Chinsay CEO Explains Why Automation of Processes and Data Will Transform Supply Chain Management
Disruptor Daily, an online publication reporting on groundbreaking and innovative technology, spoke to Colin Hayward about his views on the future of supply chain management.
More processes will become automated and less manual work will be required, alleviating time spent on creating documents, complying to regulation and so on.
“Supply chain management will experience a digital transformation, aligning the industry with global standards of automation and digitalisation. We see a shift from traditional (siloed) software, such as Excel, to connected state-of-the-art platforms specialised in commodity markets that can deliver advances in risk management, enterprise-wide technology, transparency and compliance. More processes will become automated and less manual work will be required, alleviating time spent on creating documents, complying to regulation and so on.
For the commodity markets, errors at any step of the supply chain can be catastrophic, as companies already operate within razor-thin profit margins.
The technology, broadly speaking, to have the biggest impact on the industry will be automation. Organisations, both big and small, are looking for ways to automate processes and data, eliminating unnecessary and often error-prone manual work. For the commodity markets, errors at any step of the supply chain can be catastrophic, as companies already operate within razor-thin profit margins.
Automation will solve many problems for the industry and will make operations more effective and accurate based on proprietary data, and enable collaboration between parties otherwise siloed.
The need for data extraction and aggregation is also a very important new trend within the industry.
The trends that we see more and more within supply chain are the need for transparency and traceability, and an increased appetite and willingness of adopting new technology, such as Blockchain, Machine Learning and AI. The need for data extraction and aggregation is also a very important new trend within the industry.”
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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 devops 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.