Leading global provider of commodity management solutions, Eka Software, confirmed that 2018 marked a significant change in global commodity trading as both medium and large market participants embraced new technologies and moved to more linked, digitized, cloud-based enterprise systems for their trading, risk and logistics management.
Eka signed 25 new clients last year, making 2018 a record growth year for the company. These companies chose Eka for its Cloud, Machine Learning and Blockchain driven architecture. Eka’s existing clients are transitioning to Eka’s new Digital Commodity Management (CM) Platform at a rapid pace.
Eka’s ability to go live in just a few weeks is also driving sales. With a track record of 100% successful go-lives, new clients have been up-and-running within weeks instead of experiencing high implementation failures still seen with many other providers of C/ETRM and ERP solutions.
Manav Garg, CEO and Founder of Eka Software, commented: “This is a major change in commodity trading, risk management and the enabling core technology. Interestingly, it is not a change driven by just one sector or by a specific location. We have seen the adoption of our digitized cloud platform equally across the Agri, Energy and Metals sectors in Europe, Asia, Middle East as well as North and Latin America. We have been developing the next generation trading and management platform for some time and it is very gratifying to see the market adoption explode in the last twelve months. There is clearly a demand for cloud-based machine learning platforms and I am proud that Eka is leading the way and enabling this change.”
In a recent article, CTRM center said: “We see Eka, based on their increasing sales momentum (which has positioned them at or very near the top of the market in terms of growth for 2018) and with a product offering and message that fits well with commodity businesses moving forward, could very well be a (or possibly the) sales leader again in 2019.”
The article continues: “More commodity trading companies are moving to a “technology portfolio” or ecosystem approach to address emerging CTRM needs and to improve agility in their business. These technology progressive companies are looking particularly at new cloud-based products and solutions that allow them to quickly prototype and standup new capabilities.”
Eka’s Digital CM Platform is designed on the simple principle of ‘Better Technology Makes a Better Business’ and the industry’s adoption signals an overwhelming demand for domain-rich, tailored apps that are pre-built to connect to all data and extend from trading and risk to sourcing and supply. The dramatic switch to the new digitized platform is due to the greatly reduced implementation time and the 100% success rate. The new clients are switching from the old CTRM systems, where implementation would take many months, cost more than expected and take time to bed-in. It would simply not have been possible to have 25 new clients implement and go-live in a 12-month period using the traditional, outdated approach.