We had the opportunity to get a briefing on Eka‘s “Commodity Analytics Cloud” application in advance of its official announcement earlier this week. Manav Garg, Eka‘s president and Preeti Ramash, Eka’s product manager, gave us a overview and demo of the new solution; and I will say, it is a unique offering to the market and one that has the potential be a significant winner for the company and their clients.
As noted by Mr. Garg, the goal of the application is to accelerate information flow and analysis for commodity trading and commodity management companies. The solution crosses several categories of technology and software, including integration solutions, BI tools, analytics, Big Data solutions, data cubes and cloud offerings; and as such, its a product that is difficult to slot in any single category.
Utilizing some of the tools of a Big Data solution, including the use of NoSQL, the product aggregates data from any number of sources, including spreadsheets, E/CTRM applications (Eka’s and/or others), bespoke solutions, data feeds, and ERP/accounting systems. Leveraging what Eka calls a “Commodity Intelligence Engine”, the system contextualizes the incoming data and, via in-memory processing, uses preconfigured and/or user definable apps to provide rapid analysis and insights into the critical issues facing business users, including physical/financial positions, P&L, risk exposures, supply chain performance, forecasting and more. Eka has already developed a number of apps to answer the most common questions in the commodity space and provides a user-friendly interface that enables business users to develop their own.
Within the relatively short demo that we had, it wasn’t possible for us to fully explore all its capabilities and completely understand the complexities of how it might be deployed; nonetheless, we did walk away with the impression that if the capabilities are as advertised and demonstrated, Eka should find a very interested market for the new product.