Recently, Brady compiled and issued a checklist for scrap metals companies that outlined how to increase trading profits in response to trends in the market. In an interview with Gary Vasey from the analyst firm ComTech Advisory, Brady explores the issues facing small scrap metals businesses today and how Fintrade ‘Fast Start’ can help.
What challenges do SME scrap metals trading firms face today?
“Many smaller scrap and recycling businesses still rely on spreadsheets and manual processes to manage their day-to-day business flows,” says Claire Rosser, Head of Commodities Sales at Brady.
“The checklist aims at helping these businesses to drive profit by improving risk management, hedging and much more. In this pandemic, as working from home has become the norm, ensuring business continuity is a major concern. Fintrade, Brady’s commodity management solution, is suited to remote working conditions and provides just what these companies need,” she adds.
What is Fintrade ‘Fast Start’?
Brady’s Fintrade ‘Fast Start’ implementation allows even the smallest of firms to quickly gain the benefits of using one of the best solutions available in the industry. By adopting this ‘out-of-the-box’ solution, physical metals traders can be up and running in as little as 3 months. Available hosted in the cloud (with optional application management), it offers significant business benefits at an affordable cost.
How can scrap metals traders benefit?
“Benefits include increased efficiency, cost savings, better decision making based on up-to-the-minute positions and effective risk management,” says Yuriy Shcherbak, Senior CTRM Solutions Consultant at Brady. “Everything is built in the solution – trading, risk and logistics. Infrastructure and staff requirements are minimal. The solution also delivers for companies that trade concentrates and alloys,” he adds.
“Fintrade has a great deal of built-in flexibility in areas like applying complex pricing and an ability to automate. It supports processes all the way through to accounting and financials, offering a single solution for the entire business, reducing complexity and support costs,” says Claire.
“Templates are pre-configured data and markets. Pre-set data includes LME base metals, for example, making the system useable very quickly. Training is provided to help users to optimally use the solution to get the best from it,” says Yuriy.
In one customer example, a scrap business with two users on different continents was set up on Fintrade ‘Fast Start’ and the solution grew with that business. It was implemented remotely, and all system training was also delivered remotely. Currently, more than half a dozen scrap metals firms utilise the platform.
By migrating from spreadsheets or manual processes to Brady’s Fintrade, customers will increase efficiency and have access to reliable, up-to-the-minute data. In turn, this will help customers make better, timely and informed decisions, increase margins and decrease risks. They will be able to show stakeholders and investors that they are geared up for business continuity and managing the business both effectively and efficiently. By working with Brady’s expert staff – professionals who come from the business and understand it – they can be assured of the best possible solution delivered in the most efficient way even when performed remotely.
Interested in further insights?
How to increase scrap metals trading profits with technology – A checklist for metals scrap trading businesses