VUCA times demand a reshaping of digital transformation agenda
To understand an industry is to understand its challenges. As for most industries, the last few years brought rapid and unpredictable changes for the commodity trading industry.
The rapid changing priorities of the commodity and energy players in the VUCA (Volatile, Uncertain, Complex and Ambiguous) times demand a re-shaping of their digital transformation agenda – and a re-look at their maturity, focus and strategy. The need to manage larger transaction volumes and respond quickly to changing business priorities puts even higher pressure on the evolving technology landscape of commodity and energy players, thus creating both risks and opportunities. To win the growth race and maximize market opportunity, commodity and energy trading organizations will need to ensure a firm foundation, i.e. a next gen CTRM/ETRM system landscape.
Through shrewd system design and the help of integration tools, commodity trading companies will be able to turn their CTRM/ETRMs from a post-factum system into a unified single source of truth providing real-time insights. However, integration does not stop there. Various technologies now enable the development of true trading ecosystems, bringing together players in the field to simplify processes, increase transparency and drive value.
Our customers in this space often ask us two questions:
- How to identify the most critical areas to address to drive value by transformation?
- How to develop an effective roadmap for realizing that value?
Building on our experience in business transformation across multiple industry-leading customers, we have defined 11 critical dimensions for evaluating a CTRM/ETRM’s maturity level and shaping a company’s digital transformation agenda in that space. These dimensions, derived from key industry and technological challenges and Cognizant’s experience in digital transformation in this domain, lay the foundation to design, build and deploy game-changing CTRM/ETRM capabilities.