Koolboks at a glance
- Industry: Consumer Goods
- Use Case: Solar-powered freezers with Pay-As-You-Go technology, offered through an innovative Cooling-as-a-Service model.
- Countries of Operation: Nigeria, France, Kenya, and Ghana
- Connect with Koolboks: https://www.koolboks.com/
Outcomes with Bujeti
- 20% improvement in budgeting efficiency.
- 95% accuracy in fund allocation
- Reduced average payment delays by 10 days.
- Met 98% of client requirements and delivered 92% of client services within SLA.
- Increased employee productivity by 20%.
About Koolboks
Koolboks was established to make refrigeration accessible and affordable globally. The company’s solar-powered freezers, equipped with Pay-As-You-Go technology, are offered through an innovative Cooling-as-a-Service model. Koolboks addresses the need for eco-friendly and accessible refrigeration, providing an alternative long-term storage technique with superior insulation and ice battery technology.
The PAYGO device installed in Koolboks allows it to function as either a refrigerator or a freezer, depending on the user’s preference. Koolboks offers 24-hour refrigeration thanks to the free energy of the sun. The system stores energy in the form of ice, guaranteeing 4-7 days of cooling even without sunlight.
Two-fold challenges with budget allocation & payment delays
- Financial Management and Budget Allocation: In the consumer goods industry, especially in the innovative field of solar-powered freezers, financial management and budget allocation can be intricate. Koolboks faced the challenge of setting up budgets for each department, determining the required funds for allocation accurately, and ensuring a balance between innovation and cost-effectiveness.
- Payment Delays and Operational Efficiency: Payment delays, both internally and in client transactions, posed a significant hurdle for Koolboks. This challenge affected the company’s operational efficiency, as it relied on timely financial flows to sustain day-to-day operations and meet client requirements promptly.
Finding the right partner for financial management
When Koolboks decided to address their challenges, their choice of a financial management partner was driven by the platform’s ability to streamline financial processes.
Bujeti is a platform that facilitates budgeting, fund requests, approvals, reimbursements, and account reconciliation, hence it was an easy choice amid other alternatives.
Working with Bujeti to streamline financial management
“We were looking for a way to create budgets for each department in the company. This would make it easy for people to manage and spend within their departments. Having a platform like Bujeti where each department could have different budgets is crucial for us at Koolboks, especially to avoid payment delays.”
Favour, Executive Admin at Koolboks.
Bujeti’s features, such as Budgets, Fund Requests, Approvals, Reimbursements, and Account Statements, were instrumental in overcoming budgeting and payment challenges.
Now Koolboks is well-equipped to navigate the dynamic landscape of the consumer goods industry. As the demand for eco-friendly refrigeration solutions rises, the company’s commitment to innovation and operational excellence will play a pivotal role in shaping its future success.
Having signed up on the Bujeti platform, Koolboks has been able to record significant milestones:
- Improved budgeting efficiency, streamlined fund requests and approvals, and enhanced account reconciliation processes.
- Budgeting efficiency has ensured fund allocation, and it has guaranteed that each department has the necessary resources to function optimally, contributing to the company’s competitive edge.
- Koolboks has also witnessed a reduction in payment delays, ensuring a steady flow of funds for day-to-day operations. This positive development has enhanced Koolboks’ ability to meet client requirements promptly, fostering stronger relationships and trust in the market.
- Koolboks’ proactive measures in addressing financial challenges position the company for sustainable growth.
Koolboks outcomes with Bujeti
- 20% improvement in budgeting efficiency.
- 95% accuracy in fund allocation and 98% accuracy in account reconciliation.
- Reduced average payment delays by 10 days.
- Met 98% of client requirements and delivered 92% of client services within SLA.
- Increased employee productivity by 20%.
“I think Bujeti is versatile and applicable beyond just business purposes. I remember having it in mind to ask if we could use it for personal use at some point. It’s easy to use, and you can easily budget on the platform”.
Favour, Executive Admin at Koolboks
Get Started with Bujeti
Organizations of all sizes across all industries are taking control of their finances with Bujeti. Talk to an expert today to get access to seamless expense management and corporate banking solutions, all in one. Contact us.