Operations involving finance and foreign exchange (forex)transactions need close supervision and assessment. Generally, financialorganizations and businesses engaged in exports and importsare prone to losses arising out of inadequate attention paid to management of treasury operations and the resultant financial decisions. By the very nature and type of risks involved in these areas that are so highly volatile and by nature unpredictable, the managements more often than not are ill prepared to deal with contingencies arising out of constantly evolving situations in currency markets. In most of the cases, the existing stereotyped processes to assess and deal with such risks are seen to be inadequate. Currency markets are unforgiving as their movements are swift and the consequences lethal.Consequently businesses require assistance from specialists to deal with these risks. Bizsolindia Forex ServicesPvt. Ltd. (Bizsolfx)evolved out of this need felt by businesses to find a value for money consulting company which is capable of managing all risks involved in their international operations.Headquartered in Pune, Maharashtra, Bizsolfx was founded in 2013 to offer currency and interest-rate risk management consultancy services to corporates of all sizes.Bizsolfx is a group company of Bizsolindia Services Pvt. Ltd., which provides end-to-end solutions to corporateswith respect to all matters concerning international trade among other services.
Vision to Deliver Quality at Its Best
The quality-oriented approach followed by Bizsolfx has enabled it to gain an ever-growing list of clients who continue to retain their faith in the company ever since their first association
Adwait Venkitachalam, Director who heads the operations of the company, brings his passion to this aspect of business. He brings his rich experience in the area of treasury operations to bear while dealing with the complex situations when dealing with clients’ issues. “Having worked in the treasury function in one of the largest banks in India, it struck me that clients, more often than not, were ignorant about the risks involved in the areas of forex and their costs and consequences.It was seen that they were not aware of the opportunities available in hedging these risks and the savings-potential by covering those risks,” Adwait explains. As a result, the company offers tailor-made solutions to manage the risks involved in terms of a company’s operations related to forex.
Like any other start-up the challenges faced by Bizsolfx were also formidable in the initial stages, primarily because of the nature of services offered by the company. For the company it was not a case of catering to a market, many a time. It was all about creating a market and servicing it.. In the initial stages for the young company and its young professionals the priority was to sell the concept of covering currency risks, a field that was given little or no importance in the scheme of things in organisations. This mindset is discernible even today in the corporates.It however overcame this challenge by offering a qualitatively well differentiated product to its clients in a way that it became a benchmark to be followed by all the other players in the industry.The quality-oriented approach followed by Bizsolfx has enabled it to gain an ever-growing list of clients who continue to retain their faith in the company ever since their first association. The company has to provide advisory services to clients based on constantly evolving changes in international markets and timely advice to the clients. Time is of the essence here. Detailing the company’s accomplishments, Adwait says, “We are extremely proud that we have consistently managed to help every one of our clients reduce over 90 percent of their fx-risk and leakages from the exchange-rate gap. Also, now in our third year of operations, we have managed 100 percent retention of our growing customer-base.”
Since its inception, the organization has delivered great value to the companies that have an exposure to forex risks. This consulting company manages everything from providing information on live currency rates,market updates to managing the forex risks and even dealing with the banks on their clients’ behalf. Bizsolfx also formulates customized forex policies to govern the treasury activities. With its entire bouquet of services, the company aims to expand its operations to seven more cities across the country and further to international markets in the years to come.