NUVI Group, an established business group, has been active in Angola and Portugal since 1998. With operations exceeding US$1 billion in value, NUVI Group owns various companies, including Kinda and Refriango. This case study revolves around one of its subsidiaries, Wayfield.
Challenge
NUVI Group faces a unique challenge in its daily operations. To ensure smooth business transactions, NUVI Group must confirm that payment has been received in their accounts in Angola before shipping goods. This necessitates the regular upload of bank statements. However, the challenge is multifaceted:
- Diverse Formats: Bank statements arrive in various formats due to multiple banks and companies, making it challenging to manage and reconcile them efficiently.
- Multiple Currencies: Dealing with multiple currencies adds complexity to the process.
- Slow Internet Connections: NUVI Group’s employees, particularly in Angola, often contend with slow internet connections. This results in substantial delays in acquiring the necessary financial data required for daily operations and dispatching goods.
Solution
Wayfield turned to ALLOS to address these complex challenges effectively.
Key Features of ALLOS Solution:
- Efficient Bank Statement Upload: ALLOS allows multiple bank statements to be uploaded into SAP simultaneously, streamlining the process.
- Data Standardization: ALLOS is capable of retrieving data from various formats and transforming it into a single, easily manageable format. This simplifies data processing and reconciliation.
- Duplicate Transaction Prevention: To avoid reconciliation issues, ALLOS compares transactions that have already been considered with statement transactions to prevent duplicates.
- Balance Checks: ALLOS meticulously checks bank balances against SAP balances to ensure accuracy and consistency.
- Automated Data Retrieval: ALLOS uses formulas to directly collect data from central systems, reducing manual data entry.
Results
The implementation of ALLOS has led to substantial improvements in NUVI Group’s operations and financial management:
- Enhanced Speed: Data entry speed increased by 400%, allowing NUVI Group to upload updated bank statements into SAP swiftly and efficiently.
- Reduced Workforce: NUVI Group reduced the number of employees involved in the process by 50%. Fewer staff members now handle a larger number of statements, significantly improving operational efficiency.
- Improved Responsiveness: By streamlining the bank statement management process, NUVI Group can now respond more rapidly to customer needs, enhancing overall customer service.
Conclusion ALLOS has proven to be a valuable solution for NUVI Group in their bank statement management. It has not only streamlined the upload process but also improved data consistency and accuracy. These enhancements have translated into increased operational efficiency, faster response times, and reduced workforce requirements, ultimately benefiting Wayfield and its customers.
