Elevating Excellence in Grain Procurement for Premium Quality and Optimal Value
This case study highlights the transformative impact of Octopusbot’s accurate AI forecasts on Ridley. Ridley, a leading player in the animal feed industry, is renowned for delivering high-quality stock feed to its customers at competitive prices.
Ridley is respected for the quality and performance of their products, service and expertise, their continual innovation and improvement, and for their commitment to the people who make a living rearing and caring for animals With the grains market being a primary raw material source for Ridley’s operations, accurate forecasting and risk management are paramount to its success.
How Ridley Navigated Uncertainty in Grain Production Estimates through Octopusbot's AI Forecast.
Ridley’s Objective: At the core of Ridley’s mission is to continuously source premium quality grain at the most optimal prices. This objective is central to their commitment to providing exceptional products while maintaining cost efficiency.
“So, the standout feature I find most valuable in Octopusbot is its Australian production model. It's truly one of the best in the industry that I've come across. Notably, it doesn't just incorporate forecasts from various bureaus; it goes a step further by providing potential production estimates based on different conditions. “ -Thomas Kim, Ridley
Challenges Faced: In the pursuit of their goal, Ridley encountered several challenges. The complexities of the grain market were compounded by external factors, such as the volatile impact of the Ukraine war, the fluctuations in grain prices and climate changes such as the transition from La Niña to El Niño.
What Ridley Needed: To navigate this ever-changing landscape, Ridley was seeking comprehensive and accurate production estimates that could capture the changes in the Australian and the global grain market. This would help them to optimize their procurement strategy effectively.
Harnessing Octopusbot's AI Predictive Analytics Platform
Recognizing the need to harness their data-driven decisions, Ridley partnered with Octopusbot to leverage their AI forecast platform, including their Australian production model. Octopusbot’s platform seamlessly integrates data from multiple sources, delivering comprehensive and accurate production estimates.
Some of the platform’s key features include:
- Selection of the best accuracy weather forecast: Octopusbot’s Australian production model analyses forecasts from various bureaus, providing a selection of the best forecaster and production estimates based on a range of conditions. This unique approach enables Ridley to understand the range of possible outcomes.
- Timely Updates: Octopusbot’s platform provides Ridley with timely updates every week, capturing real-time changes and updating production estimates based on the most recent weather forecasts and rainfall data. This frequent update supports Ridley’s marketing leading position and helps them stay ahead of market dynamics and makes informed decisions based on the latest information
- Local Region Production Estimates: Octopusbot’s platform offers local region level (Statistical Area Level 2) production estimates, providing Ridley with granular insights into regional dynamics and market variations. By overlaying these estimates with demand forecasts, Ridley gains a competitive advantage in optimizing procurement strategies and bidding effectively.
Octopusbot's founders Rodrigo Cortes and Carolina Ferreira, your partners for data-driven insights and market success.
Empowering Ridley's Triumph: Unleashing Competitive Edge, Data-Driven Decisions, and Unprecedented Value
By utilizing the platform’s unique features, Ridley is able to leverage data-driven decisions, optimize procurement strategies, and deliver exceptional quality and value to its customers.
- Optimized Procurement Strategies: Octopusbot’s production estimates consistently outperformed other sources, providing Ridley with a more accurate understanding of future production levels. This accuracy enabled Ridley to fine-tune procurement strategies and optimize pricing decisions.
- Comprehensive Risk Management: Octopusbot’s platform facilitated a comprehensive assessment of risk by providing multi-sourced AI forecasts of production estimates. Ridley could quantify uncertainty and evaluate the impact of different scenarios, allowing for effective risk mitigation and optimized market positioning.
- Efficiency Guaranteed: Octopusbot’s platform significantly reduced the time and effort spent on data analysis, market research, and risk assessment. Ridley’s team could focus on strategic decision-making, leveraging Octopusbot platform’s accurate insights.
“Comparing Octopusbot to other sources we use, I find several key differentiators. First, the probability distribution feature of the Australian production model is exceptional. Understanding the uncertainty around an estimate is just as crucial as the estimate itself. This affects position sizing and also how the market should interpret the level of uncertainty. Then there's the timeliness of Octopusbot's updates, which are delivered every week. This frequency is a rarity and extremely beneficial.”
Octopusbot Empowers Smart Grain Market Strategies
Octopusbot’s data analytics platform revolutionized Ridley’s approach to understanding and managing the grains market.
Octopusbot’s innovative solutions continue to shape the grains industry, providing businesses with the AI forecasts needed to navigate uncertainty and thrive in a rapidly changing market.
