The procurement space is comprised of several processes such as, purchase order, contract management, supplier lifecycle management, and many more. Coordination of these processes andvisibility into the supply chain has proven to be a requirement. Having lack of visibility into the accurate information regarding the process of the supply chain can put businesses at risk. Without precise knowledge of actual demand, inventory, and shipments, agility and responsiveness can never be achieved. For that reason, organization are on the lookout for supply chain networks that automate and provide visibility solutions that can cut risks, support new product introductions, and help identify shortage and quality problems along the supply chain.
Set against this backdrop, Elemica, one of the leading Digital Supply Network service providers is on a mission to significantly improve the efficiency, visibility, agility, and robustness of the global supply chains through their groundbreaking technology. “Our objective is to drive true innovations and become a reliable technology partner to our clients by helping them achieve greater visibility and control they need to succeed in the global supply chain marketplace,” says Rich Katz, CEO of Elemica.
Elemica’s patented Digital Supply Network (DSN) platform improves customer service, reduces costs throughout operations, sustains profitable growth, and accelerates digital transformation by providing real-time visibility to deliver value across the end-to-end supply chain.
Elemica drives bottom-line results by promoting faster process execution, automation of key business processes, removal of transactional barriers, and seamless information flow between trading partners.
Analytics is seen as a key driver for change and decision-making in procurement operations. Elemica’s state of the art platform uses network master data and a business rules engine to ensure that clean data is exchanged with partners. The Elemica Network captures event and transaction data across the entire network, creating a critical mass of real-time business information that allows partners to proactively respond to supply and demand changes in the market. This powerful platform collects data in any format and transforms it into a standard format and then links the data and sends it back to the clients’ systems through APIs. The data, transmitted back via this patented technology,is used for analytics to deliver intelligent visibility in terms of logistics, order management, and fulfillment. Through Elemica, enterprises can optimize and digitize their procure-to-pay processes, workforce, safety stock, and transportation needs.
The company offers its solution to various sectors including oil and gas, chemicals, food and beverage, automotive, pharmaceutical, and CPG. Recently, a global Fortune 100-CPG company approached Elemica wanting help to improve the performance of its inbound supply chain which included rail and road movements. One issue was how to address forecast volatility wherein the buyer’s lead time was 30 days, yet their manufacturing forecasts and demands varied every 8 hours which injected noised into the process. Elemica solved this issue by providing an automated pull-based system leveraging the Elemica DSN and the Elemica VMI demand management application. Both the buyer and supplier learned to manage the appropriate inventory and over a short period, operations shifted to nearly 100 percent hands-free operation, and 30 percent reduction in overall stock levels and inventory variations, all without any reduction in services levels.
Elemica has been continually launching new solutions for the products that their clients are buying, selling, moving, complying, and seeing throughout their supply chains. Unlike other competitors, Elemica offers the Elemica Quality Management solution that brings quality and operational excellence together, giving manufacturers the upstream visibility and control they need. Elemica has expanded globally with clients representing an equal split between North America and Europe, and the rest of the world. Moving ahead, the company will also continue to incorporate next-gen technologies like artificial intelligence, IoT, and machine learning into their solutions and work together as a team to create blockchain as a service platform.