Agribusinesses Seek to Modernize Global Agricultural Commodity Trade Operations
Driven by opportunities to increase transparency and efficiency for customers, global agribusinesses are turning to emerging digital technologies – including blockchain and artificial intelligence options – to reduce resource- and time-intensive processes associated with the global agricultural commodity value chain.
Archer Daniels Midland Company (NYSE: ADM) (“ADM”), Bunge Limited (NYSE: BG) (“Bunge”), Cargill, Incorporated (“Cargill”), and Louis Dreyfus Company (“LDC”) are investigating ways to standardize and digitize global agricultural shipping transactions for the benefit of the entire industry. The companies also seek broad-based industry participation to promote global access and adoption.
Initially, ADM, Bunge, Cargill and LDC are focused on technologies to automate grain and oilseed post-trade execution processes, as they represent a highly manual and costly part of the supply chain, with the industry spending significant amounts of money every year moving documents around the globe. Eliminating inefficiencies would lead to shorter document-processing times, reduced wait times and better end-to-end contracting visibility.
Longer term, the companies want to drive greater reliability, efficiency and transparency by replacing other manual, paper-based processes tied to contracts, invoices and payments, with a more modern, digitally based approach. Specific benefits would include...Full Story »Oct 25 9:10 AM, General News