Electa Trading, a Uruguayan company that is part of the Aluar Group and specializes in commodity trading—primarily aluminum—is moving forward with the implementation of the K2B ERP system with the goal of standardizing its processes, improving internal controls, and achieving seamless integration with its trading system, Balsamo.
Aluar Group is Argentina’s leading producer of primary aluminium and one of the most significant players in Latin America. With over 50 years of experience, it operates a state-of-the-art industrial plant, supplying various international markets. Its vertically integrated structure enables it to manage the entire production process — from importing alumina to producing aluminium ingots or billets — which are subsequently marketed by Electa Trading. This structure gives the group a strategic position in the aluminium value chain, combining operational efficiency with a strong regional presence.
Electa Trading, which has experienced rapid growth since its establishment a few years ago, recognised the need for a robust management system to support its expansion and professionalise its accounting and financial operations.
“As with any start-up, we began with Excel. But once you start growing, you realise the controls are weak, and the information loses integrity. That’s when we saw we needed an ERP to integrate trading data with accounting,” explained Agustín Rodríguez, Controller at Electa Trading.
An ERP to Support Growth
The implementation project began to take shape in mid-2023, with the first conversations between Electa and K2B. The contract was signed in September, and implementation activities began at the end of November. The system is currently in the testing phase, with production launch scheduled for 1 July, coinciding with the start of the company’s new fiscal year.
A Challenging but Crucial Integration
One of the most complex aspects of the project has been integrating with Balsamo, the Swiss system Electa uses to manage its physical trading operations and financial derivatives.
“The integration with Balsamo was the most challenging. It’s a complex system, with different logic and language barriers. But once the K2B team understood the dynamics, we were able to move forward,” said Agustín.
This integration will allow the accounting system to reflect provisions generated by aluminium’s future price curves — a key aspect in managing price risk in a commodity trading company.
“Every day we update the price curves in Balsamo to know how much we are gaining or losing on physical contracts, derivatives, and inventory. K2B understood this logic well and adapted their system to record these accounting provisions, which is crucial for us,” he added.
Flexibility and Proximity: Key Factors in Choosing K2B
The choice of K2B as a technology partner was influenced by, among other factors, the need for a local provider that was both flexible and adaptable.
“We liked that K2B didn’t come with a closed product. They were always open to understanding our business model and adapting the system to our needs. That was key for us,” Agustín emphasised.
Additionally, the connection with GeneXus — the technology on which K2B ERP is built — was another advantage, as one of Aluar Group’s IT managers had previous experience with the platform.
A Strategic Step Towards Scaling the Business
Although the system is not yet live, Electa is already anticipating the benefits the K2B ERP implementation will bring.
“Today we build our accounting manually from the data that comes out of Balsamo, but without integration. That involves risks and limits our ability to scale. With K2B, we’ll be able to ensure data integrity, instil confidence in auditors, banks, and shareholders, and continue growing in an orderly way,” Agustín concluded.
The implementation of K2B ERP represents a strategic milestone for Electa Trading, as it seeks to consolidate its operations and lay solid foundations for future expansion in the competitive world of commodity trading.
Others news you might be interested in
