Customer Stories
• Critical data was dispersed across multiple platforms and spreadsheets.
• Manually collecting data from many different sources slowed analysis time considerably.
• Delays from disparate sources posed risks and limited ability to capitalize on markets.
• Automation of data aggregation by integrating workflows from 100+ different sources.
• MarketView® became the one-stop platform for all trading data needs.
• The seamless onboarding of Bloomberg data allowed for enriched insights.
• Automation reduced manual effort, enabling the operation to scale.
• Efficient forward curve calculations allowed for decreased trading risk.
• The Enverus team was quick to respond, leading to efficient data onboarding.
As SOCAR Trading continues to expand and boost its revenue, one significant challenge emerges: the lack of continuity for analysts and middle officers to access data seamlessly and swiftly. Economic and trading data are scattered across various platforms, hindering efficiency. SOCAR Trading sought a more efficient system—one that automates data retrieval, enhances price visibility and reduces the risk associated with slow, tedious manual data input.
The middle office and IT teams spent valuable time manually aggregating data from different sources, brokers and exchanges. This processing delay could affect critical calculations, such as determining the forward curve, which may impact the team’s ability to maximize market opportunities. This had sometimes led to:
1. Scattered data landscape: Critical economic and trading data was dispersed across a range of platforms. The absence of a unified system significantly hindered data access.
2. Manual data aggregation: The team’s efficiency was affected as they spent hours manually collecting data from different sources – brokers, exchanges and external databases. This time could be invested in strategic analysis.
3. Risks from delays: The slow and laborious manual entry processes posed control risks and, at worst, may limit the ability to capitalize on real-time market opportunities.
Within the broader energy trading industry, facing such technological and operational bottlenecks is not uncommon. SOCAR Trading’s proactive steps toward a solution reflect a movement among their leadership team to harness the power of technology for more agile and data-driven trading operations.
To address the challenges of fragmented data and slow processing times, SOCAR initiated a transformative strategy to overhaul their trade workflow. By integrating advanced technological solutions, they aimed to automate data aggregation and streamline access to vital trading information. Their adoption of MarketView® exemplifies this shift, featuring a comprehensive approach to manage, analyze and utilize trading data more effectively.
1. Automated data aggregation: SOCAR Trading avoided daily manual data aggregation. Instead, they streamlined their workflow by integrating data feeds from 100+ commodity sources, real-time data feeds and breaking news. This seamless integration centralized proprietary data, enhanced efficiency and enabled profits.
2. One-stop platform: SOCAR Trading adopted the MarketView® SaaS solution that provides a one-stop platform for all trading data needs during trading hours. This solution simplified and centralized curve calculations, allowing traders to access critical information effortlessly.
3. Bloomberg integration: The MarketView® platform not only consolidated internal data but also onboarded Bloomberg data. This reference data enriched their insights and supported decision-making capabilities.
SOCAR Trading’s implementation of the MarketView® solution produced significant and measurable improvements in their trading operations. Enhanced data integration facilitated more efficient forward curve calculations, allowing analysts to make swifter and more informed decisions. The automation and scalability brought about by these technological solutions not only minimized manual labor but supported profitability and operational efficiency.
1. Efficient forward curve calculations: The aggregated, accurate data facilitated building timely price forward curves. Middle officers could make informed decisions without increasing risk or incurring additional fees.
2. Scalability and automation: Streamlined procurement processes enabled scalability. Automation reduced manual effort, allowing the team to focus on strategic market analysis, supporting more value-adding work.
3. Immediate issue resolution: During trading hours, SOCAR’s team could promptly discuss any price issues or market nuances with the Enverus team. Quick feedback was essential for optimal trading performance.
SOCAR’s transformative journey in modernizing trading and operational infrastructure showcases its dedication to not only meet today’s challenges but also pioneer new industry benchmarks through innovation and scalability. Embracing Enverus MarketView®, they recommend it as a superior option for its centralized data management, automated processes and guaranteed accuracy—key features that make it an essential asset for contemporary trading dynamics. We invite our peers to adopt SOCAR Trading’s innovative mindset and join us in advancing trading within the energy sector.
We invite our peers to adopt SOCAR Trading’s innovative mindset and join us in advancing trading within the energy sector.
Disclosures
The views expressed in this case study are solely those of the customer who represents a current client of Enverus and Enverus Intelligence® Research, Inc. The speaker was not obligated to provide nor be compensated for the views expressed.
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