Many users of E/CTRM systems fall into one of two camps: Either they know definitively that they want to upgrade their existing E/CTRM system or they want to evaluate other E/CTRM systems in the market to verify which solution is the best fit for their current business—with the possibility of making a switch to a completely new system.
But in some circumstances, the right decision is less clear. This is especially true if you’re using a several-years-old version of the software. In the process of speaking with your users, internal IT team, and competitors, you’ve probably received confusing and mixed feedback about how to proceed. There’s a lot of conflicting information coming at you about which system is the best in the market—and none of it is objective.
Further complicating matters is that the market for E/CTRM systems has changed drastically in the last few years. Although there has been much consolidation, new players—and more options—have entered the market. It can be challenging for companies to stay up to date in the midst of such rapid change. You’re focused on your business—you’re most likely not maintaining knowledge of E/CTRM systems, and it can be tedious and time consuming to gather all the relevant information available.
Here, we’ve included a guide for helping you make a decision. After all, this isn’t a step to be taken lightly—it can have a several-years-long impact on your organization.
What should you consider when deciding whether to upgrade or replace your system?
- What are the critical features of your system that are essential to your business?
- How do the features of your system compare to other systems meet your business requirements?
- What is the level of support and commitment that you currently enjoy from the vendor?
- What future internal and external changes do you anticipate in your business?
- What will be the change impact on your business, and is it acceptable?
What are the advantages of upgrading your E/CTRM system?
- Better vendor supportability
- Access to the latest technology platform and newest software features
- Improved performance
- Minimal re-training for users
- Reduced risk and less change impact to your business compared to switching to a new E/CTRM system
- Lower cost
- Shorter timeframe for project completion
- Ability to keep all historical data in the same database
What are the advantages of replacing your E/CTRM system?
- Opportunity to evaluate the market and all available options
- Capability to “start from scratch” and select the optimal solution that best aligns with current business needs
- Access to the latest technology platforms and newest software features
- Potential to consolidate and standardize platforms across your business
- Opportunity to negotiate better support terms and vendor agreements
How can the right partner—with the right tools and resources at its disposal—help you evaluate the current state of your business and the options most relevant to you, and decide on your path forward?
The reality is that no E/CTRM system is perfect for every situation or suitable for every company. Your decision about whether to upgrade or replace your older system is dependent on factors that are unique to your company. There’s no firm right or wrong answer.
You should consider hiring a knowledgeable partner to help you weed out unnecessary information, gain a clearer view of your options, narrow down your choices, and make the most informed decision possible. At capSpire, our personnel have a combined 600 years of energy experience. In the decade since our consultancy was established, we’ve worked with clients of varying sizes around the world and with all types of trading and risk management software. Once we gain an understanding of your business operations and processes, we have the expertise to eliminate the hype and deliver an objective analysis of the E/CTRM systems that best meet your needs.
To learn more about why capSpire is widely considered the go-to E/CTRM expert, click here. You can also read one of our success stories here. To inquire about partnering with capSpire to chart the path forward for your E/CTRM system, please email email@example.com.
capSpire provides the unique combination of industry knowledge and business expertise required to deliver impactful business solutions. Trusted by some of the world’s leading companies, capSpire’s team of industry experts and senior advisors empowers its clients with the business strategies and solutions required to effectively streamline business processes and attain maximum value from their supporting IT infrastructure. For more information, please visit www.capspire.com.