Eka Survey Reports Two Greatest Challenges with Analytics Solutions for Commodities Companies are Data Integration and Lack of Suitability
95% of respondents said either integrating data or lack of suitability is biggest issue with analytics solutions.
Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, today released the results of a new survey finding that half of commodities companies cite trying to integrate data from multiple sources as the greatest challenge with analytics, and half say the available solutions are not suitable to the business due to either functional or cost reasons.
Eka surveyed 42 executives at commodities companies in the agriculture, chemicals, oil, natural gas, and power industries. Results to the research question “What is your biggest issue with analytics solutions?” are as follows:
- 48% said “integrating data from multiple sources”
- 47% said either “expected cost and effort to implement a solution” or “available solutions don’t seem to solve my challenges”
“It is telling that half of commodities companies name data integration as the biggest issue with analytics solutions and the other half say the available solutions are either unduly costly or not fit for purpose,” said Michael Schwartz, EVP & CMO at Eka. “There is a fundamental difference in Eka’s approach to providing commodity analytics. What makes Eka’s Commodity Analytics Cloud platform unique is its ability to bring in data from multiple sources and to provide specific apps that target key business issues, at a favorable value point.”
Eka’s Commodity Analytics Cloud delivers industry-specific apps that cover P&L, procurement, risk, and supply chain. Unlike generic business intelligence tools, Eka’s advanced analytics platform has been built with the specific needs of commodities companies in mind. Harnessing data from both internal and external sources, Commodity Analytics Cloud brings all the data needed together in one place to answer the most important questions for commodities companies.
About Eka Software Solutions
Eka is the global leader in providing Smart Commodity Management software solutions. Eka’s analytics-driven, end-to-end Commodity Management platform enables companies to efficiently and profitably meet the challenges of complex and volatile markets.
The company’s best-of-breed solutions manage commodity trading, enterprise risk, compliance, procurement, supply chain, operations, logistics, bulk handling, processing, and decision support. Eka partners with customers to accelerate growth, increase profitability, improve operational control, and manage risks and exposures.
Eka is a team of 315 staff with offices in the Americas, Asia, Australia, and EMEA, serving a rapidly growing global client base across multiple commodity segments.