"The data is held in protected spreadsheets with no reporting capabilities," this is typical of what we hear from prospects and customers…moreover, internal spreadsheets may not be consistent among users, many are not updated, and there not easily consolidated for reporting.
One customer’s accountant continued on spreadsheets long after the TIES was implemented. The company found a $700,000 error thanks to the consistent, structured setup of the TIES solution.
One customer involved in a property exchange negotiation was given one week to provide contract information by wellhead. Our customer was able to gather the information in one and one-half days. The other party would not disclose how long it took them, but they said it was one of TIES competitors!
Business Development/M&A 2
Another customer divested assets already modeled in TIES. They are convinced the transparent, accurate information gave them a higher purchase price and faster close.
One customer had checks coming into the lock box and Treasury did not have any way to tie the checks to transactions. TIES helped them track daily receivables and cash flow. In the first month, the company found 15% of receivables that were unpaid by the due date. They immediately pursued those payments to reduce working capital requirements.
Reports show buyer, contract, commodity, and dollar amount by due date. Now the CFO knows how much to expect on any given day and immediately identifies unpaid amounts to investigate. The report also allows the accruals department to compare monthly weighted average prices for gas, crude, and liquids as a cross check for reasonableness and planning.
“For the first time we know how much cash to expect on which days”, stated the CFO. “Now we know which receivables to immediately investigate, and Treasury has a better handle on daily working capital requirements so they don’t over-borrow.”
One customer was trading pipeline capacity across international borders. Due to currency conversion and multiple sources of utilization information, they were leaving money on the table. Why? Because they didn’t know exactly how much unused capacity they had to fill or sell.
With the TIES Solution, they now know long and short capacity positions and are able to take advantage of those opportunities to make money.