TietoEVRY’s ProFinance technology is enabling Epiroc to offer local financing expertise across the globe, while helping its customers contribute to the circular economy.
Sales director, Credit Solutions & Services
Epiroc supports and collaborates with customers in more than 150 countries, so it needed a flexible financing system to help it service every customer in a simple, efficient and local way.
TietoEVRY supports Epiroc’s customer finance department, that helps end customers through its worldwide customer centres. TietoEVRY’s ProFinance leasing and hire purchase platform automates the entire application, administration and accounting process in a wide range of markets, languages and currencies. It handles all the regulatory and documentation responsibilities in each jurisdiction, taking the headache out of financing across borders.
About TietoEVRY ProFinance leasing solution
Epiroc is a leading productivity partner for equipment to the mining & infrastructure industries, initially part of Atlas Copco.
It develops and produces innovative equipment, consumables and services for use in surface & underground mining, infrastructure, civil works & well drilling applications.Epiroc's website
Allowing Epiroc to meet the needs of many different types of financing customers in different parts of the world, with finance solutions across its entire business.
A streamlined, optimised and automated solution has dramatically reduced workload and improved service.
Errors in accounting, invoicing and payments have been reduced, with automation making it harder for human error to have an impact.
Epiroc and TietoEVRY’s partnership has been in place for 12 years, enabling Epiroc to finance equipment across 90 countries.
In the beginning, Epiroc’s biggest challenge was finding the flexibility it needed to be able to operate its financing business smoothly from country to country, with different legislative, regulatory and tax demands.
This was important for Epiroc because it does not operate on a one-size-fits all basis - it delivers a personalised and streamlined service across the world to meet the needs of many different customers. Now, instead of operating different financial systems in each marketplace, ProFinance delivers a fully end-to-end service across the entire business, streamlining processes while giving Epiroc a high degree of flexibility, so they can easily adapt the system to better meet customers’ needs - wherever they are.
The origination part of the service gives Epiroc a front-end solution that captures the financing request, and collects all the information it needs to produce a quote and carry out a credit assessment. It then finalises the contract and produces the relevant documents.
This is then supported by a back-end solution that activates the contract, starts to invoice the customer, collects the right payment at the right time and produces the required accounting. The system also provides end-of-life management, where the customer can upgrade to new equipment or extend the current contract.
“For us, the flexibility in the system has been the best functionality, which means from an IT perspective we don’t have to make a lot of modifications if a specific case needs extra functionality. Through automation, we have also reduced costly errors, making our business better.
“Financing is a lot of risk, particularly when you are operating in many countries. A real advantage of this end-to-end system is that it ensures we are compliant, and that we are doing the right thing from start to finish – by managing our credit risk and connecting our accounting and reporting together. If we need to adapt or change our model, we always get to the result we need. TietoEVRY’s wealth of knowledge has been a real asset.”
Anne-Mai Syrjala, Manager Business Systems, Epiroc Financial Solutions
By being able to offer flexible and efficient financing services, Epiroc can more easily match the right solution to each customer. This helps mining and construction businesses contribute to the circular economy by renewing their machinery to keep a modern fleet, and supporting them to operate more efficiently – with greater staff productivity and less impact on the environment.
“In the past this industry used financing as a sales enabler, but today, the big trend is towards offering a service instead of selling a product. This way, a leasing company is offering much more than simply access to equipment, it is contributing to end customers’ business operations, sustainability and profitability like never before. We are proud of our long-term partnership with Epiroc and helping them better serve every one of their customers.”
Perhenrik Berg, Leasing Product Manager, Credit Solutions & Services, TietoEVRY