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.
Customized Deal Templates:
- Captures relevant contractual information for deals, such as pricing terms, delivery dates, and other key contract terms.
- Capture a variety of rack sales, including term deals, day deals, and spot deals.
- Captures rack purchases and their relevant contractual information within the system. This helps to effectively manage their purchasing activities, including the negotiation of pricing terms, delivery schedules, and other key contract terms.
- Provides the ability to enter internal purchase and sale deals within the system. This is extremely beneficial for oil rack businesses that may have internal trading activities between different departments or subsidiaries.
- Both user-specific and global templates have been configured, ensuring consistency and accuracy in the way deals are captured and documented.
- The templates are customized in a way to capture all the data coming from the 3rd party system 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.
Customization of the Core Automatcher Rule:
- Captures additional information about rack deals, such as the type of deal (e.g., blending, contract, day deal, exchange, posted) and price market.
- Addition of custom checkboxes in RightAngle to ensure data accuracy and completeness, making certain fields (such as stores on the BOL) mandatory for automatching with transactions.
- Development of interfaces to bring actual inventory data into the system, allowing to track inventory levels more effectively and minimize write-offs.
Customizations to the Invoice Templates:
- Customized draft feature for daily generated invoices streamlines invoicing and payment processes.
- Customized reports based on different payment types reduce the need for multiple payments and save time and resources.
- The drafts include all necessary information such as transaction and payment details, due dates, and total amounts, and can be provided to customers in a variety of file formats such as pdf, excel, and .dtn.
- Improved billing and cash flow tracking results in reducing processing time and errors.
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: