4 steps to successfully migrate to a modern CTRM system
November 04, 2019
Companies invest a lot of time and money on CTRM and ETRM software, so what happens when your business changes and the system doesn’t quite fit your business? Commodity markets are volatile, and commodity trading companies have to stay on top of markets. That often includes expanding and changing which commodities you trade, trading in new geographies, and finding new trading partners.
What if your existing CTRM or ETRM software cannot handle the requirements of your changing business? You have three choices: expand or upgrade your current system, rely on spreadsheets and other software to fill the gaps, or choose a completely new system.
Why choose a new CTRM system?
Investing in a new system seems daunting, but it is often the easiest and best choice. Why?
- Modern CTRM/ETRM software was developed for today’s volatile and complicated markets and is designed to cover multiple commodities, regions, trading partners, etc.
- A modern trading system takes advantage of leading-edge technology: blockchain, IoT, cloud, mobile, AI, machine learning, etc.
- New, cloud-native CTRM/ETRM software is easier, quicker, and less expensive to implement than legacy CTRM/ETRM systems.
- Modern, cloud-based CTRM/ETRM systems are more secure and completely redundant, so your system and data are safe and available regardless of extreme weather, power outages, or any other disruptions.
Migration made easy
Migrating from your legacy CTRM system to a modern trading system is easier than you think. Gone are the days of long, expensive implementations that tie up IT resources for months. With a modern system, you are up and running quickly, and not just because of the rapid implementation. Today’s modern CTRM/ETRM systems are easier to use, with natural language processing and user-friendly interfaces to make your life easier.
How do you migrate from old to new?
- Plan out exactly what you need from your new CTRM system. The beauty of a modern CTRM system like Eka’s Digital Commodity Management (CM) platform is the ability to pick and choose exactly the functionality you need today with the knowledge that you can expand easily tomorrow. Do you need pre-trade analysis? Will your system manage physical trades? What about position and mark to market? Do you need to manage hedge accounting, VAR, and risk limits? Since you are starting from scratch, and all the functionality is delivered in apps that connect seamlessly on Eka’s platform, you can create a system designed to meet your individual needs.
- Develop integrations to the systems and data feeds your new software needs. Your legacy CTRM system will have integrations to the systems it accesses, but a modern system like Eka’s will integrate with data feeds and systems across your entire value chain. Eka’s Digital CM has open APIs and in-built connectors for instant integrations to the systems and data sources you need, including Refinitiv, Oracle, SAP, S&P Platts, AccuWeather, Bloomberg, Salesforce, NetSuite, ICE, and Microsoft Dynamics.
- Migrate your data. Data migration can be a tough, risky and time-consuming exercise, especially with older CTRM systems. Today’s modern CTRM software has ready connectors to your source systems, or systems to easily create new connectors, to ensure data migration is easier, quicker, and safer.
- Get trained on the new system. You spend years using a CTRM system, so you know exactly what the system can do and how to create reports and insights. A new system, no matter how user friendly, requires some training. Modern CTRM systems like Eka’s have much more functionality, self-serve reporting, and other features that legacy systems just don’t have. You need solid training to ensure you get the most from your system.
If you have outgrown your current CTRM system, it may be time to migrate to a modern system. It’s easier than you think, and modern CTRM software delivers so much more value than legacy systems. Take advantage of new technology, make smarter trades, and grow your business faster with a new, modern CTRM system.
Mary DeFilippe spends her days creating engaging content – blogs, white papers, articles, and more – that helps readers better understand new technology. She can frequently be found walking around the office listening to heavy metal music while pondering ideas for her next blog.