While global digitization has now reached almost every industry, the commodities market has been slow to adopt it. However, we are starting to see Blockchain and digitalisation being used in commodities trading. Commodity trading is being reshaped by digitalisation, which is changing how businesses use their resources. Digitalisation not only speeds up the pace of business, but it also makes commodity trading firms more resilient to large market risks.
Industry players now have access to an abundance of data, as well as the digital tools and analytics platforms needed to evaluate and use that data, as digital transformation disrupts and continues to redefine the commodity trading business. As a result, digitisation is already opening up huge prospects for commodity traders, with cutting-edge technologies enabling enhanced operational efficiency.
Commodity trading businesses throughout the world are rapidly adopting technology to manage and control various business risks, and the growth of digitalisation in commodity trading is projected to be the beginning of a new era. This is where CTRM software come to the rescue. CTRM is a phrase that refers to specialised trade and risk management software for companies involved in commodity trading.
Some of the most significant roadblocks in the commodity trading sector, posing a variety of economic obstacles are political uncertainty, fluctuating markets, changing rules, and trade conflicts. Commodity traders have always been burdened by market risks, financial risks, regulatory/compliance risks, and counterparty risks. The road of digitalisation, on the other hand, is expected to pave the way for tech-driven risk management with the help of opsPhlo & finPhlo in commodity and international trading.
Commodity trading businesses are focusing not only on building complete digital divisions of business but also on using CTRM softwares to manage commodity trading risk. Growing public awareness of the advantages of CTRM in risk management is further adding to the momentum in the commodity trading industry. Commodity trading involves a number of business functions, including financial management, asset optimization, risk management, and trading, all of which can be automated using digital tools to make processes easier.
Businesses must use digital tools that make the work easy at practically every stage of their value chains to fully realise the potential of digitalisation in commodity trading. Most operations can be automated with the help of CTRM platform like opsPhlo for commodities trading risk management, from back-office duties to complicated processes like financial risk management and regulatory compliance. These platforms incorporate modern data analytics and intelligence algorithms that can intelligently track present operations while also assisting in the mitigation of key hazards in upcoming jobs.
High-frequency trading risk management solutions are available for the entire value chain with commodity trading risk and business management platforms like opsPhlo. Using a single digital commodity trading risk management platform, commodity trading organisations can ensure the monitoring of their funds, documents, and items across the whole value chain.
When we look into the market, there are hardly any softwares or tools which cater to both business management and risk management aspects of commodity trading at one place. opsPhlo aims to solve such a problem by bringing both ERP and CTRM together for commodity traders to eliminate the hassle of integrating multiple separate tools together. Digitalisation in commodities trading can help organisations achieve a competitive advantage by applying centralised risk management algorithms, which saves money and enhances supply chain management.
Phlo Systems Limited is organising a webinar on Digitalising the International Supply Chain that will provide an overview of the challenges faced in the global supply chain, presented by Dr Tedd George, which will be followed by a fireside chat with Saurabh Goyal, Founder & CEO of Phlo Systems, and Christophe Bourges, Senior Strategic Advisor at Phlo Systems.
The webinar will finish with an expert panel discussion, chaired by Tedd George, bringing together the key partners in developing this technology.