These days in energy and commodities, data is everywhere and comes in many formats, meaning that the data governance function at any company is becoming an increasingly critical function. ComTech has tracked data management and observed that it has become a major focus for many companies in the space and yet, there are so many aspects to the issue of data management that it is tough area to crack. One area that has interest for ComTech is in how having high-quality data can enhance the success of enterprise software implementations. Data conversion and loading is a feature of all new system implementation projects – even at greenfield sites where the metadata still needs to be loaded. However, implementing CTRM, Commodity Management – and even credit solutions, which utilise or source data across the enterprise, face the challenges of aligning data. Energy companies, in particular, often have very fragmented data from across multiple departments and geographic locations due to their decentralized and often siloed nature of systems usage. Common data inconsistencies include everything from counterparty names spelled differently across systems to mismatched invoice numbers, and incomplete market data. Ultimately, AI could prove to have significant value in this area and can… continue reading