Case Study: Freepoint Commodities reduces operational risk and speeds reconciliation with ClearOpx by ClearDox

Freepoint Commodities cuts reconciliation from 20 days to 5 days with ClearDox

Freepoint Commodities, a global commodity trading firm, faced significant operational risks as it rapidly expanded its trucking business. The company was relying on manual spreadsheet tracking, which led to reconciliation delays, inventory discrepancies, and difficulty auditing performance. These inefficiencies increased their exposure to financial loss and compliance issues, prompting a search for a better solution.

Freepoint Commodities implemented the ClearOpx platform to gain real-time reconciliation and transparency for its physical commodity movements. The solution from ClearDox enabled the company to link each load to its discharge, validating inventory against invoices. This resulted in a reduction of the monthly close cycle from 20 days to just 5-6 days, the identification of duplicate invoices, and the uncovering of $1.3 million in losses, leading to millions in overall savings.

Freepoint Commodities