IFFCO Group Collaborates in Digital Network for Exports to Eliminate Disruptions

Export digitalization in a multi-party environment ensures real time visibility.

Company Overview

IFFCO Group is a multi-faceted agricultural cooperative based in India, with operations in over 50 countries across the globe.

The company is involved in various aspects of agriculture, including manufacturing and distributing fertilizers, food processing, and agricultural commodities trading.

With a focus on sustainability and innovation, IFFCO Group has become a leading player in the global agricultural industry.

Problem Statement

Exporting products to global markets is a complex process that involves multiple parties and requires the sharing of trusted information.

However, the current manual process is prone to errors, causing delays and impacting the service rate and revenue loss in order fulfilment. To address these challenges, organizations are turning to advanced digital technologies such as blockchain, AI, and machine learning.

However, outdated and siloed systems and processes, poor collaboration between internal business functions, lack of standardized exportation processes, poor coordination with sales and distribution channel partners, manual paper-based invoice processing, and limited ability to perform analysis by sales channels and categories are still major pain points that need to be addressed.

Solutions

The dlt solution implementation of a streamlined and optimized digital network for order fulfilment processes involving overseas exports offers several benefits.

These include shorter cycle times that improve customer relations, enhanced collaboration with multiple parties in multiple geographies, effective enforcement of risk-free contracts, greater visibility and transparency across the network, and secure real-time information on the status of order fulfilment.

Additionally, the digital network enables streamlined exportation processes involving multiple distributors and customers, accurate data and digital document repositories, real-time reports, and secure tracking of order fulfilment with verified documentations and certifications.

The real value lies in having more export transactions and experience a real reduction in our financing costs by at least 20-25%. We have seen a reduction in cycle time from 10 days to 2 days in the end-to-end execution process and improved visibility”

Anupam Basak

Head Export, Africa Region

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.
Increase in Revenue by 20-30% connecting the multiple parties with the real time information flow
OTIF (On Time In Full) improvements by 10-15%
Increase in Revenue by 20-30% through increased fulfilment and faster time to market.

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