Arrangement Helps Farmers Lock in Up-to-the-Minute Grain Prices
and Minimizes Company-wide Delays from Federal Auditing Requirements
BALTIMORE, MD. — eOriginal, Inc., the digital transaction experts, today announced that a leading multinational provider of food, agriculture, financial and industrial products and services has standardized on eOriginal for their eContracting and eVaulting capabilities of their financial assets.
Recently named a leader in Digital Transaction Management (DTM), eOriginal provides the prominent agricultural provider with a hosted grain purchasing platform to create and manage fully electronic transactions – beginning with the grower eSigning the purchase contract for the agricultural commodities to the eVaulting and transaction management throughout the contracts’ lifecycle.
By implementing eOriginal’s eAsset® Management Services featuring eOriginal SmartSign® Web and the eCore® electronic vault, the grain distributor is able to maintain a tightly controlled, fully digital environment to store and manage these transactions, including its Authoritative Copy, or Electronic Original®, documents. This allows them to ensure the authenticity and legal enforceability throughout the entire lifecycle of every digitally signed transaction.
Prior to implementing eOriginal, the company’s existing paper-based process of managing the contract documents was material intensive, costly and time consuming to execute. Plus, the paper contracting solution was equally cumbersome for their customers.
Since adopting eOriginal solutions, the company has captured over 3 million individual SmartSign Web signers and is maintaining more than 3 million transactions containing nearly 7 million documents. The company’s instance of eCore has also recorded nearly 74 million transaction-level events connected to those documents.
The impact for the company was immediate as officials reported a return on investment (ROI) of 12 times their investment their first year, with $2 to 4 per contract savings through paper, mail and labor savings. Plus, by using eContracting, the division is now perceived by customers as “easier-to-do-business-with” than competitors allowing them to continue to increase their market share.
Since the company operates in a very intense, competitive and highly-regulated business, the use of digital contracting allows for the frequent contract modifications often required due to the fluctuating market conditions. As a result, marketing representatives no longer had to be diverted to making personal visits to remote farms to obtain signatures or correct contracts.
With the eOriginal solution, government inspectors and internal audit are able to review electronic files and audit trails, which minimizes audit time and exposure, and reduces the diversion of operations and warehouse personnel. Prior to implementing eOriginal, inbound and outbound flow was frozen during audit periods.
“It has been a pleasure watching this leading agricultural company succeed with their digital transformation of their purchasing processes,” said Stephen Bisbee, president and CEO of eOriginal, Inc. “We take great pride in our solutions and services and nurturing our relationship with our clients by demonstrating the highest standard for eContracting, eSignature, Asset Management and all of the key components of Digital Transaction Management.”