Case Study: How Jofran streamlined their document and payment processes with ODeX

• Client : Jofran, a furniture wholesaler

• Industry : Wholesale/Retail Furniture

• Platform : ODeX's Workflow Management, Documentation & Payment Management

 

Introduction

Jofran, a prominent furniture wholesaler, has been navigating the complexities of international trade with a significant focus on improving operational efficiencies in documentation and payment processes.

This case study explores Jofran's adoption of the ODeX platform, highlighting the challenges faced by Jofran, the solutions provided by the ODeX platform, and the benefits realized.

 

Global Challenges in Trade Documentation and Payments

Trade across borders involves complex documentation that can be prone to errors and delays. Companies face challenges with payments as many financial transactions often face significant delays due to banking processes, currency exchange, and compliance checks.

Companies also struggle to obtain real-time updates on their shipment statuses and financial transactions, impacting decision making and operational efficiency.

Jofran encountered several such challenges that hindered their operational efficiency:

• Limited Visibility: Difficulties in tracking and reconciling invoices and understanding the status of container releases was a major issue which often led to operational delays and increased administrative burden.
• Inefficient Payment Processes: Frequent delays in the application of payments especially relating to carrier payments affected their cash and information flow and financial planning.

 

Jofran's issues and ODeX solutions

• When our Cash Applications team met with Jofran for the first time through one of our demos, Jofran were grappling with several critical issues that hindered their operational efficiency in the form of significant delays in payment applications, creating a bottleneck in their financial processes.
• Before adopting ODeX, tracking and reconciling invoices was another major challenge, leading to limited visibility and increased administrative efforts. Additionally, Jofran struggled with understanding the release status of their shipments, causing further operational delays.
• Recognizing these pain points, ODeX stepped in to provide a solution that would revolutionize Jofran's workflow and payment management processes.

 

 

How ODeX Solution Helped Jofran's Teams

The simple, swift, and straightforward onboarding process of the platform meant that Jofran could complete it in a few minutes. The simplicity and speed of the implementation process significantly eased the transition for Jofran's team. This rapid integration helped minimize downtime and facilitated a smoother transition to the new system.

 

Implementation of ODeX's Workflow, Documentation & Payment Management platform

ODeX's solution provided several benefits Jofran's Accounts and Finance teams:

• Decreased TAT for Payment Application: ODeX solution decreased the TAT for payment application for the customer from the existing 72 hours down to within 60 minutes of ODeX receiving payment confirmation.
• Operations Tracking: It helps their operations teams to track if the invoice has been generated.
• Real-Time Updates: Their teams receive a real-time update of shipment releases.
• Simplified Credit Notes: Visibility and application of credit notes was simplified.

 

Time Savings Using ODeX Solution

Decreasing payment application TAT from the existing 72 hours down to within 60 minutes of ODeX receiving payment confirmation has been a major contributing factor to time-savings in getting shipments released sooner.

One platform to submit their remittance information, automatic application coupled with availability of support and visibility to real-time status of shipments has ensured there to be no need for multiple email chains or follow-up from the customer.

 

Benefits After Adopting ODeX

Since implementing ODeX, Jofran has benefited from several improvements in their process:

• Enhanced Visibility: The platform has improved their visibility into invoices for every bill of loading and the status of container releases. This has been critical in managing shipments more effectively, aligning with global trends towards transparent and streamlined logistics operations.

• Streamlined Payment Processes: The integration with ODeX has sped up the payment application process, reducing delays, additional costs, and enhancing the efficiency of financial operations. The adoption of ODeX has also helped improve Jofran's liquidity and financial health.

• Customer Service Improvements: The responsiveness of the ODeX team to queries and the quick resolution of issues contributed positively to ongoing operational support and facilitated a smooth working relationship.

 

 

Conclusion

Jofran is a key player in the furniture wholesale market, importing and distributing furniture globally. Jofran's integration with the ODeX platform has significantly transformed its documentation and payment workflows, leading to improved operational efficiencies and better visibility across its shipping operations.

The adoption of the ODeX platform by Jofran highlights their initiative to tackle inefficiencies in the global trade documentation and payment processes, a challenge common in the international logistics and supply chain sectors.

This case of Jofran demonstrates the value of digital platforms in modernizing traditional processes and contributing to a more dynamic, responsive, and efficient global supply chain.

It exemplifies how digital transformation can significantly enhance operational efficiencies in global trade. Jofran continues to recommend ODeX to its partners and looks forward to further enhancements that will continue to optimize its trade operations.

Contact ODeX today to also benefit from this transformational platform for your business and/or industry.

 

Callouts

“The visibility that we had with invoices has improved greatly because we have ODeX and that has definitely made a significant difference in our operations.” – Paula

“The advantage with ODeX is not just the visibility of the invoices we can see but we also see the missing invoices which we may not have received yet.” – Eric