2020 was not a great start for the world of commodities with a trade war brewing, financial uncertainty and demand destruction. Coordination and stability of domestic and international trade have been challenging, making people in the industry rethink how they maintain their existing relationships and develop new ones. We see a huge acceleration in the jump to digital as offices empty, shops close and schools empty. No one knows how temporary or permanent these changes will be, but people are conscious they need to be prepared for the next pandemic.
As companies grapple with this dynamic landscape, they are searching for the means to network more and coordinate their activities. At TradeCloud we started our journey by building a network of physical trade counterparts across our platform.
When we discuss the future of technology with our customers there is consensus on two major themes:
“Over the next 5 years technology will have transformed our industry.”
“In exactly what way? I have no idea!”
We would like to share with you 5 things we have learned to help you enhance your trade under the new normal.
What is important, is to take the first steps on this journey. This is why TradeCloud starts at the beginning – the very inception of a physical trade – because by doing this it allows you the possibility to digitise all the processes thereafter, through the physical lifecycle. Digitising the communications of your core underlying business is the first step. By doing this you will have built the foundations you need to leverage the emerging technologies that will transform our industry.
Why can’t customer experience in the physical commodities industry be as good as it is in retail consumer goods, travel or the financial industry? We can all remember what it was like to book our first flight “online”. Now it is commonplace and we can’t imagine doing it any other way. Start at the beginning, digitise the communication and share the information – that’s what we are trying to do. From there things can only get better.
Email and chat were never designed for business collaboration. The ability to share information and the need for multiple stakeholders to work with the same data, is hugely important. Embedding collaborative workflows into your communications tools means that teamwork happens naturally and is not something that needs to be constantly forced. Tired of being buried with meaningless emails? Talk to us.
Some of the most significant limitations to businesses these days have their root cause in establishing trust between counterparts. When looking to upgrade your technology, it pays to always have in mind how to maximise the trust that you can build within your business team and within your commercial partners. As we all move online, the need to validate the information sent to us, has never been more important.
Technological evolution does not happen passively. New technologies are transforming society and industry in ways never seen before. Companies that step up to the plate and recognise this, will be the future stars. Those that take a wait and see approach are likely to be left behind. It’s time to swat up on AI, IoT, Cloud and Blockchain. These are the technologies that are shaping our future.
At TradeCloud, we continuously improve our technology to keep our customers at the leading edge. Our vision is to take the world of physical commodity trading on a journey into the next digital age and we would like to take that journey together.
Author: Daf Davies | Global Head – Marketing and Revenue | TradeCloud
TradeCloud is a communications platform designed specifically for the physical commodities industry. It provides a secure and compliant environment, open to all market participants. TradeCloud helps its members find the commodities they need at competitive prices. It also provides a network of post trade services such as logistics, finance, and documents, all connected on the TradeCloud Commodities Web, centred around blockchain technology.
For more information, please visit www.tradecloud.sg