Eka Software Solutions, provider of Smart Commodity Management software solutions, released the results of a new survey finding that companies exposed to commodity risk continue to rely on spreadsheets for data analysis.
Eka surveyed 50 executives at commodities companies in the agriculture, chemicals, oil, natural gas, and power industries. Results to the research question “What system/tool do you mainly use for commodity data analysis?” are as follows:
- 66% use spreadsheets
- 12% use BI/analytics tools
- 12% use CTRM/ETRM software
- 6% use ERP
“The ongoing reliance on spreadsheets for commodity data analysis is not due to a lack of recognition of the value of advanced analytics, but rather that the available options are less than ideal,” said Michael Schwartz, EVP & CMO at Eka. “The fact that our survey reveals only 12% of commodities companies are using corporate BI tools for analysis is not surprising as generic BI tools do not fit the needs of commodities companies. Likewise, because CTRM/ETRM software was designed to manage commodity transactions, not analytics, the low use rate reflects its poor suitability to provide data blending and advanced analytics.”
Companies need advanced analytics solutions built specifically for commodities businesses and Eka’s solution brings commodity specific analytics to all business users – the right data, in the right hands, at the right time. Eka’s Commodity Analytics Cloud delivers industry-specific apps that cover P&L, procurement, risk, and supply chain. Harnessing data from both internal and external sources, Commodity Analytics Cloud brings all the data needed together in one place to answer the most important questions for commodities companies.