Eka to offer more solutions to commodity business
Economic Times article by ET Bureau
After the wide acceptance of its digital platform in commodities market, the Bengaluru-based Eka Software Solutions is looking to build on it and come up with more solutions for the commodity sector to modernise to keep pace with the fast changing trends in the market.
“The underlying technologies currently in place in traditional industries such as commodities are dated. To emerge as a winner, commodity businesses need to modernise as they need better visibility in their trading operations across value chain,’’ said Manav Garg, CEO and founder of Eka Software Solutions.
The company offers cloud-based commodity management software solutions across the value chain from sourcing and trading & risk management to supply chain and operations and downstream operations.
“Our recently launched digital platform is disrupting commodities market with 20 businesses across agriculture, energy and metals and mining switching to an app-based commodity management within eight months of launch,’’ he said.
The company plans to build on the platforms to help come up with solutions that lets commodity businesses stay future ready. “As volatility increases in the market, commodity businesses are finding it hard to keep up,’’ he said.
The company had recently worked with Coffee Board on a pilot project to help the board to improve quantity and quality of coffee produced. “The Coffee Board is now employing apps ranging from hyperlocal weather forecast, disease identification and prevention to blockchain marketplace,’’ Garg said in an email interview to ET. It also helps improve income generation for smallholder farmers.
Globally large trading and food companies are taking on a technology-based approach by implementing artificial intelligence, machine learning and blockchain into their businesses. “You cannot expect farmers in India to invest in these tools and this is where our government’s commitment could potentially play a key role in boosting agri-tech adoption.’’ This would also bring in traceability which is critical in international premium food market, he added.
Eka currently has a team of 400 people with 10 offices located across the world. “Today we work with some of the biggest commodity brands worldwide. In fact, three out of four world’s largest agri-companies run on Eka,’’ he said.
Read more at Economic Times