Energy Trading and Risk Management (ETRM) systems have proven to be the epicenter of the energy industry and are piloting the entire business activity. In the digital world, forward-looking trading companies are leveraging ETRM systems across the sector to exchange information within the credit, operations, contract, trade floor, and accounting functions. ETRM systems also entail comprehensive risk management strategies, event and trade identification, and scheduling and settlement execution.
As the energy trading industry undergoes swift changes, it presents energy traders with numerous opportunities and risks. Market participants that rely on modern and integrated ETRM solutions have been successful in managing the complex business processes efficiently and cost-effectively.
With the onslaught of ever-emerging policies, it can be expected that spending on energy trading and risk management (ETRM) services and related software will continue to increase in the coming years with growing numbers of replacements needed to upgrade to more modern technology architectures and toolsets. Companies will continue to leverage ETRM systems to better review architectures, technologies, and data in an attempt to increase adaptability and responsiveness. This will likely also include initiatives like applying artificial intelligence (AI) and machine learning (ML) around the idea of allowing machines to access data and learn themselves, as opposed to traditional rules-based systems prepared by humans.
To further improve the efficiency and speed of those workflows, RPA is also being looked at as a means of reducing the repetitive processes via a virtual worker. Besides, blockchain will continue to be tested and may have finally found some commercial applications in the energy arena. Increasingly, ETRM is also being deployed as a service in the cloud, and it will become more modular in the future to keep costs down, counter risks, and improve effectiveness. More emphasis will be upon optimizing assets and operations for increased profit and competitiveness.
To stay ahead of the competition, it demands vigilance and innovation. Not only do you need to keep up-to-date with the ever changing trends, but you need to apply them in the way that makes the most sense. Energy CIO Insights has compiled a list of top 10 ETRM solution providers and service providers to guide energy companies in harnessing the power of technology to tackle today’s energy trading and risk management challenges. We hope this issue of the Energy CIO Insights helps you build the partnership you and your firm needs to foster a technologically-driven energy trading.
We present to you, Energy CIO Insights’ “Top 10 ETRM Solution Providers - 2020.”