Invensoft Sees AI at the Core of Commodity Management
Invensoft has a system whereby every 10-years or so, it redoes its software. “We want to fully benefit from the cloud and the latest technologies,” said Prasad Raju, founder, and CEO of the company. “The last time we did the major overhaul was 2012 and so, right now, we are busy adding not just new functionality but also revisiting the entire solution set.” This includes four different products in the Invensoft-XBS product set – Commodity Management, CTRM, 3rd Party Commodity Warehousing, and Logistics.
“Commodity Management and 3rd Party Warehousing are the most popular products at the moment,” Prasad told me. “CTRM has also picked up quite a bit. Over the last 15-years, Commodity Management has offered a lot of scope for increased efficiency, and most users we deal with are less interested in the trading side and more interested in areas like procurement, handling, and so on where the operational risks are.” On the warehousing side, Invensoft is investing in completely integrated weigh scales, QR codes, and traceability. “The market is growing, and it needs more controls and efficiencies in the supply chain.”
Invensoft has also invested in AI and this is being deployed in its intelligent warehousing functionality in other operational areas. “We are constantly looking at how to make the product more AI-centric,” he said. Other areas where it has invested was in moving from Crystal reporting to Power BI and dashboarding, “But, why do I even need audit or management reporting if I can get the system to send me notifications regarding changes like stock changes, procurement price performance, or processing profitability, for example?” he asks pointing to another area the vendor is investing in. Integration is yet another area and as he points out, CM is about procurement, processing, and shipments, CTRM about trades, and warehousing about inventory, which all need to be delivered integrated. Integration becomes increasingly important as you move to ecosystems of smaller functional components as all have to work together seamlessly he says.
With a couple of new wins behind them in 2020 in South America and Africa, Invensoft is busy with deployments and a very full pipeline, he tells me. He sees no lack of interest and a market that is quite robust at the moment.
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