Agrocorp International Improves Import Processes through Improved Collaboration

The digitalization of the import process reduced document collection time.

Company Overview

Agrocorp International is a Singapore-based global agri-commodity trading and processing company that specializes in the supply chain management of agricultural commodities such as pulses, grains, and oilseeds. With a presence in over 20 countries, the company is committed to providing sustainable and traceable products to its customers around the world.

Agrocorp International is known for its innovative approach to supply chain management, using technology and data analytics to drive efficiency and transparency in its operations.

Problem Statement

The import process for commodities is complex and involves regulatory issues across multiple parties. It is often done manually, without visibility or transparency, and results in long lead times and higher inventory costs.

Organizations struggle to handle the external process for commodity import due to less focus, lack of transparency, trust, and authenticity. This results in issues with the quality of commodities received, inventory shortages, and lost sales.

Solutions

The dlt solution streamlines the process for overseas importation, enhance collaboration with multiple parties, and enforce effective risk-free contracts across purchasing with multiple suppliers/vendors.

The solution provides greater visibility and transparency across the digital network of multi-tier suppliers to drive ethical behavior throughout the supply chain, resulting in reduced supply chain cost, risk, and inventory, with significant working capital improvements.

With streamlined procurement processes, accurate data and digital document repository, and real-time tracking of the origin of goods and the chain of custody, the solution provides tamper-proof digital records for future use and compliance, enabling secure and efficient procurement operations across functional departments and ecosystem participants

We were greatly benefitted by using blockchain-based trade finance solutions via #dltledgers platform. We weathered the storm exceptionally well. During the peak of Covid-19, we moved 14.3% more product compared to same period last year. We managed to reduce our document collection times significantly and collaborate with our business partners more effectively. It enabled us to win new business especially in such a time as this.

Nitin Jain

Head of Treasury and Capital Markets, Agrocorp International

Benefits

A single source of truth with immutable tracking maintained in real-time
Real-time reports and secure tracking of the origin of goods and the chain of custody with verified documentations and certifications.
Large Enterprises gets increased ecosystem visibility across the multi-tiers in the value chain, supporting their sustainability/ESG policy as well as financing needs
The solution helps to mitigate risk in the multi-tier supply chain framework with deep-tier visibility, auditability and track/trace capability on data/document flows
ESG factors can be assessed better using the application and platform capabilities supporting green finance programs and ESG compliance.

Product Capabilities

Easy Network Creation and onboarding multiple parties.
Digital Assets configured to be maintained as part of the distributed ledger with blockchain.
Real Time notification to expedite and avoid any delays in shipments across multiple parties.