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Tea Board Procurement System

ITTS ( Tea Board Procurement System) automates the end-to-end trade process for tea sold in auction. The system gives guarantee on efficiency, predictability, transparency and simplifies the Tea Trade Transactions.

Integrated Tea Trading System (ITTS) covers the entire process from post-harvest to its auctioning and payment integration. The system entails a suite of business applications with unique capabilities and standards required to facilitate and streamline all pre- auction tea trade transactions including the option of an electronic auction.

ITTS automates the standardized and secure B2B trade applications and e-auction capabilities and includes business applications for Producers, Brokers, Buyers, Warehouses and Banks to interact with the system and perform various tea trade functions and transactions. Adding to this, the tools for site management, content management, business process definition, and site administration, help build an end-to-end system that is dynamic and scalable as well.

Tea auction is a complex process and involves multitude of stakeholders. Bringing all the business processes under one technological paradigm is a herculean task. Some of the major business critical areas where e-auction system as IT intervention has been of supreme importance are as follows;

Membership Management

It supports a robust governance framework where existing tea trade business rules relating to membership parameters can be easily incorporated into the system. This enables and control member registrations and the respective roles.

Catalogue Management

This helps to categorize the type of teas available for sale at the Tea Auction centers. It showcases an aggregated catalogue to manage the pre-auction, auction and post catalog by brokers to different stakeholders – producers, brokers, buyers and banks based on their role in the value chain.

e-Auction

 

This intervention manages the electronic and real time bidding at increased speed and efficiency besides facilitating price discovery. e-Auction function to enable both electronic auctioning and bidding by brokers and buyers respectively.

The major modules are : enable auction activity management, complete management of auction floors for each broker during auctions ,enable customization of auction parameters such as gardens for sale, time to complete the bid, no of buyers biding etc. It also generates comprehensive reports and historical analysis of all auctions activities.

Business Management

Controls and manages key tea trade business transactions pre and post auction, including tea offers/allocations, dispatch advice, receiving, sale order, delivery order, invoice, payment confirmation, tea release document and reporting data. It also drives payment integration to enable banks to confirm receipt of payment of teas from buyers.

The impact of ITTS on e- auction is as follows:

  • Reduction of overall tea trade cycle time by 40%
  • Reduction in catalog preparation and management costs
  • Reduced time period between teas offered to broker and catalog closure
  • Shortened period between catalog closure and auction date by 50%
  • Massive reduction in document preparation and handling costs
  • Increased auction speeds form 3 lots/min to 5 lots/min
  • Real-time results dissemination

Workflow

 

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