MineHub’s Consignment Module provides an accurate, real-time view of consignment stocks, allowing both manufacturers and suppliers to improve inventory management and increase margins
Vancouver, B.C., October 18, 2023. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”), a leading provider of digital supply chain solutions for the commodity markets,is pleased to announce the launch of a new Consignment Module on its platform to serve the critical consignment market. For manufacturers, consignment programs reduce risk of stockouts without impacting their balance sheet and cash flow. Meanwhile, consignment programs offer suppliers an opportunity to provide improved customer service while increasing margins.
Andrea Aranguren, President & CEO at MineHub commented, “I am pleased to report that we have already onboarded manufacturers and suppliers onto MineHub’s new Consignment Module. Releasing the new consignment functionality is a major milestone for MineHub and many of our users who can now more efficiently manage their consignment programs and with that expand their use of the platform. We expect this to unlock new revenues – both from our current users and new users who have been waiting for this capability. This further cements MineHub as the leading platform provider to the metals industry.”
The administration of stocks in consignment is cumbersome, highly manual, and requires frequent interaction between suppliers, customers, and third parties like financiers to verify stock levels and reconcile accounts and balances. The new functionality of MineHub’s Consignment Module removes this pain for manufacturers, suppliers, and financiers.
MineHub’s Consignment Module provides a single, shared and accurate view of the consignment stocks, available at all times to all parties. Processors and manufacturers in the metals industry rely on consignment agreements because they need to ensure raw material inventories are available when needed for production. Suppliers will hold and finance that inventory until the consignee is ready to take ownership. MineHub’s digital tools support and streamline program management, allowing manufacturers to capture the benefits of reducing inventory risk and optimizing working capital.
MineHub’s Consignment Module is available now for existing and new customers. This Consignment Module enables existing MineHub customers to expand their volumes and new customers to incorporate MineHub in the services they provide to their customers.
MineHub provides enterprise-grade digital solutions that connect buyers, sellers and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
President & CEO, MineHub Technologies Inc.