To digitize inventory management, Veridapt, a global developer in digital monitoring technology, and DMT, Africa’s top collateral manager, have teamed up.

As part of the partnership, DMT—which conducts business in more than 32 African nations, including Ghana—will integrate the Veridapt Internet of Things (IOT) software monitoring platform into its framework to offer timely monitoring to financial institutions, commodity traders, and owners of mineral resources.

Tawfique Hamid, the Chief Revenue Officer of Veridapt, an Australian company, mentioned during a session at the La Beach Hotel in Accra that the software allows for real-time inventory checks via monitoring from afar, ensuring accountability and openness.

“The software provides an extra layer of trust for third parties and ensures efficient integration, facilitation, financing, and monitoring of goods,” he said.

He continued by saying that his company supported the digitization of collateral management, which improved the logistics and operations of commodities in the ecosystem.

Stocks

Damir Hasagic, vice president of growth and strategy at Veridapt, showed off the software’s functionality by pointing out that it is integrated into a device that can be installed in liquid- and gas-containing tanks to provide independent, real-time inventory monitoring.

“Veridapt is giving DMT the technology and resources it needs to develop, expand, and implement more effective inventory management procedures.

“Our technology is intended to lower operating and insurance expenses as well as the likelihood of theft, misappropriation, inexplicable losses, deterioration in quality, and environmental hazards,” the speaker said.