ETRM (Energy Trade and Risk Management) systems can be a bit difficult to implement. However, if you choose the right one for your organization and implement it properly, you can get the most out of it.
It will ultimately result in accurate, timely position and enhanced efficiencies. There are some of the best practices that are discussed in the following sections that will lead to successful ETRM implementation.
Balance your team
Generally, the implementation teams mostly includes technical experts and too less of the functional and business level experts. The need for technical experts is mostly for heavy configuration, system architecture, custom development, etc. However, all these resources aren’t too much familiar with market and trade data. Therefore, a top quality functional team that is strong in software and business equally can save on project implementation time .
Choose your partners smartly
A consulting firm that specializes in the ETRM implementations along with a system integrator will work with client and vendor in tandem. It is highly recommended to do proper research on SI as well as the consulting firm partners to check their previous track records of staying in budget, meeting deadlines, implementing complex projects into the production, and so forth. Were they really easy to work with? Do they properly follow their promises? What was their resources’ quality?
Many companies make a mistake of skipping this important step and just randomly trust on recognized brand. Choose a partner having satisfactory track record of accurate and successful project implementation.
Set realistic expectations
It is very important to set realistic expectations especially for internal employees. Powerful and knowledgeable employees that are assigned to the project can be very valuable.
For instance, if the internal employee is being assigned to part time project and expected to accomplish their daily job of the whole day, then it is best idea to identify some kind of incentives, bonus plan, or career advancement opportunities for recognizing employee for the double duty. If you will keep your good employees happy along with having an efficiently run project, then you are definitely going to enjoy an ample of benefits both in terms of finance and functions of your business.
To cut in short, ETRM projects can be quite expensive as well as complex at first. However, managing it in the right way with the help of the above practice tips can definitely help you in the long run!