Digitalisation brings full transparency and maximises efficiencies for terminals
VERIDAPT’s digital solution unlocks a multitude of real-time benefits for terminal operators, making full transparency in inventory management and transaction flows the new normal.
VERIDAPT recognises that manual record-keeping and stale inventory data must give way to digital twin technology that addresses the stricter requirements being placed on terminals for compliance and visibility to reduce risk, facilitate financing and streamline overall operations.
Digitising terminal management transforms the role of a traditional storage facility into a smart partner in the trade ecosystem, using real-time data to unlock value for the terminal and its customers. All this is achieved through a single solution, integrated with different departments across the business and with authorised customers to streamline and optimise terminal management.
Core Functionality and Key Benefits for Terminal Operators
Daily Reconciliations of Actual vs Book Value
- Digitize and automate reconciliation of inventory, daily
- Improve efficiencies by eliminating paper trails
- Automate real-time verification of deliveries, dispenses and transfers, allowing 24/7 visibility of inventory
- Provide ability of automated daily reconciliations at a nominated point in time, including auto-emailing reconciliation reports to customers and third parties
- Integrate data exchange with ERP system
Customer Portal
- Provide facility customers access to secure and independent inventory validation
- Digitize nomination process with data entry by customer on one single platform
- Provide improved access to financing for customers
- Generate and provide easy access to all parties to their Holding Certificates
Key Benefits
Reduce risk of errors in customer reporting, improve accuracy of month end reporting
Ops efficiency: automatic document creation, reduce paperwork replication and transcribing
Take human errors out of the system
Improve customer experience
Solution
Architecture
Our Technology
VERIDAPT’s digital solution unlocks a multitude of real-time benefits for terminal operators, making full transparency in inventory management and transaction flows the new normal.
VERIDAPT recognises that manual record-keeping and stale inventory data must give way to digital twin technology that addresses the stricter requirements being placed on terminals for compliance and visibility to reduce risk, facilitate financing and streamline overall operations.
Digitising terminal management transforms the role of a traditional storage facility into a smart partner in the trade ecosystem, using real-time data to unlock value for the terminal and its customers. All this is achieved through a single solution, integrated with different departments across the business and with authorised customers to streamline and optimise terminal management.
Implementation within 48 hours
VERIDAPT service is enabled by the installation of our hardware device IoT Hub in the terminal’s control room. VERIDAPT will provide the hardware and can be responsible for the installation. A typical installation in a facility is done in 2-3 hours with no operational impact.
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Go digital or go home: Terminals, banks and traders embrace inventory digitalisation
Storage Terminals Magazine JULY 2023
VERIDAPT’s Secure
Central Web Application
VERIDAPT's secure central web application, AdaptIQ, provides real-time tank monitoring and detailed movement transaction data, providing regular reconciliation.
Customer Portal
Share movements and inventory holdings with customers and banks
- Allow traders to nominate inventory movements (imports, exports, blending) and agree on these with the bank and terminal, in accordance with contract terms
- Allow and control visibility of the execution of these movements at the terminal across all parties
- Allow customers to view their current holdings and interests across all their deals and facilities
- Integrate to ERP and third-party platforms
“Moving into a digitalised world not only provides transparency and confidence to banks, it allows our clients to have an efficient way of seeking credit financing through a digital world.”
Loh Wei
CEO, JPUT