5 Key considerations to boost CTRM adoption by the team

12 May 2021 | BLOGS

5 Key considerations to boost CTRM adoption by the team

12 May 2021 | BLOGS

The right CTRM solution brings massive business value thanks to the benefits of better collaboration and access to a centralized source of data. However, whether you are upgrading your legacy system or adopting a CTRM for the first time, the true advantage of any new technology implementation will only be realized if adoption happens effectively. After all, beyond technological functionality, the team will eventually need to access, interpret, and interact with the data provided by the system for it to translate into real profits.

Given that human beings are creatures of habit, there is bound to be a certain amount of resistance or push back when it comes to embracing change. This true even if the change is in the form of a new technology platform that is designed to make their lives easier. In the long run, a disconnect between your team and your technology can spell disaster for even the most sophisticated organizations.

While training and a well-defined adoption roadmap can certainly help, there are a few considerations that one needs to keep in mind while choosing a CTRM software to achieve success and drive adoption. These include:

Usability

Usability is a big factor when it comes to encouraging effective use of the product. In a software context, usability means designing a superior user experience that puts the user at the centre of the processes. User acceptance, which is closely tied to usability of the software tool, plays a key role in ensuring optimum productivity and effectiveness.

The Eka Cloud Platform is a great example since it is provisioned to adapt and transform with your organization to meet your unique requirements across the value chains for agriculture, energy, metals and mining and manufacturing. Also, it has user friendly apps to provide end-to-end management of exchange traded and OTC derivative contracts within one system.

Integrated Platform

For a platform to deliver greater value, it needs to be integrated with ERP systems and other sources including market, weather, compliance as well as the organizational database through built-in connectors and open APIs. This helps easily bring in external data and improves business and operational efficiency by digitally connecting the business to counterparties, partners, and suppliers. In turn, this helps to enhance collaboration, streamline and automate manual processes, and eliminate errors.

A truly integrated platform can modernize your infrastructure and digitally transform your business with seamless collaboration, workflow, and integrated data between the front, middle and back office.

Remote Access

2020 drove home the importance of being able to access business data and information and perform transactions anywhere and at any time. This proved to be the key to ensuring business continuity in the event of unforeseen disruptions such as those caused by COVID-19. Therefore, a cloud based CTRM tool that can be accessed seamlessly irrespective of location or device will encourage greater team adoption since it provides flexibility, convenience, and ease of conducting tasks.

Download our resource to know how businesses can adapt to the post-pandemic era. 

Scalability

A great CTRM solution helps extend your value chain data and scale it with powerful enterprise applications that unlock the value of your data from sourcing to trading and risk, supply chain and financial management. The Eka Cloud Platform, for instance, comes with extensible and modular architecture that enables rapid application development for expanding functionality. In addition, open APIs allow fast integration with other applications and data sources for exceptional speed and innovation.

Customization

Every business is unique. So, the ability to perform on-demand analysis using trusted data with custom dashboards, drill downs, visualizations, and embedded machine learning algorithms for anomaly detection can drive team adoption. This is important since analytics can help drive better visibility and faster decisions. Also, automation of certain business processes can make it easier to transform complex processes into applications.  Customization can also help companies accelerate digital transformation by turning ideas into powerful applications.

While an advanced CTRM solution can be an absolute game changer for businesses,  it can only realize its full potential if it’s embraced whole heartedly by the team. Considering the factors above while implementing a CTRM will ensure that it is adopted widely.

Click here to find out more about our CTRM solution 

Other resources

commodities and global markets, global commodity market, raw materials commodities, commodity trade market, risk in commodity market

5 ways digitization is driving change in the global commodity market

If there is one important lesson that enterprises in the global commodity market can take away from their experiences in the last 12 months, it has to be a renewed appreciation for the power of digitalization.

Read more
digital , The C-Suite wants a digital transformation, now what?

The C-Suite wants a digital transformation, now what?

While it’s not often that you get a clear mandate to buy technology, many leaders are giving their teams a clear mandate to change, improve, optimize, etc.

Read more
commodities and global markets, global commodity market, raw materials commodities, commodity trade market, risk in commodity market

If there is one important lesson that enterprises in the global commodity market can take away from their experiences in the last 12 months, it has to be a renewed appreciation for the power of digitalization.

Read more
digital , The C-Suite wants a digital transformation, now what?

While it’s not often that you get a clear mandate to buy technology, many leaders are giving their teams a clear mandate to change, improve, optimize, etc.

Read more