DMT, VERIDAPT collaborate to digitise inventory monitoring

DMT, a leading collateral manager, has announced its collaboration with VERIDAPT to transform inventory monitoring and verification in Africa.

The partnership underscores the digital shift under way in Africa and worldwide in commodities inventory management.

Managing Director for DMT West Africa, Paul Minlah, emphasised the importance of transparency in the industry, stating:

“The core concept we are focusing on is the challenge of transparency in the industry, which we have observed over our 15 years of experience. The partnership with VERIDAPT will enable financiers to have increased confidence in supporting a wider range of products, leading to enhanced financing opportunities”.

By deploying VERIDAPT’s digital technology in collaboration with DMT to monitor commodities stocks, collateral management and inspection services will be greatly enhanced, mitigating the risks associated with the quantity and condition of goods, integrating live data and optimizing a secure deal flow of documents.

“As experts in Africa, we are excited to partner with global leader VERIDAPT as we share a common commitment to provide transparency to commodity supply chains. Our company recognises the best solutions for complex challenges are often those that combine great people and technology in partnership – that is why DMT and VERIDAPT can make a real difference,” Mr. Minlah said.

The cutting-edge technology offered by DMT and VERIDAPT, according to him, will set a new standard for transparency in the industry. Real-time monitoring capabilities will allow financiers to make informed decisions and effectively mitigate risks. This level of transparency is crucial in trade transactions, fostering trust among all parties involved, he added.

The increased transparency provided by the platform will not only benefit financiers but also suppliers, who can have confidence in the monitoring capabilities offered.

Chief Revenue Officer for VERIDAPT, Tawfique Hamid said the collaboration is driven by a shared understanding of objectives and capabilities, with DMT’s ability to provide market access seen as a key advantage.

Mr. Hamid expressed enthusiasm about the collaboration with DMT and commended their exemplary approach in dealing with companies.

The President for Association of Ghana Industries, Humphrey Ayim-Darke commenting on the collaboration stated that

“One key aspect of this strategy is the implementation of a collateral management approach that leverages technology integrated with systems.

By utilizing real-time monitoring and transparency tools, entrepreneurs can ensure that stock management processes are streamlined, trade transactions are enhanced, and relationships with suppliers and financial institutions are strengthened.”

The benefits of this approach are significant, with potential cost savings of up to about 35 percent through efficient stock management and financing arrangements. By embracing technology in stock management, entrepreneurs can not only improve operational efficiency but also foster trust and transparency in the supply chain, he added.

Both parties are optimistic about the prospects of the partnership and the opportunities it presents for market expansion in Africa, although it is still early days.

VERIDAPT controls and authorises the use of over 30 billion litres of fuel annually, across 80 plus large global mining and rail operations. Its clients include BHP, Rio Tinto, Glencore, Roy Hill and other major operators.

Recognising a need in the commodity sector for greater transparency in inventory management, VERIDAPT is expanding its proprietary technology stockpile and warehouse storage monitoring.
 

By Emmanuel AKOMEA