Triple Point TechnologyÂ®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today Commodity XL for Inspectionsâ¢ Powered by Navarik. With its strategic partnership with NavarikÂ®, a global leader in physical operations software, Triple Point broadens its logistics functionality to manage cargo inspections and all operational activities associated with cargo quality management and ship-to-shore transfer.
Navarik Inspectionâ¢ is recognized as the industry standard in cargo inspection management for crude oil and refined products. Several of the worldâs largest oil companies including BP, Chevron, and Shell rely on Navarik to streamline physical operations. Navarik manages data representing 40% of the U.S. seaborne crude oil imports.
Commodity XL for Inspections Powered by Navarik provides the automation, standardization, and business intelligence required for companies to effectively identify cargo loss claims; reduce off-spec cargos; speed deal settlement; and drive better inspection performance for bulk commodities including crude oil, LNG, refined petroleum products, coal, metals, grains, coffee, and sugar.
The current processes and systems available to manage key inspection information â including nominations, claimable oil losses, cargo quality, demurrage, and settlement â are manual and disjointed. This inefficient approach to data collection, analysis, and distribution provides little transparency and puts organizations at high risk of human error and faulty information feeding into business decisions.
Commodity XL for Inspections Powered by Navarik immediately extends Triple Pointâs straight-through processing (STP) capability to connect energy and commodity companies with inspectors to dramatically reduce information delays and human error. The solution automates and standardizes the collection of cargo inspection results, enabling companies to easily track, analyze, and retain key inspection information for more proactive decision-making.
âStraight-through processing has always been a component of Triple Pointâs strategy, and weâve already extended the operational benefits of STP to external entities including exchanges, data providers, counterparties, and partners such as SAP,â said Mike Ravo, VP, Industry Solutions, Triple Point. âBy partnering with Navarik and gaining the leading solution for inspections across bulk commodities, Triple Point advances its ability to manage end-to-end physical operations, providing customers with the required business intelligence to mitigate operational risk and make proactive decisions.â
âNavarik was the first software company to recognize the critical need for cargo inspection management in the petroleum industry, and the benefits were easy to calculate. If a single cargo of crude oil is understated by just one percent during a shore-to-ship transfer, several hundred thousand dollars can be lost,â said Patrick Rooney, President and CEO, Navarik. âWe are pleased to partner with Triple Point to bring our unmatched technology and expertise in cargo inspection for crude and petroleum products to Triple Pointâs broad portfolio of customers across geographies, industries, and commodities.â