Oil Trading Hits The Headlines In Africa - Aspect Enterprise Solutions Cited For Success And Market Penetration

25 May 2012

Aspect Enterprise Solutions, provider of multi-commodity trading and risk management Software-as-a-Service (SaaS) applications delivered in the Cloud, has won further recognition of its dominant position in the African market. The influential Ghanaian publication Myjoyonline - in an article on oil trading - highlights the importance of risk management and compliance to firms trading oil and oil products in what is one of the fastest growing economies of the world.

Quoting the oil industry consulting and training organisation CITAC, the article says integrated trade and risk management systems are crucial to trading firms securing investment and maximising the profitability of every trade. ‘...those companies with the right systems, procedures and compliance measures in place are the ones most likely to get the funding they need..’ states the article, adding that the ability to manage associated physical operations like storage and shipments ‘...are key to minimizing and containing risk and maximizing profitability on trades’.

Entitled Oil Trading In Africa - Doing Business In The Lion Market the article goes on to discuss Aspect’s understanding of the African market and the way it has engineered solutions attuned to local needs and challenges. Entirely Cloud-delivered, Aspect’s systems need no in-house IT resources. The company’s sales director for the region, Yagnesh Savania, is quoted as saying ‘...we understand the African market better than any other vendor and that is why we are seeing the market polarizing around Aspect’s technology...’.

The article concludes with Aspect customer Sage Petroleum of Ghana where CEO Emmanuel Egyei-Mensah is quoted as saying ‘From the outset it was apparent that Aspect has put real thought into engineering a system that’s right for the local market. We particularly like the way we can customize it ourselves to suit the way that we work, rather than having to fit in with someone else’s idea of how we should be doing things’.

Aspect recently announced an upturn in business from Africa, with Ghana and Nigeria accounting for some 16% of its total customer base on the continent. The company has hundreds of users ranging from Senegal and Cote d’Ivoire in the west through to Kenya in the east, and in South Africa.

JoyOnline is Ghana’s leading news and information portal. Its coverage of news, business and politics earns it more than one million unique readers each month.

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