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Revolutionising physical contract management within freight&commodity markets by dev. Chinsay 3.X

Chinsay has identified untapped potential to release value that is currently locked up within paper contracts. Chinsay's aim is to abstract data and re-apply it in valuable ways to functional teams across an organisation.

Chinsay is a cloud based platform for the production and management of high-value freight and commodity contracts. Historically, ocean freight and commodities markets are characterised by a wide array of contractual terms driven by particular commodity specifications, trade routes, type of voyage involved et cetera. Chinsay connects the entire commodity transaction chain and this complexity is also the driver for innovation. Chinsay has an innovative idea that will enable commodity companies to extract previously unavailable data from contracts and provide valuable information and insights to all areas of the business. By extending platform functionality, Chinsay will offer new capabilities that will bring greater visibility and control through active management of operational risks during the process of creating and issuing contracts. Commodity and freight trading companies are facing challenging environments that require greater control and flexibility in increasingly regulated and volatile markets. Contracts are at the center of all the activities these companies engage in and traditionally those contracts are static paper documents that are very hard to interrogate individually let alone at an aggregated level across a business. As a result, it can be extremely expensive and time consuming for any company to react to changing market and operational situations, indeed much of the organisations ability to react relies on experienced individuals identifying and effectively managing ‘risks’. The 3.x project is a disruptive innovation because it allows companies to both effectively defend against risk and to additionally identify opportunities to increase or change patterns of trading, reduce capital, tax efficiency, price risk effectively et cetera, simply by creating and issuing contracts within Chinsay. This project allows us not only to develop higher value functionality for existing and new users but also allows us to deploy into new commodity markets, much more efficiently and swifter.
Acronym: 
Chinsay 3.x
Project ID: 
11 153
Start date: 
31-12-2016
Project Duration: 
12months
Project costs: 
720 000.00€
Technological Area: 
Knowledge Management, Process Management
Market Area: 

Raising the productivity and competitiveness of European businesses through technology. Boosting national economies on the international market, and strengthening the basis for sustainable prosperity and employment.