Brady Fintrade Fast Start Gains Traction in Scrap and Recycling Industry
Fintrade from Brady is a comprehensive commodity management solution that can cater for many different commodities from pre-trade activities all the way to and including financials. Most recently however, Brady has been selling Fintrade into a strong trend that it has seen on the scrap metals side of things according to Claire Rosser, Head of Commodities Sales. “We see a lot of smaller businesses on the scrap and recycling side of things that don’t really have the capability to manage risks or hedge efficiently. They trade physical metals and are looking to be more efficient but have typically managed on spreadsheets or similar.” Lockdowns and disruption due to those lockdowns have only exacerbated this situation according to Yuriy Shcherbak, Senior CTRM Solutions Consultant.
The key though to getting these businesses on the Fintrade package has been the Fintrade Fast Start program I was told. Fast Start is a way to get new customers up and running quickly that utilizes things like pre-configured templates, pre-set data and basic but powerful functionality. “Customers work with Brady to build additional templates and markets during training and most of the internal data is pre-set,” she said. Furthermore, Brady will host the solution and provide application management if required. “One of our differentiators at Brady is that all of our people really do come from the business and we have tons of metals expertise. We tell our prospects that we are ‘market users working with market users to understand the business’ when we work with them on fast start.”
Brady already has half a dozen or so customers in the metals recycling and scrap side that range in size from 2 to 30 users. “One customer started out with two users in different countries with a remote implementation,” Claire told me. “The solution has grown with them as they have grown.” In fact, Brady has developed a checklist for small scrap and recycling businesses that outlines the benefits of Fintrade succinctly, she added. The checklist focuses in on items like real-time reporting of exposures and positions, tracking shipments, viewing inventory, automated reconciliation of invoices, traceability and many other issues that firms face whatever their size.
We think that Fintrade provides benefits like increased efficiency, greater availability and increased margins, Yuriy told me. Under today’s stricter governance and general business conditions, running even a small business on spreadsheets or manually is problematic. Brady sees its Fintrade Fast Start program as the answer and so far, it has found good success with that approach.
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