SSGA Member Profile: Vijay Harrell, TradeLanes

Imagine receiving a $1 million purchase order from an international client but turning it down because you didn’t know how to do the export paperwork.

In 2015, Vijay Harrell met a small Tennessee-based dock equipment manufacturing company that did just that. Harrell later met one of the largest grains traders in the world who suffered some of the same challenges with export documentation and export processes – difficulty in managing the trade execution process for selling (and buying) commodities.

At that moment, Harrell, a self-taught software engineer with a trading background, knew that technology could help overcome the problems of commodities trade execution by bringing trade execution entirely online, and the idea for the TradeLanes.co Trade Execution Platform was born.

“There has to be a better way,” said Harrell, TradeLanes’ founder and CEO. “What should this process be like? What needs to happen to fix this?”

TradeLanes is an SSGA member, and Harrell was the sponsor speaker during SSGA’s annual meeting in December. Before a virtual audience of more than 70 members and guests, Harrell gave a presentation about resiliency and the challenges and opportunities that exist along the IP value chain, stressing that “technology is a key to achieving resiliency.”

Global trade remains one of the last frontiers that has not been fully digitized, and exporters, including SSGA members, suffer as a result – with costly operational hassles, siloed data systems, delayed shipments, extra costs, and narrowed margins.

By bringing everything online with technology designed to integrate with existing systems, Harrell set out to turn the complex process of trade execution into a series of mouse clicks. That allows teams to focus on delivering strategic value instead of spending time scrambling to get shipments right.

TradeLanes allows exporters to generate contracts, start shipments, book logistics, manage loading, generate documents, manage workflow and track and view the entire transaction – from a single screen.

Technology can overcome the main issues of trade execution – paper.

SSGA annual meeting attendees likely noticed the two signs hanging on the wall behind Harrell in his home office. On them are printed the words “PAPER DOCS” inside a red circle with a slash through them – “Ghostbusters”-style.

Eliminating paper in favor of one shared data record, creates flawless documents with all of the information for logistics put online. Any changes that need to be made are simple. TradeLanes’ platform streamlines the entire execution process (saving lots of time and money), provides end-to-end visibility, connects all parties to the transaction online and delivers an Amazon-like e-commerce experience to customers.

“It makes no sense that someone would have to re-do an entire set of documents for a split shipment,” Harrell said. “There is no way a company can win the future of trade if it’s not agile. With TradeLanes, we’re automating and digitizing the entire process, so that it takes 30 seconds, not 3 hours. And we do that for every step – from the sales/purchase order through to delivery of goods at destination.”

TradeLanes takes the view that trade execution can be a competitive advantage. That is where the margin for commodities is made, and that is where the biggest opportunity for process improvements lie.

“We’re coming at it with an industry perspective,” said Harrell, who spent more than two years on site in commodities trade rooms of global companies and small local brokers, figuring out ways to improve trade execution with technology. “This product was born on a trade room floor.”

TradeLanes is working with top innovators in grains, dairy and meats to help them gain competitive advantage, make more money and refocus on delivering strategic value to their customers.

“People said it couldn’t be done – but we’ve done it,” Harrell said. “And next up, we’re applying machine learning so that our customers really have a leg up.”

Harrell is a member of the International Grain Trade Coalition’s working group on electronic trading documentation, which actively supports the International Plant Protection Convention’s ePhyto Industry Advisory Group and is committed to working alongside the industry to digitize and leverage technology to modernize standards.

TradeLanes recently partnered with SSGA on a survey to better understand the scope, extent and cost of detention and demurrage.