CTRM Myth: What I’m Doing Today is Good Enough
Welcome to another week of our blog series, 5 Myths of CTRM, where we debunk some of the most common myths surrounding enterprise commodity trading and risk management software (also known as CTRM software or ETRM software). So far, we’ve debunked the following myths:
- CTRM software implementations take too long
- I can put analytics off for now
- CTRM solutions are too expensive
Today, we are addressing the myth, “What I’m doing today is good enough.” This myth is common among commodity businesses that continually rely on spreadsheets, homegrown solutions, and/or legacy CTRM software for day-to-day operations and portfolio management. If you’re one of these businesses, you are not alone. In fact, 90 percent of commodity trading companies still use spreadsheets in some portion of their trading activities, according to ComTech Advisory.
Manual processes and dated systems may seem to work today, but they will hinder your business’ growth strategy. Why? Because they expose your organization to exponential risks, including inaccuracies, noncompliance, resource consumption, lack of visibility, and wasted data.
Change is inevitable, and innovation is no different. While commodity markets continue to evolve and technological advancements come online, the old adage, “we’ve always done it this way,” can result in the business equivalent of the Titanic not changing course in time to avoid the iceberg – an impending danger of sinking. As Cisco Systems’ former Chairman John Chambers once said, “At least 40 percent of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies.”