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Looking back at 2023 with Enuit

I recently visited with Ken Han, CEO of Enuit and Ganesh Natarajan, COO, to find out their perspective on what has been an interesting year in the CTRM marketplace.

Mr. Han started the conversation by highlighting their success at building relationships with consulting firms and training their resources to become expert at providing implementation and supporting services to customers of their Entrade solution. He noted, “We are a product company and we want to focus on the product to ensure our customers have the best software we can provide. We’re not a consulting company and though we do play an active and important role by providing expert resources during the implementation of the product, we are not pursuing services as primary revenue stream. As such, we’ve partnered with many of the leading consulting companies in Europe, Asia and the Americas to ensure they have properly trained and experienced resources to meet our customers’ needs for any ongoing consulting services.  In 2023 we successfully expanded the number of consulting firms we’re working with and we, and our customers, are very happy with the results of that program.”

In terms of the market for the company’s product, he noted that they’ve seen “huge” demand from all market regions, including North and South America, Europe and Asia.  “Energy, globally, has been particularly hot, but the US was particularly so in 2023 with lots of interest across all commodities, including natural gas, power, refined products, and LNG.”

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He further noted, “We’ve also seen some interesting developments in China in terms of how our products are being used.  We have a global scale customer that has been continuing to expand the use of Entrade in the metals space.  As they have grown their business and continued to add new metal commodities to their portfolio, they expanded their use of Entrade simply by configuration and, essentially on their own, have configured the system to encompass various base metals, iron ore, finished steel and others, with the need to come back to us for additional development or back-door configurations. We think that was a great example of the flexibility and front end configurability of Entrade.”

He said that in 2023, they started rolling out a preview of their new solution Entrade 7 and the reception has been very positive.  “We started work on 7 about three years ago. With this new product, we are changing the way user interact with CTRM software and providing the most configurable and usable system possible. We have already had a number of our customers commit to move to the new product as soon as it is available, which is scheduled for the second quarter of 2024.  We also closed several major deals in 2023 that will be implemented initially on Entrade 6, but they are also are looking to move to 7 as soon as possible. With the new product and the increasing market demand, we think 2024 will have some interesting challenges, but we are excited and think it will be a very rewarding year.”

Mr. Natarajan noted that many current customers saw significant growth in 2023 and expanded their use of Entrade. “We’ve gotten a lot of feedback from those customers saying that the ability to quickly integrate new applications and market interfaces has been a key success factor in being able to expand their operations, particularly in the bulk products markets.” Mr. Han added, “Our customers are also focused in digitalization of their operations and are using the latest integration tools to expand their IT capabilities and infrastructure. We consistently heard that many of the other legacy vendors’ products don’t work well with these tools and require direct quires to their databases.  Obviously this is a problem in that it often slows system performance and these quires are prone to break as new updates are released. Entrade 6 and 7 have been designed with a rich open API layer that allows customer to more tightly and easily integrate with the various systems they use.  We think this is another key differentiator for us and has, based on what we’ve heard from our customers and prospects, contributed to making 2023 a very successful year for us.”