CropTrak Adds Digital Contracting and Settlement for End-to-End Financial Capability
The First to Digitize Grower Contracts into One Supplier Management System
TUCSON, AZ – April 26, 2022 – Today, CropTrak publicly released a platform update that expands its capabilities to provide multi-stakeholders complete visibility of the financial transactions across their ingredient supply chain. For the first time, food and beverage companies managing grower contracts and settlements can do so in one seamless platform optimized for collaboration and insights.
“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,” said Aaron Hutchinson, co-founder and CEO of CropTrak. “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.”
Using a fully integrated cloud-based platform, 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. 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.
“CropTrak allows us to accumulate all our data from the planting seeds through the whole growing season up to payment upon delivery,” said Randy Peguignot of Del Monte Foods. “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 several successful 2021 pilot programs with existing customers, CropTrak added the financial framework into its standard platform for the 2022 season. Customers can now collect, monitor, and report financial data in addition to agronomy, supply chain, and ESG data for complete business management and transparency.