Volvo Financial Services Vostok

A part of Volvo Group, one of the leaders on the commercial vehicles market. It provides financial services in 40 countries all over the world, building long-term relationships with customers.
Challenges

Challenges

Leveraging IT to enhance competitive advantage

Volvo Group is a world leader at the commercial vehicles market. The company employs about 100,000 people, has manufacturing sites in 18 countries, and is represented at 190 markets. Volvo Financial Services is a provider of financial services in 40 countries of its presence.
The company cares for its customers by providing a very high level of service and demonstrating customer focus. When requesting for financial services, customers enter into a long-term relationship with the financial service provider (average financing term is from 3 to 5 years). A good IT system and its high quality support make it possible to avoid financial losses as a result of human errors as well as to form a positive impression from interaction with the financial institution.

The company made a decision to focus on the IT-based strategy as a key tool for supporting its business development and enhancing the competitive advantage.
In the process of decision making the IT market was carefully studied. As a result of the analysis, the choice was made in favour of the industrial solution Homnet Leasing 14 built on 1C:Enterprise platform.
Having a considerable experience on the market, specialists from Homnet Leasing made an assessment of the project requirements and gave recommendations on what could be done to achieve the primary goals:

Increase the speed and efficiency of operations
Increase the business scale with the same staffing level
Improve customer relationships
Increase data reliability and transparency

Homnet Leasing 14 covers all of the key business processes including support for leasing contracts from the moment of their issue and activation and until termination, plus local accounting and reporting. Product subsystems include:

Managing leasing deals portfolio
Pledge management
Settlements recording
Leased and pledged assets recording
Recording of supplier payment plans
Managing insurance of leased and pledged assets
Leasing calculator (a tool for leasing deal calculation and restructuring)
Customer service desk
Bookkeeping of a leasing company — a solution on the basis of the standard solution 1C:Accounting 8.3 integrated with the management accounting.
IFRS

The project was organized and documented in accordance with Volvo Group requirements and approved by the Headquarters of Volvo Financial Services in Carolina, USA. It was taken under special control of the Headquarters through appointed advisors who took part in weekly project management meetings. To quickly obtain the first results for business and reduce risks, the launch was divided into two stages:

Automation of main business processes
Operation and customer service desk — in 12 months after the functional analysis and development
Automation of additional processes
Operation and collection — in 4 months after the 1st stage

“If you need results do not hesitate to invest into IT projects. Our example is a good answer to the question "Are there any good European level quality solutions?" Don't be afraid of involving colleagues into the process. It will bring really satisfying results.”

Ekaterina Kobzeva,

COO at Volvo Finance Services Vostok

Results

Results

Flexible solution to scale up business and speed up processes

The project was completed on time and within the initially planned budget. Deep integration of the system based on 1C:Enterprise into the company's IT landscape, including interfaces with the international corporate CRM system, the Exchange mail server, and the insurance broker system, helped to minimize manual input and increase transparency.

Considerable results were achieved right after the initial launch:

40 workstations were automated
The speed of closing transactions and processing customer requests increased by 2 times
Company's business scaled up by 5 times, with the same staffing
Data input was reduced due to integration with adjacent systems
A single information space for data storage was created
Implementation of Customer Service Desk (CSD) increased the quality of customer relations - with no request or message to be lost or unanswered
Responsible employees stopped transferring tasks to each other and got time for improving processes

Information on this page is provided by Homnet Leasing.

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