Bangkok--1 Mar--IBM
IBM Business Analytics solutions to improve financial management efficiency and strategic decision making
Tipco Asphalt, a leader in production and distribution of asphalt products for domestic and international markets, is collaborating with IBM strategic partner WISH Consulting to implement an integrated budgeting, business planning and forecasting system as well as an enhanced capability for financial consolidation based on IBM Business Analytics Solution. The solution will enable the company’s management team to analyse better, plan strategically and make informed decisions to support sustainable growth.
The company is the leading manufacturer and distributor of asphalt products in Thailand and export to many countries mainly in Asia Pacific region. The products are mostly used in road construction and maintenance. The company also supplies non-asphalt products such as Naphtha, diesel oil and high sulphur fuel oil from crude oil refining from its asphalt dedicated refinery in Malaysia to road contractors and construction companies.
Mr Koh Lai Huat, Director, Accounting and Budgeting of Tipco Asphalt Co., Ltd. said, “The challenge that we are facing now is the volatility of pricing of the main raw materials in asphalt such as crude oil. We have to stock up a massive amount of this. To address this issue, we need a reliable solution to more effectively analyse our raw material purchasing decisions more precisely. This would help us in our budget control and business strategy.”
“As a listed company in the Stock Exchange of Thailand (SET), we currently operate 18 subsidiaries domestically and overseas. It is essential for us to develop a system that address the needs for financial consolidation. It is necessary to get our financial processes better integrated and organized, especially when creating complex financial reporting across the entire group of companies while making sure we are in compliance with SET regulations,” continued Mr. Koh.
To meet the needs of today’s customers and comply with all applicable regulations as a listed company, Tipco Asphalt decided to invest in IBM Business Analytics Solution. The solution includes IBM Cognos Business Intelligence (Cognos BI), Cognos Financial Statement Report and IBM Cognos TM1). The solution will assist Tipco with strategic decision making and significantly reduce data collection time while increasing reporting accuracy
Jadesada Kraisingkorn, Country Manager, Software Group, IBM Thailand Co. Ltd.said, “We are really excited to work with a globally recognized asphalt manufacturer like Tipco Asphalt in its latest deployment of unified business intelligence. We believe the combination of our software capabilities for this project perfectly meets the needs of the company’s management, especially in terms of capitalizing on their insightful business data and making effective decisions. With this advanced analytics solution, Tipco is able to improve its competitiveness and improve business outcomes. IBM is well positioned to transform businesses of all sizes and effectively prepare them for future market environment changes.”
An increasing number of manufacturers are infusing intelligence, courtesy of advanced technology such as analytics, into their strategy. Manufacturers like Tipco are now seeing that ‘big data’ gives them a cost effective way to extract deeper insights from many more data sources than in the past. The goal continues to be to extract more information to help the business make informed decisions.
With Cognos Financial Statement Report, Tipco Asphalt can forecast its finance based on key impact factors and generate 3-month rolling calendar. They will be able to have a more accurate financial forecast.
IBM Cognos Business Intelligence (Cognos BI) enables real-time, automated consolidation of enterprise-wide financial management and reporting. This also enables the company’s management to combine relevant processes and create in-dept reports for their fast and effective planning and decision making.