A Digital future for Agri-Food Manufacturers
Grains, oilseeds, cattle, dairy products, lumber, coffee, sugar, and chocolate form a part of the basic food necessities. The world's oldest tangible goods market, agricultural commodities trading, dates back thousands of years. The actual exchange of commodities through different ways including shipping lines, trucks, and air freight has become more important over time, and trading systems have grown to be digital with an emphasis on financing and documentation. The prices of commodities also fluctuate and are directly related to supply and demand patterns, geopolitical conditions, and a number of other factors that increase the inherent hazards of the trading industry. Trading prospects are expanded by using a CTRM tool to digitise their operations and help the business develop speedily.
Manufacturers in the agri-food commodities industry face a range of obstacles in this digital age when it comes to risk management, customer satisfaction, and profit maximisation. Production planning is under extra pressure because of its reliance on commodities, whose quality and quantity are impacted by seasonal patterns and changing weather conditions. Flexible logistics solutions are required due to the perishability of food storage requirements. The focus of several organisational divisions, such as trading, accounts, and production, also needs better visibility on contract positions. This is where Commodity Trading Risk Management tools come to the rescue as a one-stop solution for agriculture and food manufacturers.
Today's agri-commodity businesses produce enormous volumes of data, which are then stored in segregated systems increasing data management hurdles. It is difficult to obtain useful trading insights from these data sources using standard and old risk management systems that are not updated. Incomplete understanding and classification of this data results in lost income possibilities, inefficient supply chain coordination, and subpar risk management. The technology available to the industry of capitalist production has evolved in line with the changes in manufacturing requirements. Because each organization is unique, the possibilities for building open, networked, scalable, and intelligent systems will vary depending on the demands of individual businesses.
However, there are tested methods for unleashing the value in the agri-manufacturing industry:
Develop enterprise-level intelligent data systems to obtain insights about customers, products, and inventory using machine learning and artificial intelligence.
Enterprise resource planning systems should integrate data platforms for contract administration, logistics, risk, and financing.
Connect enterprise platforms to a sector-wide smart farming platform utilising APIs and microservices.
Every manufacturer in the agri-commodity industry needs to plan their transition to a digital future. By establishing new benchmarks for usability, adaptability, system performance, scalability, and dependability, commodities trading and risk management software simplifies the lives of end-users. With this expertise, opsPhlo is designed to meet all of the needs of manufacturers of agricultural commodities and aid in their expansion. opsPhlo provides a cutting-edge, modular solution that supports the intricate requirements of trading agricultural commodities.
We have earned a reputation for being able to handle a variety of trades and situations since our inception. We have won the trust of numerous businesses worldwide by adding considerable value to trade and risk management processes. Read more about opsPhlo here.