Thoughts on the Quor and ClearDox Partnering Announcement
Quor recently announced a partnership with ClearDox “to help organizations close the ‘automation gaps’ across the trading lifecycle.” According to the announcement, “the ClearDox intelligent applications leverage the latest AI technologies to digitize and automate critical business tasks and assets. They are embedded with operational AI-models for eliminating commodity trade lifecycle gaps such as rekeying and matching inventory movement receipts or the manual reconciliation of complex unstructured trades across counterparties and brokers. The ClearDox applications are highly adaptable and integrate seamlessly into the core workflows within Quor.
“Whether it is addressing data locked in paper documents or dealing with the unsure nature of the quality and timeliness of the data used in making decisions, eliminating manual, disconnected processes is critical. While commodity organizations are increasing their technology spend to drive efficiencies and improve resiliency against an ever-expanding risk profile, most are still struggling.” noted Rick Nelson, CEO, ClearDox LLC.
“We are thrilled to partner with ClearDox to deliver greater value to our customers. The synergy between our platforms offers a compelling value proposition, empowering traders with unparalleled efficiency and insight throughout the commodity trading lifecycle. We are excited to leverage this partnership to drive innovation and create tangible value to our esteemed customers,” said Steve Hughes, CEO at Quor Group.”
Having had a couple of demos of the ClearDox solution, there is no doubt that it has lots of potential and use value as a platform. The challenge posed by the vast array of documents required in any commodity supply chain are many in terms of accessing that information in a timely basis and accurately as in the past, these documents like Bills of Lading, Tickets and so on have been typed in manually and the original document attached or at least a reference to the document elsewhere. ClearDox provides a platform that can bring in timely and accurate information from these key and other documents in any format including PDFs or even a photograph. The process is automated and it extracts, normalizes, validates and enriches the data using a variety of digitalization and AI techniques. ClearDox says that any document can be passed through the solution and on into systems like the ETRM and so on thus helping analysts to perform more effectively.
Seamlessly integrating the platform with CTRM, ETRM and other software like those offered by Quor helps to minimise error, increase accuracy, timeliness and reduce risks while enhancing the opportunities for a commodities business. Moreover, by building formal relationships like this, it enables an ecosystem for users that has been tested and essentially pre-assembled by the vendors themselves. As a result, we expect to see more partnering between synergistic vendors aimed at building out ecosystem capabilities beyond each vendors traditional footprint.
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