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.
Watch Vice President of Global Business Technology, Vali Jerome, describe their complex business problems and the solution the company found to fix them.
In 2012, Innospec were seeking a solution that could easily monitor their 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 their 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.
- With freight expenditure costing tens of millions year, Innospec are now able to calculate the costs correctly and capture the activity within their Enterprise Resource Planning (ERP) solution.
- They have transformed their compliance processes to keep up with complex industry regulations and stimulated growth for the company at the same time.
- All agent’s commissions are monitored, calculated and paid within one system as opposed to separate external spread sheets.