CASE STUDY | MANUFACTURING | RPA
Decision Inc. improves AutoX’s Foreign Currency Purchasing System with Robotic Process Automation.
Robotics Process Automation
AutoX is a leading South African automotive lead‑acid battery manufacturer, wholesaling to local and selected African and European markets with their well-known brands.
AutoX struggled in finding optimal foreign exchange rates due to manual and repetitive processes in procuring materials from overseas. This led to inefficiency and wasted time for many key personnel.
Risk of transcription errors has been reduced.
Focus on more important financial processes and decisions.
Automatically saving many hours per week.
AutoX can now procure from overseas knowing they have secured the optimal exchange rate. A previously time-consuming manual process is now performed automatically.
AutoX is a leading South African automotive lead-acid battery manufacturer, wholesaling to local and selected African and European markets with their well-known brands. Under the Rentech division, AutoX is a dedicated importer and provider of renewable energy products and turnkey solutions to domestic, commercial, and industrial sectors servicing the retail and EPC markets.
AutoX supports the South African Motorcycle market through its Autocycle division providing OEM and retail markets with quality imported product ranges inter alia batteries, helmets, tyres and smaller components & accessories for motorcycle and golf cart use.
AutoX procures materials and products from overseas. The fluctuation of the foreign exchange market affects the margin AutoX can make on a product and therefore the importance of ensuring they purchase goods in foreign currency at an optimal price.
This was challenging due to the manual and repetitive business processes to find optimal rates for foreign exchange contracts (FEC). Key personnel were spending vital business time monitoring an application for optimal rates and then manually noting and capturing purchase order information and reconciling payments. This resulted in an inefficient and unproductive use of their time. AutoX engaged with Decision Inc. to improve and optimise the process.
Decision Inc. spent time reviewing AutoX’s foreign exchange purchasing process. Working with their staff they mapped out the process steps and realised that this was a candidate for full automation using RPA (robotic process automation).
Robotic process automation (RPA) is a software technology that makes it easy to build, deploy, and manage software bots that can replicate human actions. The RPA solution could be used to automate repetitive tasks such as monitoring exchange rates, generating purchase orders, and reconciling payments.
Using the Automation Anywhere RPA platform, Decision Inc. built a process that automatically digitises the contents of an emailed purchase order and analyses when a purchase needs to be procured by (a settlement date).
The system then looks at the currency the product needs to be purchased in and identifies an optimal exchange rate for this currency.
Once an optimal exchange rate is identified, the system emails the controller and his team to process the foreign exchange purchase at the optimum rate, eliminating the many previous manual steps that were carried out by AutoX’s team.
The Benefits of Value Realised
Since its implementation, there is no need for AutoX to capture purchase orders and manually monitor ideal exchange rates.
The solution delivered the following benefits:
Automatically capture purchase orders and manually monitor ideal exchange rates, saving many hours per week.
The risk of transcription errors (capturing data from purchase order PDFs into Excel documents) has been reduced.
AutoX’s team can focus on more important financial processes and decisions.
We will gladly help you with your automation journey.
About Decision Inc.
Decision Inc. is a global digital partner that enables businesses to reinvent themselves to realise their full potential.
We deliver agility, resilience, and intelligence to any enterprise, enabling them to adapt quickly and thrive through innovation and opportunity. Our teams have engaged with more than 400 clients globally over the past 15 years, providing them with the expertise to build, operate, and optimise their digital businesses.
We achieve this by leveraging the world’s best technology to drive our client’s business ambitions forward into tomorrow’s reality.
Our success is ultimately driven by our entrepreneurial culture, industry exposure, and the passion of our people. We have three key cross-functional teams – Functional and Specialist Consulting, Development, and Engineering teams. Based in four global offices, our exceptional consultants focus on delivering value to clients by keeping them at the centre of our service delivery.