Forbes – While other sectors have fully embraced the power of technology, the commodity sector has been slow to the digital table. This is gradually changing though as firms have no choice but to look at the latest innovative tools, if they want to stay competitive, reduce costs and meet regulatory requirements. In general, the key areas of digitalization are no different from many other industries – Artificial Intelligence (AI), Machine Learning (ML) and robotic process automation. Individually – and together – they can be applied across the trading value chain, ranging from pre-deal analytics (i.e. to take pricing decisions) through to contract settlement, as well as to numerous activities within the logistics cycle. According to Manav Garg, founder and CEO of Eka Software, a global leader in providing digital commodity management solutions driven by cloud, blockchain, ML and analytics: “Despite the sheer size of the industry – roughly $10 trillion worth of commodities are produced and consumed annually the bulk of the business still operates traditionally. Looking at the history of freight, the vast of bulk of commodities are still shipped mostly in the same manner they have for at least the last few hundred years – by railroads and sea. Ports in the United… continue reading
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Source: CTRM Center