Digital Contracts Transform The Way Trading Businesses are Run
While we at Chinsay pride ourselves on having the mind-set of a young tech company, our story actually began more than 10 years ago. Chinsay’s first platform for freight documentation was designed to help freight companies prevent mistakes in their contract creation process, remove the need for endless stacks of paper contracts, and avoid the inherent and accumulating risk of the unclear ‘as per last’ contract chains. Chinsay was first to market with a collaborative platform that digitises the contract workflow to ensure compliance, mitigate contract risks, and speed up the review and approval process.
It’s clear that in the future, the companies that will gain the strongest competitive edge will be the ones able to leverage tech solutions better than their competition. Hence, companies are putting massive budgets behind continuously finding and unlocking new efficiencies from digitising and automating different parts of their business.
Within the trade of freight and physical commodities, there are great opportunities to help traders automate large parts of their trading processes, which are still to a large extent based on work methods from the previous century.
Internal and external stakeholders rely on data from various parts of a contract. However, the flow of data between departments and entities is still manual and prone to human errors
Lack of Data Capture
Worst of all, there is no way to easily capture and analyse the vast amount of data and learning that comes from daily trade operations, so that valuable wisdom that could be leveraged to improve operations is simply lost.
At Chinsay, we see digital contracts as key enabling technology for driving untapped efficiencies across global trading businesses. The digital contract process will provide valuable insights to trading operations. Data links to other departments will enable automation and seamless compliance. Different companies will have different business requirements and pain points, which is why we believe a platform solution must be flexible and adaptive.
While this concept might seem obvious, it's more complex to bring this vision to life. At Chinsay, we are determined to explore new ideas and build technology that turns contract creation from a necessary administrative task into a clear value driver for businesses in the global trading environment.