Sri Lanka’s OKLO revolutionises East African Tea e-auction with cutting-edge technology
Daily FT: OKLO Ltd., a leading Sri Lankan digital solutions provider with an emphasis on the tea industry, has announced a ground-breaking achievement in the world of tea exports. Following a rigorous public tender process, OKLO has succeeded in securing, and then modernising the East African Tea E-auction process, marking a significant milestone in the global tea industry.
The East African Tea e-auction, based in Mombasa, Kenya, stands as the largest tea exporter in the world. Recognising the need for technological advancement, OKLO eagerly seized the opportunity presented by the public tender to revolutionise the end-to-end process with state-of-the-art technology.
Within a remarkably short timeframe, OKLO implemented and launched the e-auctioning platform in Mombasa, incorporating all requested customisations from stakeholders. The response from stakeholders has been overwhelmingly positive, with expressions of gratitude for the exceptional quality and robustness of the solution. Participants have lauded the seamless experience provided by OKLO, making their weekly selling activities both efficient and enjoyable.
The adoption of advanced technologies by OKLO has brought numerous benefits to the Mombasa Tea e-auction. Notably, the time required to conduct a weekly auction has been reduced from three days to just 1.5 days. This efficiency gain not only streamlines operations but also provides the industry with an additional 1.5 days to allocate towards other value-adding activities.
Moreover, the wealth of information now available to users enables them to identify areas for improvement, thereby maximising value creation. The unparalleled robustness of the OKLO e-auction platform has been exemplified by its flawless performance since going live. The platform has been operational in the Colombo Tea e-auction for nearly three years with minimal technical disruptions, further cementing its reputation for reliability.
Designed as a multi-commodity e-auction platform, the OKLO platform offers unparalleled versatility. Its architecture supports a wide range of commodities, and customisation is made effortlessly through an advanced configuration module. Whether for commodities such as coffee, rubber, maize, beans, cocoa, or any other industry, the platform can be tailored to suit specific needs with ease.
Looking ahead, OKLO is actively seeking partnerships with stakeholders in various commodities to enhance their auction systems. By converting current outcry methods or upgrading current e-auction systems to a world-class, robust platform with advanced functionalities and modules, OKLO aims to drive transformative change across multiple industries.
OSL take:
The ongoing economic expansion in Sri Lanka in line with the country’s target of becoming a regional hub supported by its strategic positioning in the Indian Ocean and the strong trade ties have resulted in the growth in the country’s technological capabilities. Sri Lanka is focused on growing its ICT and digital infrastructure development sectors to be on par with international standards to meet the increasing demand of a regional hub. It is in such a backdrop that the digital auction platform for the tea industry prepared by a local company has gained international recognition. The expansion in local businesses engaged in ICT and digital infrastructure development as well as the development of skilled human resources have all helped boost Sri Lanka’s ICT and digital infrastructure development sectors. The growth and business potential of these sectors are evident by the growth and profits recorded by local businesses engaged in the ICT and digital infrastructure development sectors. Given the steady growth and growing business/investment opportunities in Sri Lanka’s ICT and digital infrastructure development sectors, foreign businesses/investors could explore the expanding business/investment opportunities in these sectors. Foreign businesses could also look at forming collaborations with local businesses with the aim of further expansion.