Eka Software Solutions, the #1 cloud platform for commodity management, announced the release of COVID-19 Risk Monitoring, a free app designed to help customers and prospects quickly gain visibility into supply chain risks to better assess and mitigate risk. The app provides specific insights into the impact of COVID-19 by showing a company’s contract position across countries with reported cases of the virus. Based on company data, the app instantly visualizes contracts at risk and provides businesses with the ability to identify alternate suppliers to maintain business continuity.

As authorities around the world race to contain Coronavirus, governments, companies, and consumers are bracing for global economic fallout. Efforts to contain this pandemic has begun affecting global economy hard and could cost the economy up to $2 Trillion according to UN’s trade and development agency (UNCTAD).  Creating a digital supply chain has never been more critical. Nothing demonstrates the value of a digital business more than a crisis that requires analyzing large amounts of real-time data, advanced analytics, and a connected supply chain, to be able respond faster and smarter to market disruptions.

The Eka COVID-19 application quickly and securely imports real-time information relating to the virus outbreak from trusted sources. It analyzes this data along with supply chain data using advanced machine learning analytical algorithms. The app enables customers to continuously assess the risks the virus is presenting to their businesses and provides real-time information about the impact to inventory, purchase and sales contracts across geographies, commodities, business partners, customers and suppliers. Other insights include total contract value by supplier and customer along with purchase, sales and inventory quantity and value in risk areas. Users get a clear overview of the level of risk to their supply chain and can quickly drill down to look at specific regions, projects or contracts in more detail.

Armed with this intelligence, companies can take preventative and corrective actions that mitigate risks and help keep supply chain operations robust.

Additional general features provided from Eka’s solution are based on the capabilities of the overall Eka cloud native platform; including custom reports, customizable alerts, user-defined dashboards, enterprise-grade security and the ability to seamlessly integrate disparate data sources. The platform makes more efficient use of data to enhance decision making and is specifically designed for commodity industries including agriculture, energy, metals and mining, and consumer packaged goods (CPG).

Creating a digital supply chain brings siloed teams, systems and information together to create a single truth. It removes the need for manual data manipulation and provides the insights businesses need to improve decision making and the efficiency of their operations. Using real-time data, it provides more in-depth market knowledge, robust views of exposure and foresight of potential risks to a business in a matter of minutes. This helps businesses navigate volatile markets and adapt to constantly changing situations.

For further information about Eka, its native cloud platform, the COVID-19 App, or the additional 50+ business critical and advanced analytical apps for trading and risk management, please visit www.ekaplus.com/covid-risk-monitoring-app/

Eka Software Solutions is a global leader in providing digital commodity management solutions driven by Cloud, Blockchain, Machine Learning and Analytics. The company’s best-of-breed solutions serve the entire trading value chain across agriculture, energy, metals and mining and manufacturing markets. Eka is reimagining commodity management with a new age architecture that breaks monolithic ETRM and CTRM systems into bite sized chunks of powerful, enterprise grade apps, thereby enabling faster implementation, adoption and decision making. Eka’s mobile-first, enterprise apps are embedded with commodity specific algorithms that empower businesses to stay on top of volatile markets by letting them scale at will, go live faster, and achieve better value for their investments. Eka has offices across the Americas, Asia, Australia, and EMEA serving 100+ customers globally across multiple commodity segments. Read more about Eka at www.eka1.com.