NaviCon Group automated treasury in Ostec company

NaviCon Group automated treasury in Ostec company. The Ostec enterprise specializes in implementation of technologies, supply of equipment, materials and rendering service to manufacturers of electronics. Today Ostec is more than 200 specialists and over 2000 clients.

Ostec and NaviCon Group connect long-standing partnership. Therefore when there was a problem of optimization of financial flows and ensuring their transparency, Ostec addressed the checked partners. Presence at NaviCon Group of own development for automation of treasury – CashFlowNAV became an additional argument for benefit of such solution.

Within project implementation the customer had following features: process of submission of requests from divisions for a funds expenditure is automated; routes of approval of requests depending on the approved amount are optimized; the mechanism of the notification of employees on change of the status of their requests is developed; there was a possibility of creation of the payment schedule taking into account long contracts and difficult logistic processes during the work with suppliers.

"The specifics of work of our enterprise are that we work at principles of contracts under which payment arrives to us separate payments, - R.R. Amirov, the Chief information officer comments on Ostec. – And, these payments are tied to the logistic statuses of shipments. In other words, if according to contact we made shipment, then during accurately specified time frame to us money for the sent products should arrive. Taking into account the number of our clients to observe these terms was a difficult task. Today we can accurately control this process. Besides, we had an opportunity to plan not only cash receipt, but also supplier payments. Thus, financial flows of the Ostec enterprise are transparent today and the companies allow to estimate a condition at a specific time frame precisely".