Revision in Cash Management System at Indian Oil Corporation Limited

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Case Details:

Case Code : FINC075
Case Length : 17 pages
Period : 2007-2011
Pub. Date : 2012
Teaching Note : Not Available
Organization : Indian Oil Corporation Limited
Industry : Petroleum and Petrochemicals
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Company Structure

All the branches of IOCL worked under the Corporate Office located at New Delhi, India. It followed a hierarchical structure where the decision flowed from the top to the bottom and information flowed from the bottom to the top. Under the corporate office there were four divisions - Pipelines, Refineries, Research and Development, and Marketing...

Earlier Cash Management System

An organization's cash operating cycle is the complete process of utilizing its resources and converting them into income through trading activities. Prior to the establishment of the cash management product (CMP) module in IOCL in 2006-07, the transactions took place through the conventional method using the regional cash credit (RCC) module...

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Current Cash Management System

As for IOCL, as a marketing organization, the cash management process involved a number of depots, terminals, bottling plants, etc. and every unit was responsible for purchasing and selling products all over India. There was a need to have close control over the collection mechanism so as to meet daily payment requirements. After a transaction, the banking department of IOCL started its function only when the money got deposited in the respective bank branches and the bank generated an MIS . Generation of MIS from a bank branch was a very important part from IOCL's point of view as real work on the transaction took place.

Being a huge organization, the majority of IOCL's transactions took place through e-collections and while the rest were through instruments i.e. cheques, demand drafts, letters of credit, etc. A very few were in cash with a negligible amount being involved. SBI provided for a completely customized SBI FAST (CMP) facility to IOCL. The project pioneered, initiated, and implemented by IOCL was the largest fully automated B2B implementation in India. This project helped the company make exchanges happen throughout the length and breadth of the country and connect to all suppliers and the stakeholders...

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