Share this article:
Cliff Bennett of Reliance Industries Limited has recently shared with us some of the advantages he sees in the use of CargoDocs in Reliance's European barge operation:- "Reliance see the platform as a very useful tool to enhance our operations and are currently in the process of signing up to the platform initially on a trial period to test the system, so of course we naturally want our Terminal to be on board using the same. I have highlighted some of initial benefits for us below:-
- Time Saving – Currently we have to type and edit nominations that are received and sent by Reliance. The platform will remove the need for doing the same as all the information will be stored in the database. If receiver / supplier are also using same platform, then the procedure is even quicker as we will only need to edit contract / contact information. Time is critical when we are governed by strict nomination windows and the system can potentially save us up to 24hrs demurrage exposure by reducing the risk of not meeting nomination deadlines.
- Instant Data – The platform will allow us to have loaded figures instantly and will also be available to all in the Trading chain along with all relevant documentation. This is particularly important to Reliance as we require documents for payment receipt / payment processes, and receiving the figures instantly allows us to invoice our Counter Party in plenty of time to ensure we receive / Pay funds within contractual time frame. Given that our finance is controlled from our Mumbai office this is of great benefit when considering the time difference.
- Human Error – The system will take away human error which comes with having to manually type and send nominations, which is regularly seen with incorrect EMCS info, quantity typos etc., due to the rush to send a nomination if close to the nomination deadline. Incorrect information can lead to further demurrage exposure should the terminal / barge master have a mismatch in their orders as sometimes is the case . As loaded figures will also be available to all in the trading chain, it means all parties will have same loading data. When figures are passed on via yahoo / email they can be advised incorrectly and results in having to change and re-issue invoices accordingly, this can also potentially incur additional bank charges, thus this reduces the likelihood of any discrepancy.
- Demurrage – The system will allow us to anticipate and provision our potential barge demurrage exposure as all the times for the entire barge voyage will be available to us.
- Archive – The system files and stores all nominations / documents for 12 years. The layout shows the nomination chain clearly and also clearly shows any amendments made."