The longer it has been since your CTRM implementation went live, the more likely it is that performance issues and a mismatch between the business’ ever evolving requirements and the CTRM’s installed capabilities have arisen. Furthermore, many CTRM implementations were customized with extensions to the core data model and custom scripts that deliver new functionality. While some of these extensions are valuable and deliver net positive value, many extensions are support liabilities because they are either completely unsupported by the vendor or are supported at a high cost.
Due to natural turnover, the vendor consultant that delivered these customizations may no longer be available. In cases where the customization is unsupported, clients are forced to go to take on additional headcount, temporarily or permanently, dedicated to maintaining these extensions. This adds to the already high total cost of CTRM system ownership and eats into return on investment and system payback periods.
Low Cost, High Value
At Essentia, we believe that firms that have implemented CTRM systems require periodic end-to-end reviews of their systems in order to achieve the following objectives:
- Create a credible short, medium and long-term roadmap on how to ensure the system continues to be supported cost-effectively while ensuring that it continues to meet the evolving demands of the business.
- Make informed decisions around system upgrades, additional customization and other changes to the system.
- Identify opportunities to extract more value from the system by taking advantage or underutilized pieces of functionality.
- Realigning system configuration and customization with any material business process changes.
The Essentia End-to-end review offering is usually completed within a relatively short period of time, often in less than 1 man month. However, the value delivered lasts long after deliverables are handed over to the client.
During a recent end-to-end review engagement at one of our clients, an Oil Major, we conducted interviews across functional areas, reviewed documentation generated by client, vendor and system integrator personnel during and after the implementation, created a list of functional areas and established a baseline of core functionality as determined by prior implementation experience. These were then synthesized into a project deliverable designed to help the client achieve the objectives listed above.
As a result of this review, our client gained a detailed understanding of their solution, devised a support plan and most importantly, they were equipped to objectively evaluate upgrade and enhancement opportunities. Furthermore, they were able to truly evaluate whether they were getting the most of their installed system.
Essentia is one of the very few firms that is uniquely qualified to deliver this type of work given our extensive knowledge of the energy and commodity trading industry as demonstrated by our seasoned professionals and dozens of referenceable clients.
Essentia Advisory Partners LLC is a full-service energy consulting firm headquartered in Houston, Texas. Our depth of experience in the energy sector has made our team a trusted advisory source for clients
ranging from high-growth emerging companies to the Fortune 500. Our understanding of operational, commercial and regulatory environments in the energy industry is key to delivering relevant solutions that ensure compliance,
promote efficiency, and create value for our clients.