Wednesday 18 November 2020

Digitalisation Front and Centre

The rate at which companies operating in global commodity markets are transitioning to digitalisation continues to grow rapidly.

The catalysts driving the trend include tighter trade margins, increasing focus on trade compliance issues driven by some high profile cases of non-compliance and the disruption to travel brought about by Covid-19.

At GLX we’re seeing these changes occur in real time, with major energy companies accelerating their digital journey using our software.

The CEO of Woodside, Mr Peter Coleman, quoted in WA Business News, said the Company had recently selected GLX Digital to design and develop a digital deal capture and trade management system.

“The move is part of Woodside’s digitalisation strategy and comes at a time when data analytics and speed of access to information is becoming vitally important in increasing the transparency and efficiency of LNG trading markets.

“The choice of GLX was based on its proven track record in delivering complex digital systems for commodity markets, and underlines Woodside’s commitment to supporting homegrown technology solutions,” he said.

Benefits of choosing digital

  • Improve productivity - give traders additional real-time avenues to connect, negotiate and transact with all counterparties globally, while working with the most up to date and accurate market sentiments
  • Reduce manual processes and human error – instead of managing positions that require around 40 different emails to be sent to counterparties, you can do it all through one system in real time
  • Streamline team workflow and capacity – sending out emails is easiest part, what’s more difficult is managing the replies, typically this is too many for one person so it is divided among the team
  • Operate with greater efficiency – compare all of your terms sheets at once on a single dashboard, as opposed to your team having to meet and analyse each document
  • Bolster compliance and reporting – our secure and private environment uses time and user-stamped activity features to automate your records management to support any audit
  • Mitigate face-to-face barriers – use our cloud-hosted software to connect, negotiate and transact, particularly given Covid-19-related challenges with face-to-face meetings, events and travel
  • If you would like to know more on how GLX Digital can assist in your digital journey, please contact us on support@glxdigital.com