Press Release: India, Bangalore, June 30, 2020: Asia’s biggest sugar and bio-energy producer, Mitr Phol, has selected Eka’s cloud-native platform to manage risk across its global hedging and pricing portfolios. The investment in new technology was part of Mitr Phol’s move to add more value to sugarcane in line with the Thai government’s ambitious targets for growth in the coming years. Following a review of potential solutions, Mitr Phol chose Eka’s cloud platform for its functionality, flexibility and ease of use.
With six sugar mills located in Thailand and a total crushing capacity of around 20 million tons of cane per annum, Mitr Phol is the world’s third largest sugar producer. A growing business, Mitr Phol sought a solution to improve the efficiency of its operations while reducing operating costs. Prior to selecting Eka’s cloud platform, the business was using SAP’s ERP system and spreadsheets to manage its hedging and pricing portfolios.
The existing setup could no longer support the complex pricing models of Mitr Phol’s growing sugar trade. They needed a solution that was easier to scale without incurring the cumbersome and expensive process of ERP customization to address Mitr Phol’s dynamic business needs.
Ittaya Sirivasukarn, Chief Digital and Technology Officer, Mitr Phol Sugar Corp., Ltd. said: “We needed a flexible solution and were looking for an innovative solution to match our ambitions. Eka’s platform allows us to adapt as our business needs change. The cloud-driven solution enables us to meet our current requirements while allowing us to scale when we must. Eka was an obvious choice for us. Using a single platform with application-based solutions, Eka offered the specific commodity trading expertise, functionality and ease of use we were looking for.”
Mitr Phol invested in Eka’s cloud platform was to support adoption of the Bio, Circular and Green (BCG) economy model which is designed to increase the quality and value of products through new and innovative technologies
Driven by cloud, Eka’s platform offers extensibility and adaptability to unique and changing business requirements. It uses cutting-edge technologies that include Artificial Intelligence and Machine Learning to contextualize and analyze data across disparate sources, providing clear visibility across the supply chain while enabling more informed decisions.
Manav Garg, CEO and Founder of Eka Software Solutions, said: “Commodity businesses face unprecedented challenges today. Legacy systems have not kept pace with dynamic markets and unprecedented volatility, and businesses are adopting cloud to improve efficiency and decision making. Eka is excited to partner with forward thinking businesses like Mitr Phol that are at the forefront of driving digital transformation to stay on top of the disruption while keeping their business positioned for growth in its aftermath.”
Mitr Phol selected Eka’s Physical Trade, Position & Mark to Market, Derivatives, Risk and Monitoring, Order Management System and Broker Reconciliation applications to meet their business needs. By using applications on a single platform, users have the advantage of being able to select exactly what they need for their business requirements. All business-critical data is connected on one platform. They also have the peace of mind that they can easily select and deploy new applications, if their needs change going forward.
About Eka Software Solutions
Eka Software Solutions is a global leader in providing digital commodity management solutions driven by Cloud, Blockchain, Machine Learning and Analytics. The company’s best-of-breed solutions serve the entire trading value chain across agriculture, energy, metals and mining and manufacturing markets. Eka is reimagining commodity management with a new age architecture that breaks monolithic ETRM and CTRM systems into bite sized chunks of powerful, enterprise grade apps, thereby enabling faster implementation, adoption and decision making. Eka’s mobile-first, enterprise apps are embedded with commodity specific algorithms that empower businesses to stay on top of volatile markets by letting them scale at will, go live faster, and achieve better value for their investments. Eka has offices across the Americas, Asia, Australia, and EMEA serving 100+ customers globally across multiple commodity segments. For more information, visit www.eka1.com.
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