients to focus on unique business contexts and leverage RightAngle’s specialized capabilities in WACOG by contract, WACOG by pool, and Daily WACOG calculations. This tailored approach, aligned with industry best practices, sets our recommended implementation of RightAngle features apart from other available options and ensures that it precisely meets the client’s current situation and needs.

Strategic Edge: Enabling WACOG Implementation

The utilization of RightAngle for WACOG implementation for an organization brings a multitude of advantages, specifically tailored to meet the unique needs of the liquid energy industry:

Effective Cost Allocation

WACOG by Contract provides detailed cost insights for better financial control. WACOG by Pool offers market-responsive cost calculations.

Daily WACOG by Contract

RightAngle recalculates daily WACOG, aligning cost structures with market fluctuations. Crucial for industries like retail fuel, ensuring accurate decisions and risk management.

Customization

RightAngle's customization aligns tools with business goals, enhancing performance without compromise.

Smooth Integration

Seamlessly integrating RightAngle optimizes data flow, boosting efficiency across functions.

Strategic Insights

Leverage specialized WACOG reporting for real-time informed decisions and market competitiveness.

Holistic Approach

RightAngle tailors to client needs, offering a dedicated team for success. Partner with experts for a comprehensive solution that drives success.

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