Recently, Commodity Technology Advisory began research into the trends in Commodity Risk Management (kindly sponsored by Amphora and the Nasdaq Market Technology Division). This activity alerted David Thambiratnam of Veridapt to contact us to let us know what it was involved with in the commodities space. We are glad he did. Veridapt has been in business some 17-years and got its start on the mining and extraction side. It makes hardware and software that can be installed in the field collecting real-time data that gets pulled into the cloud where it can be used to measure and monitor things like tank levels, inventory in silos and stockpiles, CO2 emissions and so on. Essentially, Veridapt is in the basis of helping its customers manage operational and fraud risks by providing commodity transparency across energy, agriculture and metals.
With the hardware installed, users can not only manage and monitor inventory and tank levels but also quality of the tank or inventory contents meaning that users can see if the commodity is there and is of the expected quality. Alarms can be set to advise if things are not as expected. My immediate thought was of the recent instance involving copper painted rocks fraudulently replacing copper. At the time that story was reported, many of us asked why was no monitoring or GPS equipment in place triggering alarms? Well, Veridapt does a very similar sort of activity.
As David told me, “Veridapt’s platform monitors, controls, and authorises the use of over 5 billion litres of fuel annually, across 60+ large global mining and rail operations. Our clients include top tier mining companies BHP, Rio Tinto, Glencore, Vale, Teck, Syncrude and major rail companies. The platform also monitors CO2 emissions down to each fuel consuming asset helping our clients reach their net-zero emissions targets with accurate reporting.” Furthermore, he told me that the solution can be delivered as platform as a service making it very economic to deploy.
Veridapt helps customers manage risk of fraud as well as operational risks in the supply chain, but it also can be used to deliver other benefits like optimization and costs reduction he told me. Capturing data in the field in real-time and making it available on the cloud for further analysis means it can then be used to monitor things like fleet monitoring, delivery verification, productivity, flow rate performance, abnormal fuel consumption and much more. “The solution delivers risk mitigation but also things like productivity improvement, automation, and cost reduction,” he told me.
We will be learning more about Veridapt in the coming weeks via a formal briefing. Meanwhile, we have added it to the resource’s directory.
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