DMT, Veridapt partner to digitise inventory monitoring in Africa

AFRICA'S leading collateral manager, DMT, and Veridapt, a global digital monitoring technology innovators have partnered to digitise inventory monitoring.

The collaboration will see DMT, which operates in over 32 African countries including Ghana, inculcate Veridapt Internet of Things (IOT) software monitoring platform into its system to provide timeous monitoring for commodity traders, financial institutions, commodities and mineral resource owners.

At a workshop at the La Beach Hotel in Accra, the Chief Revenue Officer of the Australia-based Veridapt, Tawfique Hamid, noted that the software could be monitored remotely to check inventories in real time that assures accountability and transparency.

"The software provides an extra layer of trust for third parties and ensures efficient integration, facilitation, financing and monitoring of goods," he stated.

He added that his outfit enhanced the operations and logistics of commodities in the ecosystem by supporting the digitisation of collateral management.

Inventories

Demonstrating how the software works, Veridapt's Vice-President in charge of growth and strategy, Damir Hasagic, noted that the software was embedded in a device which could be built in tanks that contain liquids and gas that provide real-time independent monitoring of inventories.

"Veridapt is providing the tools and technologies that will help DMT to innovate, grow and adopt more efficient inventory management practices.

Our technology is designed to reduce operating and insurance costs, minimise probability of theft, misappropriation, unexplained losses, quality deterioration and environmental risks," he stated.

He revealed that the 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, while integrating live data and optimising a secure flow of documents.

Partnership

The Managing Director of DMT, Paul Sannie Minlah told the Daily Graphic that providing transparency to the commodity supply chain was the key ingredient for the partnership.

"As experts in Africa, we are excited to partner global leaders Veridapt as we share common commitment to provide transparency to commodity supply chains," he noted.

He noted that DMT has resolved to provide the best solutions for complex collateral issues to clients.

"Our company recognises the best solutions for complex challenges and these are often those that combine great people and technology in partnership, that is why DMT and Veridapt together can make real difference," he stated.