Innospec Inc. is a global specialty chemicals business headquartered in Englewood, Colorado. The company manufactures and distributes innovative products to a range of industries around the world, from oil fields, fuels, refineries and power stations to personal care.
Vice President of Global Business Technology, Vali Jerome, describes Innospec's pricing complexity and the solution the company found to fix them.
In 2012, Innospec was seeking a solution that could easily monitor its operations and improve business processes within the company. In a highly complex industry where compliance is closely monitored, Innospec needed to be able to monitor operations in order to comply with industry regulations.
The variety of systems that were used made it difficult for the company to monitor trade activity, with Senior Management relying on 3 to 4 different reporting systems. This resulted in inconsistent and often inaccurate data, impacting profit margins. The limited visibility, accuracy and availability of data also made it difficult to monitor the calculation and payment of agent’s commissions.
After selecting a new enterprise resource planning (ERP) solution, Innospec looked for a solution that could be integrated with the ERP in order to consolidate their systems. The decision to purchase the Flintfox Trade Revenue Management solution was due to the system's ability to be seamlessly integrated into the ERP they had chosen to implement.
With Flintfox Trade Revenue Management software, Innospec has complete control over the attribute values within delivery mode and payment method. Most importantly, the company can see the commission due to their agent within each sales order at the time the transaction is created, ensuring that the correct payments will be made. Automation of commissions is a critical element of the Trade Revenue Management solution that will ensure that business requirements are met.
Innospec calculates the built-in freight cost for each individual customer and with Flintfox Trade Revenue Management it is possible to define unlimited customer and item inclusions or exclusions and apply them to a specific trade agreement. Calculating the built-in freight costs is a crucial element for Innospec, as it will reduce the amount of unrecovered freight charges and allow the business to capture freight costs within the ERP.
Flintfox Trade Revenue Management software has given Innospec:
Watch Vali Jerome, Vice President of Global Business Technology, describe Innospec's complex business challenges and how Flintfox came to the rescue.