The solutions work across commodity trading and risk management (CTRM), eSourcing, sustainability and direct material procurement, the release stated. They digitize some key business processes that work to bring people, processes and technology together.
The new products are available now, according to the release.
Enhanced CTRM and ETRM solutions will help with speed and agility for commodity businesses to access better opportunities, identify risks earlier and boost profitability, the release stated. eSourcing solutions will improve productivity across numerous spending categories.
Sustainability as well as environmental, social and governance (ESG) solutions will visualize ethical sourcing and carbon emissions, look at energy use, reduce compliance risk and ensure employee health and safety, according to the release. Integrated sources for supply chains will let operations in logistics, stockyard and warehouse management give businesses the opportunity to boost their resilience and stay on top of visibility.
The release noted that a lack of digitizing led to numerous issues with production, distribution and supplier base.
Eka Software Solutions CEO and Founder Manav Garg said in the release that the point of the update is to keep businesses quick and efficient.
“While profitability will always be paramount, success in the current environment calls for prioritizing agility and flexibility in business processes,” he said, according to the release. “Eka provides businesses the tools to move fast and address the changing needs of market forces by leveraging cloud and automation on its cloud platform that was built to serve commodities and direct materials industry.”
In separate news, Sievo CEO Johan-Peter Teppala told PYMNTS that companies need to look deeper into facets of data. He said understanding how the commodity price volatility on the global stage has affected spend overall in the past year is important.
Teppala said businesses should ask “how will the future development on those external factors affect me going forward? And how should I prepare?”