OpenLink's Solution for Agribusiness – Technology Response to Reporting, Tracking, and Distribution Requirements of the Newly Passed Food Safety Bill
Increased responsibilities for Agribusiness participants can be handled seamlessly with OpenLink's dbcSMARTsoft Agribusiness technology
NEW YORK, New York, January 25, 2011 - dbcSMARTSoftware, Inc. (dbc), an OpenLink company and leading provider of solutions for the global agriculture and soft commodity markets, today outlines their technology response to the recent Food Safety Bill requirements. Recent news sources indicate that with this new regulation, the FDA is entitled to expanded access to Agribusiness owner's records, if there is reason to suspect a potential public health risk, which includes anyone who manufactures, processes, packs, distributes, receives, holds or imports food commodities.
Specifically, these new regulations will allow increased inspection frequencies, mandatory recall authority, and the right of regulators to request real-time import certifications for food commodities. Firms will require enhanced tracking, transparency and Import Certificate Management – all handled in OpenLink's robust and comprehensive dbcSMARTsoft Agribusiness solution. These requests are easily managed in the system – as reports and queries can drill down to the lot, inventory or bin level of food commodities in question. Information on each step of the value chain can be managed in both directions (e.g., field to producer, customer to supplier).
"The impact of these new regulations will be wide-spread throughout the Agribusiness industry. Functionality for tracking food commodities as well as the associated reporting capabilities will be of highest priority for firms," Henry Bonner, CEO of OpenLink's Agriculture and Soft Commodities division remarked. "We proactively monitor pending legislation, which could affect our customer base, and continue to respond with technology that is robust, scalable and agile."
OpenLink's Solution for Agribusiness services over 250 participants of the agriculture and soft commodity value chain. The solution suite encompasses: Commodity Management with Contracts, Tickets, Advances, Final Settlement, Accruals, Order Logistics, Debit/Credit Memos, Storage, Position Risk Management, Bin Management and Futures & Options. Also included are A/R, A/P, G/L, Financial Reporting, Inventory Costing, Production, Sales Order Processing, Sales Analysis, Purchase Orders, RIN Processing, Brokerage and Contracts-Multiple Products.
To learn more about OpenLink's Solutions for Agribusiness, please visit: OpenLink - Agribusiness
Founded in 1992, OpenLink is a provider of cross-asset trading, risk management, related operations processing and portfolio management software solutions for the commodity, energy and financial services markets globally.
OpenLink's client base of more than 350 customers worldwide includes 12 of the top 25 largest commodity and energy companies by market capitalization, eight of the largest financial institutions and 11 of the largest central banks, as well as major hedge funds, commodities companies and public utilities.
Headquartered on Long Island, New York and with offices in New York City, Houston, London, Berlin, Vienna, São Paulo, Sydney, Singapore, Moscow and Toronto, OpenLink has more than 1000 employees worldwide.
OpenLink's award winning solutions have been frequently recognized by the industry, including: Commodity Business Award for Excellence in CTRM Software, 2010 Best Vendor, and Best Knowledge in Market; Recognized Leader in Vision/Execution on the Gartner Magic Quadrant for ETRM; Energy Risk Survey 2010 ranked OpenLink highest overall in terms of number of votes cast and number one placements in Operational Risk (including Basel and MiFID), Portfolio Management, Best Product Coverage, Integration of Different Data Sets, Degree of STP, Trade Capture, Overall Ease of Using System, and Best Knowledge in Market in Which Software Operates.