In our former post, we noted the value of having insight into common missteps that can be costly in the long run when the process of CTRM/ETRM vendor selection is not informed by deep platform expertise and a proven approach.
In our former post, we noted the value of having insight into common missteps that can be costly long term when the process of commodities and energy trading risk management (CTRM/ETRM) vendor selection is not informed by a proven vendor selection approach.
The truth is upgrading or moving to a new CTRM/ETRM software is an arduous, expensive undertaking. The good news is, you should not have to endure the experience more than once or twice during your career. The bad news is that conducting a project as potentially transformative as overhauling and converting your trading software can be especially challenging if you have never done it before.
Proven Vendor Selection Approach + Run Operate Knowledge = Long Term CTRM/ETRM Platform Satisfaction
The best software selection decisions will consider more than just the platforms’ purely technical capabilities. The optimal choice also will assess the software’s capabilities in solving your specific challenges and matches your workflow, strategy, and user demands. New requirements often come to light several months after software is commissioned. An experienced team of run-operated experts on your team can identify potential future conflicts and changes your company may need to undertake to make the software compatible with your business goals:
These insights give you the information you need to make informed decisions about the lifetime value each option will bring to your organization. As a basic foundation, you know what you will need to do to make your new software perform all the specified functions.
Double-Teaming Software Selection
In addition to easing the burden of evaluating and selecting the software product and vendor that you will be working with over the next decade, here are some benefits of adding both an operations and productivity guru and a management consultant to your software vendor selection team:
As a leading management consultant, Sendero presents a proven methodology for vetting software. This rigorous evaluation is instrumental in eliminating most contenders. The final selection, however, should include analysis by run-operate experts. Value Creed delivers by determining how the software programs under consideration will interact and align with your established procedures, logistics, and timelines.
Upfront investments in licensing and implementation are helpful, but not comprehensive of the entire lifecycle of software ownership. By combining a managed services provider’s run operate phase expertise with a management consultant’s experience garnered through hundreds of software selection consultations, you have a complete view into onboarding the platform and managing and working with it long-term. Value Creed’s run-operate expertise aligned with Sendero’s software selection practice ensures a unified approach to achieving your stakeholder’s goals while keeping the budget for licenses and implementation on track.