Last week, we had an interesting briefing from FIS regarding its strategy for tackling the sizeable oil and gas software marketplace – particularly in North America. The market for ETRM software solutions for oil and gas is these days somewhat limited, especially for those seeking a solution from a larger stable vendor with many years of delivery track record. While smaller vendors with small-scale solutions have emerged in recent years, many of the solutions that targeted larger firms have been acquired over the last few years and bundled under one specific vendor. The industry has lacked choice in the years since those acquisitions, especially for larger-scale solutions, we were told.
To rectify that, FIS, a 25+ year old large and proven vendor with a newly rewritten front end for customizable U/X and self serve reporting, and Egistix have joined together in a partnership and alliance that they see as offering a real and significant alternative solution to those that need an ETRM for oil and gas. “Given that lack of choice and the suboptimal nature of solutions on the market, FIS and Egistix took the approach that ‘best-in-class’ solutions pre-configured to work together would offer a viable alternative to companies looking for oil and gas ETRM software,” we were told by Karen Lukacs of FIS.
The thinking behind the alliance is to bring to market a software solution that is best of breed for each commodity – natural gas and crude oil/products – in a single solution. “User acceptance and satisfaction should be higher because of intuitive user interfaces designed for the specific commodity along with specific functionalities and terminologies. Handling the business of trading and managing the physical commodity is made easier by having a solution that is fit for purpose and specific in its focus. Meanwhile, the solution offers tools to perform and manage consolidated positions, market, financial and future transactions, and credit risk all in one solution,” Karen said.
We look forward to seeing how the market responds to this initiative. Certainly, it does broaden the choice for prospective buyers by delivering a best of breed solution for oil and gas.