Making Supply Chains More Efficient by Using Digital Technologies
Wednesday 2nd December 11:15 - 11:45
Physical commodity trading is an essential part of our lives, generating revenues in excess of USD 10 Trillion annually. Billions of tons are transported along inefficient and complex supply chains involving numerous parties, creating volumes of unstructured data in paper documents, excel spreadsheets and disconnected systems.
Many Over-The-Counter (OTC) trades are performed on razor-thin margins and are dependent on accurate and efficient delivery to extract the expected profits. Yet the contracts that sustain these trades are complex: options, obligations, nominations, and nuanced clauses are negotiated by buyers and sellers to extract value.
Being able to capture standardised and well-structured data to aid in the efficient execution of contracts is essential to the success of any trade.
There is much talk of digitalisation and the impact it will have on a supply chain, but all too regularly solutions are digital islands. We believe that the prime workflow of any trading organisation is the contracting process. Before a product is contracted or shipped, companies will spend a significant amount of time and resources to structure, validate and approve a trade. Chinsay’s ICP (Intelligent Contract Platform) transforms these complicated trading workflows into a structured and transparent data-driven process.
Chinsay works with a business to understand specific workflows and extracts compliance, risk, trading, legal, regulatory and internal policy drivers to create a digitalised business-as-usual workflow. It minimises the need to rekey data, making decision-making faster and automating approvals, while creating a unique proprietary data-set for the creation of documents, integration and reporting.
Speaker: Tony Faneco, CCO at Chinsay
Tony joined Chinsay in 2018 to strengthen the commercial team in Singapore and brings to the team extensive experience from the global freight market. Prior to Chinsay, Tony traded freight, iron ore and LPG at BHP and was instrumental in building up and managing Thurlestone Shipping in Australasia.