- Team ThinkAg
Origo- Agritech has the potential to transform the sector and make it a force to reckon with
Updated: Jan 7, 2021
Even though the pandemic has wreaked havoc across the world, it gave everyone the time to reflect on their routines, the carbon footprint, and food choices. In the agricultural sector, businesses are thinking about reviving the industry through revolutionary ideas i.e. through tech-enabled disruption of several in warehouse and supply chain management, distribution, financing, storage etc., which received relatively less attention from new-age services thus far.
At Origo, we realized that there was enough space for new players to not only be a part of the solution, but also spearhead changes. Every stakeholder stands to benefit by bridging the gaps in the agri system, considering that we are yet to stop functioning in silos.
Steps adopted by Origo to address some of the challenges
Firstly, we identified areas in the ecosystem that required an immediate redressal of issues. While awareness exists on technology’s role in simplifying procedures, seamless adoption remains a challenge. Keeping this in mind, we have created human-centered design interfaces for platforms, so that even those who are unfamiliar with handheld devices can learn to use them with ease. We are attempting to bring cost-effective measures and state-of-the-art technologies on the same platform, in a bid to keep the functionality, as well as price sensitivity in perspective.
For every new direction, there is a need for initial adoption and enhancement. Given Origo has been part of the agri ecosystem for a decade, we are able to execute the initial stages with ease.
We are now able to attain a critical mass in adoption of our platforms with our current partners. We aim to eventually reach a wider audience and impact the ecosystem as a whole. Consequently, we would like to educate people about utilizing emerging applications and practices, while spreading the word through both traditional and digital marketing tools.
Origo’s platforms and their application areas
Having identified key problem areas, Origo’s focus has been on creating a robust commodities financing platform, warehouse management system, and an auction driven trading marketplace. Through the blockchain technology-enabled commodity finance platform, TradeFi, we are bringing investors, borrowers, and commodity suppliers, all together at a single place. This way, people can keep track of transactions and commodity purchases in real-time, without the need to make physical inspections. It addresses key supply side issues in a time when agri commodities investments are generating curiosity among investors.
Similarly, on the warehousing business front, we are providing some of the most advanced warehouse management systems, integrated with scientific insights and international norms. Moreover, we are thinking of utilizing IoT (Internet of Things) devices for quality capturing, payment capturing, and tracking inventory in the warehouses in real-time. We are also familiarizing staff to our applications, so that they learn to inspect issues easily and adopt SOPs without much hassle. It also enables a quick turnaround time for businesses, as it could allow them to address emergencies speedily. As India suffers from severe pilferage, food grain wastage, and high-resource utilization, a warehouse management system can address these concerns, and help in reducing the carbon footprint.
Another platform that is being developed currently is our auction-driven trading marketplace for agri commodities. The idea is to link buyers and sellers on a single platform and facilitate both forward and reverse auction of commodities i.e. selling and procurement. At present, we are dealing with a large database of buyers and sellers, and next step involves their registration onto the platform, so that they transact through an auction trade mechanism.
Origo’s forecast for next year and future prospects
While our platforms are seeing considerable success in the tests with partners, we’d also like to see them reach retail investors and the larger agri ecosystem in the near future. Driving tech-enabled solutions will accelerate sustainable growth in the sector, and bring in efficiency where there were unnecessary monetary and commodity excesses.
We are working hard to meet our launch timelines, and hope to introduce our platforms to clients in the first two quarters of 2021. As for the agri sector, there is tremendous potential. The industry is in for an overhaul, with ample business opportunities for agritech startups and supply chain logistics companies in the offing.