Farmer Network Moves Faster with Eka
An independent agri-company made up of innovative farmers, technologists and scientists was on a mission to empower farmers and deliver independent, unbiased, and objective farmer-driven information. The network’s goal is to provide its farmers powerful agronomic and financial insights, including comprehensive analytics on seed performance, agronomic practices, input prices, yield benchmarking, and more.
In 2017, the independent network launched a crop marketing business to provide member farmers new flexibility in choosing buyers. By allowing farmers to trade through them, the network would carry the risk while enabling farmers to avoid margin calls and derivative trades. The test program was started as a small project and managed entirely on spreadsheets.
As the program grew, manually collecting and analyzing data became too cumbersome, taking up to three weeks to complete. At that point, the data was outdated before it was even reviewed. The agri-company also had no consolidated way to evaluate risk. They needed one comprehensive system to manage trading and risk.
The agri-company implemented Eka’s Trading and Risk Management (TRM) to manage farmer, producer, and buyer sales contracts, pricing, hedging, executions, and invoicing on one platform. Eka’s solution helped them create daily reports on filled positions, completed contracts, and hedging strategies.
- Fast Implementation: Implemented in just eight weeks, Eka’s platform provided immediate benefits to the company.
- Increased productivity: By integrating all trading and risk management onto one platform, the agri-company removed the manual data integration processes completely. Reports that used to take three weeks to create are now created in just a few minutes.
- All data on one platform: Because the company now manages farmer, producer, and buyer sales contracts, pricing, hedging, executions, and invoicing on one platform, reconciling hedges is faster, and ensuring all contracts are hedged is easier. The company can quickly reconcile levy check-off received from farmers and paid to elevators and generating invoices is efficient and easy.
- One, accurate view of the business: Eka delivers a holistic, accurate, current picture of the state of the business and enables the agri-company to drill down and evaluate the performance of each member.
- Anytime, anywhere reporting: Users can view exposure at the click of a button instead of waiting days for manual reports. Eka’s TRM also eliminates any chance of human error while it aggregates, blends, and analyzes inputs from all data sources to provide one, accurate visual representation of position in real time. The agri-company is now better able to monitor and manage risk.
- Custom reports: The company also has access to instant executive dashboards, enabling faster, better decision making and quick responses to market shifts.
Eka’s flexible platform supports the agri-company’s dynamic business model. And, as they continue to test new business models and enter new markets, Eka’s solution can grow with them – in just days or weeks.