Other

Reterms

Streamlining complex grocery trading terms

Project Demo Video

Project location:

Singapore

Team:

3

See Project Documentation

What is the solution you are building and how is it addressing the problem?

Reterms has developed a well thought out business use case using blockchain/ distributed ledger technologies (“DLT”) to address industry pain points. Reterms will introduce Smart Contracts and subsequent tracking of deal changes on a permission industry platform to rebuild trust in the supplier/retailer relationship, providing greater transparency to all stakeholders while introducing advantages of industry collaboration. The economies of scale to be provided by Reterms’ shared services use case have the potential to realise considerable cost advantages through greater transparency, standardisation, the reduction of enterprise silos and the elimination of duplicate work. The shared services platform will operate on a subscription based software-as-a-service (“SaaS”) model.

Reterms takes complicated, unstructured, and unreconciled data from multiple sources and relocates them into one Smart Contract platform that is agreed, structured, transparent and permanently reconciled in a shared service platform. In the process of relocation, reterms simplifies supplier trading terms and data capture. The processing and calculation creates the Smart Data that enables profit protection along with further new monetisation. The shared services platform will create an accounts payable position that is agreed, structured, transparent & permanently reconciled, feeding a marketplace.

Describe how the OriginTrail protocol fits in with your solution architecture?

Reterms will look to side chain data captured by Origin Trail that is necessary to further ensure trust and transparency as part of the terms settlement process. Reterms, like OriginTrail, believe the biggest challenges are cleansed structured data, master data and industry education. OriginTrail is encountering many of the challenges that reterms sees within the sector and believes working together reterms and OriginTrail complement each other. Reterms believes OriginTrail can assist in how normal databases (DBx) for the capture and treatment of raw data and DLT databases (DLTx) will interact, along with housing these databases. The DLT being a historical record of agreed trading terms and agreed payables for settlement. Reterms believes interoperability between platforms needs to be resolved and the trace alliance can be a leading provider of industry based solutions. As Reterms focuses on proposed EDI trading term feeds communication with the ASC X12 is key for master data.

What are your relevant previous achievements?

Elements of the MVProcess exist having been developed and refined over the last 5 years off the blockchain. The founders created and reconciled a data repository for a $1 billion retailer and substantially reconciled offline its trading terms. This process, over the past 5 years, has enabled reterms to understand the obstacles that legacy systems can create, cultural obstacles and more importantly helps reterms identify how to successfully operate outside of legacy systems while addressing common industry issues. This IP that the reterms have inherited will be integrated into the blockchain and will form part of the alpha phase of the roadmap:

  • Master & transaction tables, with detailed documentation.
  • Data repository specs with database table constructs and APIs
  • Calculation engines for converting data for Newbii ™
  • Terms databases for ingestion into the blockchain
  • Newbii ™ reporting databases as a platform for data visualization

Describe your previous experience with the OriginTrail protocol.

Joined Trace Alliance to get a better understanding of OriginTrail.

Describe the problem you are solving.

"Trading term processing is inefficient in the back-end. Retailers & suppliers duplicate effort, develop silos & compensate for inflexible systems with manual intervention leading to a loss of profits. Third parties, for a fee, audit this inefficiency to recover lost profits. Reterms removes the need for third parties as profits are protected from the start. According to Auditors E&Y, as highlighted in the recent annual reports of Tesco and Unilever, outdated trade practices and income recognition approaches are significant shareholder risks that are real and ongoing and need to be disclosed. These risks are the direct result of complex trading terms and significant management judgement involved due to inefficiencies. In summary, modern retail is challenged:
-Income driven by complex trading terms;
-Disclosure based on a high level of management judgement;
-Heavily reliant upon inflexible legacy systems;
-Tesco & Unilever list commercial income as top risk;
-Recent industry abuses. "

How do you plan to scale your idea?

Reterms will secure exponential growth, as retailers have many suppliers, suppliers have many retailers, suppliers with many distributors, MNC retailers and MNC suppliers transacting across borders, being supported by FinTech networks as required, which further expand this reach. Once the first country is set up the business model is very easy to replicate. The Reterms’ platforms can be used around the world leveraging both the retail community & marketplace service provider network effects. We will leverage our Core advisory team comprised of industry experts from USA, Europe + APEC with c-level experience with the following sectors.; Retail, FMCG, Retail Services, Logistics, Profit Recovery Beta partners will incentivised for onboarding Beta partners will be incentivised for cross border growth. Profit protection now becomes the norm

Why should OriginTrail and our community choose your idea amongst others?

Because we will make a difference to the trading terms and close the loop between retailer and supplier at which point it becomes much easier to side chain and introduce provenance, IoT and its related data into the trading terms environment to enable performance driven relationships converted into payables. Collaboration and education are the long term keys to implementation. Unlike most platforms, reterms is not a technology looking for a use case, but a use case (developed by industry experts) that is selecting relevant technology to expand the ecosystem. Putting reterms in this position means reterms has placed ourselves in the centre or the heart of the industry, trying to pull technology into industry. At a time when education within the industry is needed, and will increase in the upcoming year, we have structured reterms to complement the team at Origin Trail and others in the marketplace.