Leader of India's cable & wire manufacturing industry boards the ship towards end-to-end digitization with IBSFINtech to enable seamless automation of their Treasury & Trade Finance Functions to manage USD 500+ million.

The company is the industry leader in Cable and Wire manufacturing in India, with a USD 2 billion plus market capitalization and USD 500 million plus treasury portfolio. Serving the electrical industry for over five decades, the company also manufactures and sells FMEG products such as electric fans, LED lighting and luminaires, switches and switchgear, solar products and conduits & accessories. The company has 25 manufacturing facilities across the country and exports to 40+ countries globally, with a network of 3500+ distributors.

Challenges

• The entire operations were being managed manually before the automation process was initiated with IBSFINtech. Being manual process with limited resources at hand, it was a time-consuming activity for the company's treasury team. Most of their time went in completing the transactional activities while the focus was required on the strategic decision making. Moreover, owing to the size of the treasury portfolio, it was very difficult and inefficient to manage treasury through spreadsheets. More than the management of activities, the manual activities exposed the entire function to indefinite risk, without any control over the function across the organization. All this created multitudes of other challenges for the treasury function and therefore it was decided to automate the end-to-end operations.

Benefits

• It was a key transformation project and implementation brings key embedded benefits like:

• Standardize the documentation, approvals and funding application process

• 5000+ hours saving in inter departmental working and processing

• Reporting from IBSFINtech application helps in avoiding difficult calculations on monthly basis for preparation of MIS and avoiding errors.

• Month-end accounting entries are automatically created and pushed to ERP

• Policy and Compliance monitoring has significantly taken over from manual to autonomous tracking with policy configuration of both Hedge policy. Exceptions and policy breach are alerted by the IBSFINtech application which improves our policy tracking and helps in taking preventive measures

• Document Generation Engine (DGE) helps in generated various documentation like trade related to banks and Funding request and transfer letters

• Integrated auto accounting for all treasury transactions

• Complete shift of manual operation of treasury size of USD 500 Mn into seamless integrated platform

• Real time visibility of fund positions and limits.

• Reduction in human errors saves the interest loss and reputation

Client Feedback:

Sanjeev Chhabra, Chief Treasury Officer, Polycab India Ltd.

"We will recommend using proprietary systems and integrate with existing legacy ERP system rather than customizing ERP for specialized product. Also suggest to form cross functional team, develop detailed user cases and enough time to test and stabilize the implemented solution. In addition, we are now also exploring more on the open banking with IBSFINtech's solution to enable end-to-end integration from ERP to the banking activities. We deal with multiple banks in the country, including, State Bank of India, IDBI Bank, Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, Indusind Bank, RBL Bank, Yes Bank, Citi Bank, Standard Chartered Bank, HSBC. We plan to initiate Bank integration activities to enable truly paperless and seamless automation of our Treasury and Trade Finance Operations."