Previse Systems Set to Change the World of ETRM?
Just a few weeks ago, I was contacted by Marc Zumstein and introduced to a new initiative in Europe called Previse Systems. Based in Zug, Switzerland, Previse Systems had already come up in the 2020 Vendor Perception Survey and I had never heard of them, so it was good to be able to make the connection and get a description of what the Previse System team has been developing such that it already had people naming them in the VPS. I was not disappointed.
Paradigm is often overused word, but Previse Systems can be truly said to be breaking it when it comes to ETRM software. The team all have strong backgrounds in ETRM having worked for existing vendors. It is that experience that drove them to go back to the drawing board and rethink the entire issue of ETRM software. The result is an in the cloud, all new technology initiative that has separated out ETRM into three distinct elements;
- A user-owned common trade repository (called ChorusLink) where each trade is stored and accessible by all parties to the trade in a fast and secure environment,
- A high-performance position application (called Coral) that delivers the ability to quickly and easily visualize, and process large volumes of data, and
- An app store-like platform (Coral Ecosystem) where third-parties can offer incremental and purpose-built functionality that can easily be added to the customers’ ecosystem and provides choice and competitive prices.
ChorusLink will be co-owned by the users and Previse Systems will be contracted to maintain it for a time after which the co-owners may go elsewhere if they so desire for maintenance. In fact, ComTech has just completed a new white paper that explains the entire initiative and its benefits in some detail. This paper may be downloaded on this site here. However, the Previse Systems approach incorporates a number of new and innovative elements including cloud, low cost, an ecosystem of repositories, apps and APIs, industry collaboration and ownership, and much more besides.
Previse Systems are challenging the ETRM status quo here in Europe and it will be interesting to see how this initiative develops. With early adopters already on board, it already has captured the imagination of some in the industry. As Marc told me, “Traditional approaches to developing commercial ETRM software always have severe and systemic shortcomings in supporting business operations in the best possible way and at the lowest possible cost, and this has been exacerbated in recent years by rapidly evolving markets. We are proposing a new paradigm for ETRM software in order to address this.”
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