Agricultural companies that need trading, risk, and bulk handling software should consider implementing an integrated solution that covers the supply chain from end to end instead of using separate systems from multiple vendors. By streamlining the agricultural supply chain, these companies can gain a real-time view of data across the organization including contracts, orders, inventory, shipments, and deliveries.
As described in "How to Make Agricultural Supply Chains Smarter with CTRM Software," agricultural companies using multiple vendor software solutions to manage trading, risk, and bulk handling face several challenges. Some of the benefits to be gained with an integrated solution for commodity trading and risk management (CTRM) software and bulk handling software include scalability, real-time data, and seamless upgrades.
Ideally, an integrated solution from a single vendor is scalable. A modular solution is designed to grow with the agricultural company as it grows. With a single-vendor solution, if the agricultural company expands (either into new industries or into new services to offer to customers), it is easy to add additional software components and additional users. A robust, enterprise-quality solution that is web-based provides immediate access to new users within the organization with no ramping up period. If the company adds a new grains facility or port terminal, it is a simple process to get it up and running quickly and completely integrated with the company’s other sites.
With an all-in-one platform, everything is synchronized and there is no waiting period or manual reconciliation required — there is one real-time view of data across the organization including contracts, orders, inventory, shipments, and deliveries. This eliminates the need for follow-up phone calls to verify the accuracy of data of the quantity and quality of stock on hand. Stock changes are reflected in real-time and everyone across the organization has visibility into the data. Because invoices can be processed quicker, cash flow is improved. Companies can respond quicker to changing market conditions and adjust inventories accordingly.
Also, there is one set of master data within the single system which eliminates errors. With multiple systems it is common for a product name or supplier name to be named with slight variations between the systems (perhaps only a character or two). These discrepancies can make it impossible for an organization to view an accurate reflection of their data. With one set of master data you don’t have to worry about the product or supplier being named one way in one system and a different way in another system.
When it’s time to upgrade, there is no integration risk with a single vendor solution supporting both CTRM and bulk handling functions, and there is no integration risk between the trading side of the business and its bulk handling operations. Upgrades are seamless when there is one vendor for both sides.
When dealing with a single supplier, there is no need to re-write and test the interfaces of disparate systems. Hassle-free upgrades are a big benefit to both the organization’s users and the IT groups.
Eka's integrated solution for CTRM and bulk handling, InSight CM, provides the benefits described above and is in use today at several customer locations.
Agriculture companies can use Eka's InSight CM - Agriculture to manage trading and risk, and Eka’s bulk handling software for stockyard and port operations. With an integrated system across the supply chain, agricultural companies gain a comprehensive solution suite for the grain value chain.
Learn more about the advantages of Eka's bulk handling solutions in "6 Bulk Handling Software Tools Every Agricultural Site Should Be Using."
Eka's CTRM software supports:
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Eka’s bulk handling software supports:
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Eka is the only vendor providing a unified bulk handling and CTRM software solution. Using Eka's next-generation CTRM software solution for managing commodity transactions throughout the value chain provides a fully integrated system for managing the grain supply chain including marketing and bulk handling operations.