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Commotrack Pushes low-cost, capable cloud-based CTRM

A few years ago, in one of my routine searches for new CTRM solutions, I came across a solution called Graintrack, a cloud-based solution targeting grains from a company in the Ukraine. It’s website at that time was partly in English and partly in Ukrainian but I did manage to get a hold of the founder and CEO, Dmitry Mykhalchuk, and find out a bit more. I put Graintrack on my radar and entered them into our online directory. Recently, I got an email from the company asking if I would like to catch up and find out how things were going. I spoke with Dmitry again

The first thing to note is that the business has grown and expanded and is now known as Commotrack (though the Graintrack product is one of its offerings). This was to reflect its extension in coverage from grains into softs like sugar and coffee and into oil & gas. It also transpires that the vendor has had some success with users in the UK, Canada, Switzerland, Morocco, Khazakstan and Ukraine over the intervening period. The solution handles physical grains, can handle financial and physical softs, depending on usage and financial oil & gas currently I was told.

Dmitry has a clear vision of what the vendor is about. It is targeting smaller entities with a fast, customizable solution in the cloud via a subscription model though the solution is only deployed single-tenanted. It has established what its value proposition is both for users of various kinds and executed on that what is a comprehensive solution that is cost effective, easy to use and offers all the controls, automation, reporting, document management and so on that Excel cannot. It features sophisticated document management, workflow and other features designed to eliminate costly errors and reduce workload. With around 50 to 60 companies using it, it seems the approach has merit.

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Dmitry took me through the solution, and it does include most of the functionality that anyone would need to manage a smaller commodities business. The only weakness I could see initially was around risk analytics where Dmitri says it is working currently to enhance the solution. Offering support for things like physical, financial and FX positions, fixing and hedging, invoicing, payables, receipts, cash flow management, trading, balancing and Pnl, implementation time is 2 to 8 weeks, he told me. And, with monthly subscriptions per user averaging under 100Eur per month, the solution is eminently affordable. The vendor has people located in safe areas of Ukraine and in other countries as well offering dedicated support.

Dmitry says that most of its customers are around 20 users, but it does have ones with as many as 60 users on the solution too. He sees the target market as not really covered by anyone else properly. “At the smaller end of the market, most solutions are too expensive or not really fit for purpose,“ he told me. “We want to be the solution of choice for the small to mid-sized company who doesn’t need a complex solution.”