17 March 2022, Singapore, Stockholm: Contracting processes have been a major pain point in the commodity and freight markets for a long time and, according to a recent survey, 36% of respondents identify non-standard, unfavourable, or risky clauses scattered across many contracts as the risk most likely to cause financial loss, while 28% said that missed deadlines, obligations or opportunities that are negotiated into the contract pose such risks. The survey is part of Chinsay’s latest whitepaper “Find the money (and data) hiding in your contracts”, which follows its webinar in collaboration with Commodities People.
The whitepaper delves into the most common contracting pitfalls in the markets that erode a company’s profits and shares insights from C-level panellists from top commodity companies such as Cargill and OMV. The paper offers an overview for commodity and freight markets participants on why digitalisation is important and how optimising and standardising contracting processes results in enormous benefits to the whole organisation.
Aitana Conca, Director EMEA at Chinsay, said: “We are very pleased to share our knowledge gathered over years of hands-on expertise and our panellists’ views in this whitepaper to better help our community bring efficiency into their organisations, with the survey findings underscoring and confirming our many years' experience. Contracts hold real value, but with traditional practices, risk management is reactive rather than proactive, leading to monetary losses. We have talked about the need for embracing automation in this space for a while, but the past two years have showed companies the real urgency of implementing this change. This is why we are here to help guide commodity and freight companies, whether they are already on this journey or just starting out.”
Chinsay is a pioneer in the trade and contracting management space, and the only company offering solutions solely focused on the very specific pain points of the commodity and freight markets. Its ICP software is used by some of the largest companies in this space, bringing efficiency, standardisation, automation, and transparency to a traditionally cumbersome process.
To access the full whitepaper, please click here.
John Norris / Alice Jiga
Tel: +44 (0) 20 7250 4770
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.https://www.chinsay.com/find-the-money-and-data-hidden-in-your-contracts