If you've ever swapped one of your toys with a friend in return for one of their toys, you have bartered. Bartering is trading services or goods with another person when there is no money involved. The history of bartering dates all the way back to 6000 BC. Unlike the ancient times when services were exchanged for food, tea, weapons, and spices, the current barter operations provide farmers with the financial means to buy Monsanto products by exchanging Grain.
Barter is a key part of the credit risk mitigation strategy utilized in countries with limited grower financing and credit capacity. South America economy, mainly Ag oriented, have been specially challenged by current global economic downturn, a bear commodities market and internal conflicts. Farmers have seen their profitability and liquidity drop, greatly increasing the need for alternative financing tools like Barter. Due to legalities in some countries, "Grain trading" is the proper nomenclature used to describe the process and not barter.
The vision of the new digital product is to Deliver an integrated sustainable and flexible Barter digital product that reduces operational risk and improves compliance, by automating best practice Barter processes to enhance customer experience. The product will be scalable to other countries, companies and Barter business models in the future.
- Flexibility to adopt to new changes, enable automation of current manual processes and is scalable to quickly onboard new countries
- Automation of the end to end processes and visibility to data for quick and efficient decision making
- Address audit and compliance issues related Inventory tracking and
- To improve customer service and Net Promoter Score (NPS) by eliminating customer pain points like payment delays, lack of information, lengthy and cumbersome paperwork
Current deliverables and timelines
The roadmap for Barter is to replace the current functionality leading to risk avoidance and compliance by March 2018. The value-added features enabling automation and added compliance will be delivered by the end of FY18.