Commodities for every industry, imported even as part of global strategic sourcing strategies, is always complex due to process/compliance/regulatory issues across multiple parties and that to with manual information flow without any visibility or transparency. Import process for commodities attributes to long lead time/cycle time to complete a transaction manually end-to-end forcing the organizations to stock more causing higher inventory cost and less revenue. Most of the times the organizations face shortage in supply due to disruptions in commodity import process. Though technology at the transactional level is well managed internally by the organizations, the companies often fail to handle the external process for commodity import due to less focus, lack of transparency, trust and authenticity causing issues with the quality of commodities received, inventory shortages and lost sales
With rapidly evolving technology, organizations are struggling to keep outdated, customized, and siloed systems and processes integrated, causing critical inefficiencies for the business and organization. To gain value and reduce the inefficiencies, organisations are addressing to resolve some of the below pain points using emerging technologies such as blockchain, AI, Machine Learning.
Procurement strives to gain further value and reduce inefficiencies that are commonly daunting organizations by addressing some of the pain points:
As organisations prepares for the procurement transformation journey, evaluating the full supply chain process landscape involving internal and external interactions is a must. Procurement is foundational pillar of the supply chain process, but other functional departments such as Finance, Operations, Shipping/Logistics, and wider Supply Chain footprint involving other stakeholder groups such as CHA (Custom House Agents), Transporter, Banks etc. all have an integral role to deliver a fully reinvented end-to-end solution.
Company initiatives and mandates are underway globally, striving to transform direct procurement involving importation process and bring higher value across the business enterprise. Organizations are working to achieve enhanced business benefits and assess the potential savings from improved control and compliance, and process efficiencies with digital platforms/solutions.
Evolving landscape in connected supply chain procurement process involving importation of goods from overseas market.
Organizations are facing supply chain disruptions in their procurement process involving overseas importations.
Business resiliency in procurement process involving multi-party especially with overseas supplies is becoming a critical business requirement
Organisations are moving digital with higher automation, greater visibility, increased savings with their procurement process from overseas suppliers.
The lack of visibility in the procurement process leads to inefficient supply chain, with collaboration issues and inability to enforce effective risk-free contracts.
The procurement process is a complex process covering multiple organization with heavy documentations and multiple contracts.
Availability of critical supplies from overseas is a time-consuming manual tasks and delivery delays significantly affecting working capital cycle and need to maintain increased inventory.
Our state-of-the-art blockchain-based platform provides a smoothened and streamlined global strategic sourcing process involving importation from overseas markets. The accelerator built to establish the multi-party network, digitize the transactions across these multiple parties with the trusted, secured and transparent information flow in the form of documents verified and agreed.
The real time collaboration across multiple parties to handle the exceptions in Procure-to-Pay process by providing the visibility and to proactively act to avoid shortages and lost sales.
“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