Does Your Chemical Trading Software Meet These Requirements?

The chemical industry plays a vital role in the global economy. Currently, valued at a whopping $3.94 trillion, the industry is expected to flourish and grow by 1.8% until 2024. Chemical trade businesses have specific needs that requires the support of an advanced ERP that can handle accurate measurements, manage multiple units of measure for inventories, storage and purchase, customer specifications and actual lot tracking, among others. In addition, the Chemical Trading Software ought to meet stringent industry standards and regulations as well. While, this can be overwhelming for a standard ERP system, Robo-Commodity can handle it with ease.

A standard ERP may need immense customization or a supporting software to best-suit the basic requirements for chemical trade. While resulting in additional IT costs, it may not promise utmost operational compatibility. In fact, it is essential to ensure the chemical trading software can single-handedly, manage every business aspect i.e., interlinking all business functions in real-time for better tracking and reporting. The ability to measure yield and actual output versus scheduled output accurately is imperative in chemical trade.

As most traders continue to use spreadsheets or outdated ERP systems, they are vulnerable to several trading limitations and errors.

6 Common Pain Points For Chemical Industries:

1. Managing different unit of measures manually, such as calculations, unit conversions e.g., Kg to lit.
2. Storage of stock UOM ought to persistent irrespective of the purchases at any UOM.
3. Data entry for every purchase in alignment to sales order.
4. Stock reconciliation uncertainty for chemicals.
5. Stock transport across locations in compliance with regulations i.e., GST & others.
6. Documenting additional data entries i.e., hazardous items, density, color, etc.

To combat these pain points, we’ve outlined a few key questions you must ask while evaluating a suitable ERP.

Key Questions To Ask While Choosing A Chemical Trading Software:

1. Is the software cloud-based and secured?
2. Does it provide the functionality to track & display inventory quantities in multiple units of measurement?
3. Does it allow to buy/receive/sell/ship in any unit with conversion accuracy?
4. Can future costs be used to provide what-if comparisons of total costs?
5. Can actual costs be tracked and compared to standard or estimated cost?
6. Does it have options for standard cost, weighted average cost or cost by lot?
7. Can costs be data driven?
8. Are formula-based unit of measure conversions supported?
9. Are multi-packaging units of measure for each product/part supported by a unique code?
10. Does the system allow to manage multiple geographies and entities?
11. Does it offer real-time data insights?
12. Can one track unlimited variable attributes by batch/lot?
13. Can it specify quality control tests with specific minimum/maximum acceptable values?
14. Does it allow sourcing inventory lots in accordance to customer specification and actual lots?

The Preferred Solution:

With Robo-Commodity, our specialized ERP for Commodity Trading, you can better manage chemical inventory, synchronize geographies and entities, and receive insightful system-generated reports. Thus, offering your business the scope to forecast better and yield higher ROI.

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Allow us to help your business become more efficient and perform better. To do so, let us know of a good time to schedule a quick call at your convenience.