Evaluating a new system for your ETRM needs can be an overwhelming process with a never-ending list of requirements.
Most ETRM firms benefit from an implementation that provides practical solutions for valuation, position reporting, logistics and scheduling and accounting. Regardless of the company’s specific needs, any system should consistently address both user and business needs.
It should offer a functional level of interaction between the new vendorâ€™s software and any other tool.Â Additionally, selecting a vendor that can deliver real integrated software is a crucial step in the success of your company.
Take into consideration how the ETRM system needs to manage your front, middle and back office requirements.Â Front-office applications should allow template driven quick deal capture, where the trader inputs data like counter-party, volume and price. Â Â Middle-office ETRM features should include basic but useful advanced metrics like total potential exposure or embedded credit risk functionality. Â When addressing your Back-office expectations, opt for software that can settle and shadow intricate deals and optimize workflow.
Traders will benefit greatly from a system that offers great reporting capability, a vendor that can fully support process automation and tool that improve efficiency within the cycle and keep low operational risk.Â Also, ETRM industry is all about constant change; any solution shouldÂ beÂ support easy configuration as well as deliver an easy way to manage change without having to slow down your business.
However, beyond any technical requirement, training and education is one of the most important factors in the ETRM equation.Â Â A knowledgeable business team will maximize the softwareâ€™s potential and increase productivity.
- Posted by USRDEV2018
- On March 6, 2014