Aspect Enterprise Solutions Named "ETRM Software House of the Year - Asia"
October 3, 2013
Aspect Enterprise Solutions, the leading global provider of multi-commodity cloud solutions, announced today that it has been named "ETRM Software House of the Year, Asia" by Energy Risk magazine. This coveted award is a result of Aspect's unique ability to deliver significant performance, cost and deployment advantages through modern, cloud technology.
The Energy Risk Asia awards showcase excellence in commodity and energy markets across the Asia-Pac region. AspectCTRM, its flagship solution, takes full advantage of the flexibility of cloud computing – the fortunate result of a decision made at its inception in 1999, according to Aspect President & CEO Steve Hughes.
"We were built for the internet community from day one, which was quite a bold move back in 1999," he says. "I predict we'll be the only company doing this for the next five to 10 years. This isn't something you can easily bolt on later."
"By not having to pay for hardware, and business and database analysts to maintain it, our clients are able to achieve significant savings… No other vendor can compete with us in terms of implementation time and cost savings," Hughes continued.
Implementing older ETRM systems that require software and hardware typically takes six months or more, while deploying AspectCTRM takes just four to six weeks on average, with many features becoming accessible to users in just two weeks.
Aspect also distinguishes itself from its competitors by offering both commodities market prices in AspectDSC, and trade, risk and operations functions via AspectCTRM, on a single platform. This combined with the use of an in-memory database creates performance advantages not possible by competing systems. An in-memory database allows for data to be retrieved faster. This results in exponential time-savings for risk management processes. For example, an oil and gas major might process around 2.5 million trades every time it runs a risk evaluation – and in total, that evaluation could take six to eight hours, says Hughes. "Even for smaller companies, the process often takes around 35 minutes. The equivalent, using Aspect's system, takes four seconds," he says.
Aspect's customer growth figures over the past 12 months features over 300 new users and nine new clients for AspectCTRM. Total users in Asia now stand at more than 760 from 165 different companies, an increase of 20% since last year. Approximately 130 new users were added in Asia at existing clients, including Netherlands-based trading house Trafigura, Singapore-based marine fuel supplier Chemoil, Russian oil and gas firm Rosneft and oil trader Petro Singapore Trading.
This year, Aspect signed Singapore-based trader Concord Energy, which replaced its existing ETRM system with AspectCTRM.
"This win was gratifying, especially as we learned that each vendor was tested on the same criteria, and our solution was seen as handling the trading and risk scenarios better," said Hughes.
It's the second year in a row Aspect has won a major Energy Risk Asia Award, adding to last year's win for "Top Technology House of the Year." Other recent achievements include, "Excellence In CTRM Software" by Commodities Business Awards, and IDC Energy Insights' recognition as a "Major Player" in its quadrant of leading ETRM leading solutions.
