The Commodity Tracker technology updates the way in which trading companies reconcile their inventories.
This is currently a manual process, which involves hundreds of documents, including bills of lading, inventory reports, warehouse receipts and end-of-month statements. These documents come in different formats and languages, which makes reconciliation, and keeping accurate and up-to-date books, a complex operation.
According to Garth Leonard – director for Commodity Tracker at the information, analytics and solutions firm – reconciling inventories using manual processes results in higher costs and more operational risks than are necessary.
“Teams struggle with the collaboration, transparency and accuracy of inventory data, because spreadsheets are either saved on local computers or buried in hard-to-locate file-shares,” he said.
Keeping control of the various versions of a document was a constant challenge, he added. “Until recently, firms have continued to add manpower to overcome the challenge....