Third Coast Commodities - A Commodity Trading Company
About Third Coast Commodities:
Third Coast Commodities was formed in 2013 with a vision to start a new physical merchant with the combined goals of bringing transparency to the world of physical derivative commodities and reducing risks.
They specialize in physical commodity trading within the Biodiesel Industry and currently operate with over 200 companies across the nation to coordinate the purchasing, transporting, and selling of by-products of the agricultural sector. As a trading company, their goal is to not only bring maximum cash value but an understanding of where the prices are heading in a constantly evolving environment.
Since their inception, they have added full-time traders which service over 200 companies nationally and internationally in the broader Fats Oils and Grease (FOG) industry: commercial crush, biofuels, restaurant recycling, oleochemical, animal feed, and heating oil markets. Above all else, we aim to give our clients insight and certainty in trading their industry by-products while ensuring ease of transaction. You can explore more about them here https://thirdcoastcommodities.com/
The client approached CloudFronts to digitally transform complex manual business processes into simplified automated routines & document distribution.
Third Coast Commodities team executed their everyday trading operations manually using Google spreadsheets. The trading operations model included vendors on one side and buyers on other and the client team acted as a trading agent.
The buyers issued their item requirements to the agent (Third Coast Commodities) and subsequently, the vendors were allotted to the corresponding buyers as per their needs. This process was getting extremely time-consuming as the Third Coast Commodities team used to manually enter the inputs related to both the parties. Once the sales order was released i.e. when the customer submitted the required items’ list, the team had to manually find out among the list of vendors supplying the same items and match them up in the spreadsheet. This also made it difficult to evaluate the profitability of each transaction.
The CloudFronts team deployed Dynamics 365 Business Central to link the Sales Order and Purchase Order. Once both the orders are linked (matched up) in the portal, the order then gets forwarded to the next stage of ‘Scheduling’, where the schedules dates are mentioned, followed by the input of ‘Carriers’. Subsequently, when the goods picked up from the vendor reach their destination (to the Buyer), Invoice is raised and payment is executed. During the overview of the linkage between the orders, the platform also shows the insight into the revenue made from each transaction.
Microsoft Dynamics 365 Business Central is a cloud-based, all-in-one business management solution which enables businesses to upgrade from manual complex processes to one single, Integrated, comprehensive solution to manage finances, operations, sales, and customer service.
“Thank you very much for your guidance, expertise and support, sincerity and kindness. We look forward to working with you more in the future.”
— Kelly Lavaway, Head of Operations, Third Coast Commodities
Post Go Live:
Post Go Live:
Post-Go-live, the client reported the following benefits:
- They are able to obtain a holistic view of their routine operations and monitor live status and keep track till the final stage of payment.
- They are now making informed decisions with connected data across accounting, sales, purchasing, inventory, and customer transactions.
- They can now evaluate the profitability amount of each transaction, which they were unable to do so manually, thereby, sometimes resulting in losses.
In a nutshell, Third Coast Commodities has been able to automate their complicated business processes of managing data and information and increase productivity remarkably by reducing costs.