How to Ensure the Relevance of C/ETRM in the Future?
energycioinsights

How to Ensure the Relevance of C/ETRM in the Future?

By Energy CIO Insights | Monday, February 10, 2020

For decades the C/ETRM space depended on legacy systems, spreadsheets and paper documentation. The emerging tech of the new age has completely redefined them and will keep on doing it further. Here’s a gist of it.

FREMONT, CA:  The C/ETRM space is going through a digital transformation, and the players in the sector are well aware of it. Companies are leveraging automation to accomplish efficiency while their competitors are performing tasks manually. The sector is using emerging technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) and digitization for automation. Existing users are looking to replace their legacy systems with an affordable system with proven functionality that can be implemented faster, and have the flexibility to navigate through future events. Here are a few ways to ensure that C/ETRM stay relevant in the future.  

• Cloud-based SaaS

Company must have agility in today’s age. Cloud-based Software-as-a-Service (SaaS) offers automatic updates to access the latest innovations and emerging technologies that focus on the agility of the business. This means that cloud-based SaaS solutions allow continuous improvement. Agile organizations need to provide products and services that meet changing market and competitive conditions rapidly. The products in the pipeline will get a boost due to unparalleled configurability. A template and formula-based software with a flexible and hierarchical book structure can support a business in changing the processes while providing a high degree of user control. A highly configurable system solution offers cost flexibility for smaller companies and reduces additional cost while improving the course.     

• Extendable

For C/ETRM to be relevant in the future, the system should be flexible enough to adapt by extending system functionality. Just as cloud-based SaaS solutions are updated with the latest technologies, legacy systems get outdated with their limitations to data models, importing data, business logic, and many more. Next-generation cloud-based C/ETRM delivers SaaS benefits, and along with that, they offer a different approach where the software upgrade does not affect the customer by providing user-defined fields’ functionality and user-defined tables that can be added to extend data models.

• Scalable

Scalability is paramount for growing businesses. An organization needs a C/ETRM system that can scale unless they can predict the size of their business and the functionalities required in the future. The sole reason many of the growing organizations choose E/CTRM is to scale. A flexible and scalable organization can withstand market fluctuations without affecting its profitability or efficiency levels.

Despite the success of an organization, it cannot predict the exact future, and they have to adopt new technologies to stay ahead, innovate, and disrupt. 

See Also: Top Robotic Process Automation Consulting/Services Companies

Weekly Brief

Top 10 Digital Oil Field Solution Companies - 2019
Top 10 Digital Oil Field Consulting/Services Companies - 2019

Read Also