CropTrak adds digital contracting and settlement
Tucson, Ariz.-based CropTrak has released a platform update that expands its capabilities to provide multi-stakeholders complete visibility of the financial transactions across their ingredient supply chain, according to a news release.
Food and beverage companies managing grower contracts and settlements can now do so in a seamless platform optimized for collaboration and insights, the release said.
“For companies who manage hundreds or thousands of field contracts, integrating the buyers, agronomics, and accounting teams into a single, real-time source of truth can save the company millions of dollars,” Aaron Hutchinson, co-founder and CEO of CropTrak, said in the release. “Our goal is to continue to lead the food industry with ongoing innovation and process improvements to help assure food is safe, affordable, and sustainable, while making paper contracts a thing of the past.”
The system uses what the company calls a "fully integrated cloud-based platform." The release said CropTrak customers spread production demands across grower fields in the form of digital contracts.
The contracts are then connected with on-farm activities and inputs during the season to ensure contract compliance before being combined with harvest, grading, and weight data to calculate the ERP payment memo for growers, haulers, and other service providers, according to the release.
The auditable digital record of every entry is maintained in a single-ledger cloud database that supports verification of crop, contract, and sustainability data at any time and with confidence, the release said.
“CropTrak allows us to accumulate all our data from the planting seeds through the whole growing season up to payment upon delivery,” Randy Peguignot of Del Monte Foods, said in the release. “We use the CropTrak platform to schedule planting and keep all of the data in one live environment so everyone can keep up in real-time.”
Following earlier pilot programs, CropTrak added the financial framework into its standard platform for the 2022 season, the release said.
