Last week, Chinsay’s Chief Commercial Officer, Tony Faneco, was invited by the Singapore Management University’s International Trading Institute to give a guest lecture on data and digitalisation in commodity trading.
New technologies such as Blockchain, the Internet of Things and Smart Contracts are all the rage today. Many shipping and commodity trading businesses are now pushing through with digitalisation initiatives of their own in a bid to achieve efficiencies and to stay profitable.
What efficiencies can easily be achieved today with proprietary data? How can shipping and commodity trading businesses access the usable data needed to drive these initiatives? What are some of the way’s businesses can use the data they create to drive efficiencies? What does it mean to be a “data-driven” business? These were some of the questions addressed by Tony in his lecture.
Describing the growth and maturity of markets, using the Iron Ore market as an example, Tony explained that, as markets mature, market players try to find efficiencies in order to protect their margins. Efficiency is important, not least because consistently finding hidden opportunities are rare and unsustainable in increasingly competitive markets.
So, what does it mean to be efficient? Using the analogy of a runner Tony explained that while we can all run, not all runners do so efficiently. Specialist runners run Marathons, they are uniquely equipped to do that, businesses operate in the same way employing specialists to perform their roles. Yet their knowledge and the data they generate is too often siloed exposing companies to unnecessary risk and potential losses. There is plenty of technology available today which aids shipping and commodity trading businesses in the pursuit of efficiencies. Yet there are very few which look to connect the previously siloed front-, middle- and back-office functions. The key to doing this is capturing and reusing the best data possible.
Finally, Tony was invited by the audience to share how Chinsay’s Intelligent Contract Platform (ICP) is an example of a solution that supports the trade lifecycle. He explained that Chinsay’s clients are able to use the ICP to generate a contract data set, connecting their front, middle- and back-office functions and simultaneously invite other external stakeholders, chosen best-in-class vendors and solutions to collaborate directly via the platform. This integration and collaboration both feed off and enriches a company’s data set and provides functional specialists with the real-time insight and feedback they need to be more efficient in their daily work and decision-making.
We would like to extend our appreciation to Christopher Chow and Sarah Grant at ITI@SMU for inviting Tony to be part of their Industry Speaker Series and to the lively audience for their enthusiastic participation.
Founded in 2000, Chinsay is the leading global provider of contract automation systems for the commodities and freight markets. Its Intelligent Contract Platform (ICP) enables digitalisation of contract data sets across the supply chain. As a pure Software-as-a-Service platform, with the ability to support API integration, it has one of the fastest deployment times in the industry. The Intelligent Contract platform captures data during the contract creation process, providing a Golden Copy as a result of collaboration between all involved parties.
Chinsay’s concept of ‘one-time deal capture’ enables integration with risk management, accounting, legal and operational functions. This results in cost savings, increased efficiencies, improved security and risk control. ICP provides companies with the opportunity to make informed, data-driven business decisions.
Chinsay partners with clients and other technology vendors to increase efficiency and improve security and risk controls. Through industry-leading product discovery and dev-ops practices, Chinsay rapidly and continuously adapts its software precisely to our clients’ needs. Leveraging Microsoft Azure facilities for end-to-end encryption allows us to offer the highest possible data security to our clients.
The International Trading Institute at Singapore Management University (ITI@SMU) was formed as part of a tripartite initiative between the government, industry partners and the Singapore Management University. The first trading institute in the world to be set up within a university, it is Singapore’s premier platform for leadership and talent development in the arena of international trading.
About the Industry Speaker Series
To augment classroom learning, ITI@SMU organises a series of guest lectures by industry experts who share about the latest developments affecting the trading and maritime sectors. These practitioner-led sessions are designed to complement the knowledge that students learn in the classroom and cover a myriad of subjects that are impacting the world economy today.