Invensoft Goes Mobile and Cloud
Invensoft Technologies, an IT company providing Commodity Management software solutions for businesses in agricultural commodities, metals, minerals and concentrates, have been around since 2000 and currently have clients in Asia, Africa and Latin America including Fortune 500 companies. The last time, I had spoken with Invensoft in any detail was at the last CTRM Conference a few years ago. But I had a conversation with Prasad Raju, founder and MD, a week or so ago to catch up. For those who are unfamiliar with the company, it offers a Commodity Management platform called Invensoft-XBS that includes functionality in commodity management (Invensoft-XBS CM), 3rd party warehousing & 3rd party logistics Invensoft-XBS CW3PL) and commodity trade risk management (Invensoft-XBS CTRM).
Prasad told me that 2019 had been a great year for the company both in terms of innovations and customer acquisitions. Back in January last year, Invensoft released a cloud version of their solution called XBSCloud (www.xbscloud.com) and released the latest version of their software platform in May 2019 with support for mobile devices, intelligent traceability supported by QR code, pick up, put in and provisioning features, I was informed. Invensoft also increased its customer base in 2019. It’s success were largely in coffee it seems although it also saw some success in metals.
It added a coffee trading company in Columbia who chose XBS Cloud and were implemented remotely from India in a matter of weeks. It also added a coffee trading company in London with origination operations in Asia and Africa. It implemented commodity management and CTRM for their operations in India and Europe. Additionally, one of the largest coffee companies in the world signed off on an implementation of all of Invensoft’s solutions for their operations in East Africa (a group of five companies). Prasad also told me that after expanding its footprint in LME certified metals warehouses, an existing customer in the US extended their implementation of the Invensoft solution for LME certified metals warehousing.
Looking forward to 2020, Prasad is focused on complete mobility features across the commodity business in its software and to adding more solutions to XBSCloud. It will also focus more on data intelligence, he told me, which we see as a big theme in the coming years.
We will be checking in with Invensoft again in the coming months to see how they have fared.
