About the Company (UTIS)
UTIS logistics firm deals with supply chain management services. From warehousing to transportation and distribution services, they provide everything that facilitates smooth operations in the USA and beyond. Being an innovative company, it focuses on fulfilling the growing requirements of the logistics market and driving cost optimization for the company.
| Thanks to Wise BI Analytics, our financial position has improved radically. Their analysis gave the key ingredients needed to achieve outstanding growth in profitability.
Brian |
Challenges Faced
The client encountered many key issues that hindered operational efficiency and financial management:
Inaccurate Billing and Invoicing
There were issues in the client’s processes such as billing and invoicing which affected the correctness of accounts. The manual data entry also had issues adding to the billing inaccuracies, including impacting client relations and threatening revenue integrity.
Invoice Verification Delays
The manual verification process was exhaustive and characterized by errors which delayed the process of transaction reconciliation. This affected the company’s cash flow and financial position because it was difficult to keep track of the payments and balance them.
Lack of Transparency in Financial Transactions
The client kept poor visibility over the financial data and transaction history hampered their decision-making and weakened the confidence of external partners.
Solution
Understanding the client’s needs and the existing system, Wise BI analyzed critical issues with the client’s revenue and profitability. To cope with the challenges and improve the existing systems, they introduced a new combined revenue and volume analysis dashboard.
Robust Financial Management
At Wise BI, the financial management was anchored on a BI revenue and volume analysis dashboard that provided dynamism of financial data and transaction history. This solution enabled the client to make quick decisions, increase transparency, and regain trust with partners and stakeholders. Also, it contributed to better financial management, for instance, by preparing statements that provide an outlook of the company’s performance for a specific quarter.
Results
Wise BI implemented several solutions, resulting in considerable improvements in the client’s operations and financial management:
Increased Accuracy
The advanced billing and invoicing system replaced inconsistencies and mistakes that are usually associated with manual entry, thus delivering error-free invoices and proper records.
Reduced Verification Time
By introducing the smooth verification process, one was able to cut down the time taken in verifying invoices and reconciling the transaction, thus enhancing the client’s cash flow.
Enhanced Financial Transparency
Reliable and efficient revenue and volume analysis dashboard enabled the actual visualization of financial information and empowered the client to keep stakeholder’s trust.
Financial management was enhanced the client received timely and complete performance reports at the quarterly, country, branch, and group level analysis.
Conclusion
In the end, the collaboration with Wise BI, the UTIS logistics firm eliminated major problems with billing and invoicing, as well as the lack of overall financial clarity. Some of the benefits that UTIS gained include enhanced accuracy, reduced verification time, better financial transparency, and generally better financial management solutions. This kind of strategic partnership not only resulted in efficient and effective operations for the client but also laid the foundation for their long-term business development in the logistics sector.
Are you looking for a way to determine the opportunities in your business by analyzing the revenue and volume growth patterns? Contact Wise BI today for the above specific analysis.
