Gen10 seem to be thriving with remote implementations under these trying lockdown conditions. Richard Williamson, CEO of Gen10, was in a good mood when we spoke last week. “Four new deals,” he said. “And two of them already implemented remotely.” The deals he refers to are across the board both in terms of commodity class and geography, trading refined metals, petrochemicals and oil, rubber and textiles/chemicals, he told me, in the USA, Singapore, UK and Switzerland, including Integra Global Petrochemicals and Southland Rubber USA. Of the four, two were already shopping for a system prior to COVID-19, but the other two came to the market seeking software as a result of the lockdowns. “It’s great to see the sales and implementation cycle shortening. Collaboration across a distributed and home-based workforce is now critical,” he said. “What’s really nice about it is that they are working better together now than they did prior to COVID-19 even though they work from home.”
Richard is adamant that there has been a sea change in CTRM and CM software. “It doesn’t have to take as long or cost as much as it used to. And we can prove it! Those days are gone now. People should stop suffering with older legacy software and move on,” he said. He cited a couple of hypothetical examples to make his point where companies that have invested seven figure sums to procure legacy CTRM solutions but are only used by their risk manager feel stuck. “They feel trapped,” he said. “We’re talking about $1M for a single user license!! The system wasn’t flexible or relevant enough to gain adoption by the trade desk and operations team. And without that, how can you manage your risks? They are still on spreadsheets. You can buy and implement a good CTRM today for less than what would have been an annual maintenance fee in the past with some vendors and their legacy solutions and our data migration tools ensure a smooth, cost-effective transition.”
He may well be right. With cloud rapidly becoming the de facto model for CTRM implementation and offering the business continuity needs for a home-based workforce, certainly costs can be lower. Remote implementations are now becoming the norm and are being successfully performed across the industry. Usage fees as opposed to license fees have reduced the entry costs for many users considerably. None the less, there are a good selection of robust and functionally-rich cloud-based CTRM’s on the market that can be had for a fraction of the cost of what it might have been a couple of years ago.
Richard and Gen10 though would argue, with some justification I feel, that its architecture which means you can deploy ecosystems of functionality in the cloud along with features like workflow and document management, for example, mean that Gen10’s concept of collaboration, efficiency and cost effectiveness are key differentiators. Perhaps also, the configurability of its software that allows it to handle a variety of different commodities out of the box. Undeniably however, Gen10 is innovating, along with others, and helping to change the CTRM landscape in the process.