In general, the term “future-proof” refers to the ability of something to continue to be of value into the distant future, that the item does not become obsolete – Wikipedia. The term has also entered the C/ETRM space. Especially existing users of C/ETRM systems looking for replacement of their legacy system are sensitive to finding a solution that minimizes the reoccurrence of less pleasant C/ETRM experiences. A new system must be less costly, have proven functionality that can be implemented faster, and have the flexibility to navigate future events. How to Future-Proof your C/ETRM system?
Agile – Cloud-based SaaS
Agility is the new currency of business. Cloud-based Software-as-a-Service (SaaS) is focused on the future agility of your business: through automatic updates you can access the latest innovations and emerging technologies. As a result, a cloud-based SaaS solution allows for continuous improvement.
Specifically, agile organizations will need to provide products and services that can rapidly meet changing market and competitive conditions. Unparalleled configurability will allow to accelerate your new product offerings in the pipeline: A flexible, hierarchical book structure along with template and formula-based software will support changing business processes while providing a high-degree of user control for less vendor reliance. A system solution that is highly configurable offers the flexibility to be lower cost for the smaller company and minimizes additional cost when ramping up or changing course.
For growing businesses, scalability is important. Unless you can predict exactly how large your business will grow and what functionality you’ll need in the future, you need a C/ETRM system that can scale with you. Scalability is so appealing for growing organizations today, it’s the sole reason many of them choose to adopt cloud-based C/ETRM applications. The enterprise with a flexible and scalable C/ETRM system is the one that can withstand fluctuations in volume without harming its profitability or efficiency levels.
In the context of “future-proof”, this also means the C/ETRM system should be flexible enough to adapt by being able to extend system functionality. Unlike Cloud-based SaaS solutions that are kept up to date with latest technologies, legacy systems becoming out of date, starts with their limitations to data models, business logic, importing data etc. Pioneer’s next generation cloud-based C/ETRM delivers not only aforementioned SaaS benefits, but also offers a different approach where a software upgrade has no impact to the customer, by providing functionality for user defined fields and user defined tables that can be added to extend data models such as on deals, counterparties etc.
Add to this the importance of integration when it comes to a system that acts as the “Single version of the Truth”. A modern true-Cloud-based SaaS solutions, like Pioneer’s www.TRMTracker.com, relies on an architecture that has embedded middle-ware technology that supports ease-of-integration with support for a variety of formats for both inbound and outbound interfaces, from user configurable flat-file methods, to XML, SOAP webservices, FIX APIs, and REST based webservices.
Cost-effective – no need to install, maintain, or host software onsite.
As their environment changes, energy and commodity trading companies benefit from cloud-based SaaS solutions since all the cost and risk of the upgrade is the responsibility of the vendor, who therefore has an incentive to make the cost of upgrading as small as possible. When putting all the costs of ownership on the table: hardware, software, maintenance, upgrades and innovation, real “Cloud Computing” wins out every time because it is fundamentally a better business model for the company and the vendor.
Pioneer’s cloud-based SaaS C/ETRM delivered via www.trmtracker.com combines a standard set of ‘enterprise-grade’ tools across the Front, Mid and Back office, and is designed for rapid implementation by Pioneer staff or available with an innovative self-serve configuration approach, thereby delivering a less costly next-generation C/ETRM software solution and simplifying digital transformation. TRMTracker is web-based and a true-cloud C/ETRM solution delivered as single code in a shared infrastructure, while provide the security of an individual database.
Are you ready for tomorrow?
No matter how successful your business is currently, you can’t anticipate every hurdle that may arise. To stay ahead, to innovate, to disrupt, to leverage new technologies to your benefit, requires you to transform. Agility is the new currency of business. Cloud-based Software-as-a-Service (SaaS) is focused on the future agility of your business: from rapid delivery to automatic updates, the solution renews in an efficient way thereby delivering what can be called a ‘future-proof’ solution.