Commodity traders have a joint goal of improving efficiency by using the latest technology. Automation is a tool which can accelerate processes by improving the turnaround times of contracts. By automatically generating packing lists and key documentation, automating can boost profitability. To learn more about the benefits of automation in commodity trading, continue reading.
One great benefit of automation is that it improves processes. It reduces the need for manual processing, helping you to develop efficient operations. One example of this is the introduction of electronic signatures. This speeds up processes by removing the need to print documents before signing and rescanning them.
Automated processes are more accurate than manual ones. When people manually type or copy information, there is a higher risk of errors being made. The time that was previously spent correcting errors is saved for other important tasks. Automation can also help with compliance. It allows people to remain within your risk limits and processes while still acting fast. Automation supports risk management processes, by giving warnings if a limit may be breached. Compliance reports are more efficient as data sharing can be automated between systems.
Fast contract progression and removal of errors means that automation also helps to improve customer experience. In a competitive market, great customer service can make a business really stand out. The automated flow of information also improves team collaboration, allowing people to have more productive interactions with each other. Automation ensures that all deals are progressed quickly and efficiently, through the right channels and with no need to clarify or explain information.
Overall, the benefits of automating commodity trading are noticeable. It reduces errors while saving time and boosting customer experience. These factors together can provide increased profitability.
If you’re looking to automate your commodity trading, then Vasanda can help. We are a unified workbench for supply chain lifecycle automation, with the technology to improve your processes. For more information, contact us today.