Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Toyota Finance New Zealand, Quanton Make Financing More Efficient With Intelligent Automation

Toyota Finance New Zealand (TFNZ) has revved up efficiencies, clocked up the savings, and garnered international attention after implementing intelligent automation in its local operations.

The Kiwi subsidiary is New Zealand’s largest captive finance organisation, with offerings covering private vehicle finance, corporate fleet management and car-share subscription services.

When over 39,000 hours in potential benefit from automation was identified in an Opportunity Assessment, the company launched its first intelligent software robot – Fabio – to assist with fast quoting in March 2019, freeing up its fleet services team to spend more time with customers, rather than inputting data.

Anita Hogan, TFNZ Applications Manager, says it’s a move that has seen the company give almost 2,000 hours back to the business in 2019 and projected benefit of 4,500 hours back to the business in 2020.

“Through using Robotic Process Automation (RPA) and Intelligent Automation (IA), we have been able to increase efficiency while also seeing big savings,” Hogan says.

The pilot, built on UiPath technology by New Zealand digital transformation services and business automation specialists Quanton in conjunction with TFNZ, was delivered in less than three months, using agile methodology. During this time, UiPath was fully deployed into TFNZ’s architecture and technology environment.

The pilot process, run by Fabio, TFNZ’s software robot, automates the task of creating quick quotes and spreads – a previously laborious and manual task. Through automating the process, TFNZ has enabled its fleet team to spend less time on admin and more time building customer relationships. The approximate annual saving was 1,300 hours back to the business or the equivalent of 64% of a full-time employee equivalent.

Anita was looking for a way to improve the efficiency of operations within the business, while still being able to leverage the company’s core IT, software, and infrastructure stack – the engine-room for the business – while also complying with strict compliance and security requirements for its IT architecture.

Financial Services is a rapidly changing market, with customers becoming more and more mature in how they navigate and consume products and services.

Anita quickly identified automation as a possible solution to drive efficiencies, freeing up staff from mundane, repetitive tasks and enabling them to focus on higher-value, customer-facing work.

Russell Berg, Quanton’s General Manager for Product and Emerging Technology says RPA also fits well with TFNZ’s Kaizen programme.

“Continuous improvement is very important for TFNZ and RPA heavily links back to that for the reason that you now have a far deeper and richer level of data relating to processes, actions and tasks. Now you can form a view with quantitative information on where the potential for improvement is and what the benefit of improvement might be.”

Fabio was only the starting point for TFNZ, with the company taking on a second software robot just before Christmas to assist its fleet team in handling a significant seasonal surge in transactions and volumes.

The intelligent automation programme hasn’t just delivered cost savings and new efficiencies – it’s also seen the local operation recently pick up a coveted Kaizen Innovation Award for the Americas and Oceania region. Toyota Finance subsidiaries in each country vie for the award each year, with every country submitting one project. New Zealand’s 2020 win is the first for the local office in 13 years.

Anita states: “There is still a lot more we can achieve, and there are more technologies that sit alongside RPA that are complementary and can take our programme to the next level.

“We’re not at the end of the journey. We’ve just completed step one and there is a lot more to do.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Waste: Government To Regulate Plastic Packaging, Tyres, E-Waste

The Government is stepping up action to deal with environmentally harmful products – including plastic packaging, tyres and e-waste – before they become waste. As part of the wider plan to reduce the amount of rubbish ending up in landfills, ... More>>

ALSO:


Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: