The Geneva-based startup, CommoChain, is offering a SaaS Trade Execution Assistant to help companies on their digital transformation journey. After a pilot project, the startup welcomes Cofiroaster as its first commercial customer for whom it will roll out the solution in early 2020. Cofiroaster has a 50-year tradition in green coffee and sources from 90 countries to 25 destination markets.
Founded in April 2019 by a team of 5 members, CommoChain is developing the first communication platform for physical commodity trading to transform painful back offices process into a great experience for coffee exporters, traders, roasters that wish to deliver a better service to customers.
Its solution comprises several inter-related modules, streamlines and augments execution processes by digitizing and optimizing trade execution. Whether it is business confirmations, multi-party data flows, document management or execution audits, the solution is designed to effectively facilitate and accelerate the digital transformation of companies along the global commodity supply chain, irrespective of size and location.
“Our focus is to get back-offices on another plane of efficiency while delivering very fast deployment and seamless integration,” says Ludwig Clément, CommoChain CEO and co-founder.
Onboarding the first customer
Following a 2-month pilot project, CommoChain and the leading coffee trading house Cofiroasters announced the implementation of CommoChain’s Trade Execution Assistant solution across its regional regional offices in early 2020, making Cofiraoster the first commodity trading house to implement the Trade Execution Assistant.
Applying solutions from CommoChain will enable Cofiroasters to improve customer experience and reduce operational costs by half. Based on early indicators, Cofiroasters expects a return on investment in only 4 months. The coffee trading house which is also part of Massimo Zanetti Beverage Group is onboarding clients and suppliers on the platform.
Cofiroasters has a 50-year tradition in green coffee and sources from 90 countries to 25 destination markets. The company employees 500 people in 6 countries. It is also part of Massimo Zanetti Beverage Group.
“Moving from the in-house sourcing subsidiary of a major international coffee house to a market-facing trading company means that it is even more vital that we capture each and every efficiency opportunity that comes our way. We were impressed by CommoChain as it directly addresses one of the main pain points traders face on a day-to-day basis, in this case, the difficulty to adequately capture all the details related to samples management,” says a spokesperson from Cofiroasters.
More pilots underway
Besides Cofiroasters, CommoChain is currently running 6 pilot projects with several trading houses, importers and roasters. This reflects considerable interest from the Geneva-based trading community for the approach in a context of slimmed-down margins and a renewed focus on efficiency and digital transformation.
(Press release/ran)
Please login or sign up to comment.
Commenting guidelines