Insights from the Technology Leaders Panel at Commodity Trading Week
As the landscape of energy and commodity trading continues to evolve, digital transformation plays an increasingly vital role. During a recent panel discussion at Commodity Trading Week, experts from various organisations gathered to share their perspectives on creating effective digital roadmaps. Catch up on the session now, or check our quick takeaways below to explore how to successfully navigate digital journeys, adapt to new technologies, and ensure long-term success.
Building a Customer-Centric Foundation
The panellists agreed that the foundation of any successful digital roadmap should be customer-centricity. Steve Fletcher, Chief Commercial Officer at AXSMarine, stressed the importance of listening to customers to guide the internal digital strategy. He explained that by understanding client needs, companies can automate processes internally and ensure they’re providing services that truly address market demands. This customer-first approach helps shape a roadmap that is aligned with real-world expectations.
Flexibility is Key in Adapting to Change
As the conversation shifted to building flexibility into digital systems, Harry Notman highlighted the importance of anticipating change. He noted that, in today’s fast-paced environment, it’s not enough to plan for what is known today; digital roadmaps must be adaptable to future market shifts. Notman emphasised that companies must design systems that allow customers to have control over their software and processes, ensuring they can pivot quickly as new challenges arise.
Real-World Success Stories in Digital Transformation
A big part of the panel was devoted to sharing successful case studies of digital transformation. Richard Williamson, CEO of Gen 10, discussed a project with a rubber trading company in Singapore. Rather than implementing a sweeping “big bang” approach, the company opted for smaller, more manageable phases, which allowed them to fine-tune processes and gain buy-in from key stakeholders. This phased approach, Williamson explained, not only made the transformation more manageable but also proved successful in ensuring widespread adoption across different regions.
The Challenge of Prioritising Initiatives
When it comes to prioritisation, Dirk Robers, Digital and Business Transformation Leader at Cargill, pointed out that creating a roadmap requires balancing short-term needs with long-term vision. He explained that while it’s essential to keep the end goal in mind, organisations must also stay flexible as their needs evolve. Robers stressed that strong leadership is critical to ensure that digital strategies are aligned with business objectives, allowing teams to stay focused on delivering results that truly matter.
Leveraging Data and AI for Future Success
Data and AI were, unsurprisingly, major topics of discussion. As the panellists noted, data analytics is increasingly seen as one of the top priorities for the next 12 months. According to a poll from the audience, 45% of participants identified data analytics as the key priority, followed by AI and CTRM solutions. The panellists highlighted the importance of data as the foundation for any digital roadmap. “If you don’t have clean data, everything else will fall apart,” said Richard Williamson, underscoring that AI and analytics only deliver value when they are built on solid data management practices.
As the panel continued, there was a shared consensus about AI’s potential to drive efficiency and enhance decision-making. By using AI to automate data management and analysis, companies can reduce the reliance on manual processes, freeing up resources to focus on more strategic tasks.
If you don't have clean data, everything else will fall apart.
Richard Williamson l Gen10
Cross-Departmental Collaboration and the Right Talent
The conversation also turned to the growing need for cross-departmental collaboration and the role of talent in digital transformation. Dirk Robers pointed out that leadership buy-in is crucial for any digital transformation to succeed. Without a clear vision and commitment from leadership, transformation efforts often get sidelined. He also stressed the need for a skilled talent pool to adapt to emerging technologies. “It’s not just about implementing new tools; it’s about ensuring that your people have the right skills to leverage them effectively,” he added.
AI’s Impact on Execution and Logistics
Looking ahead, the panellists agreed that execution and logistics are likely to be among the most significantly impacted areas by emerging technologies, particularly AI. Jay Reynolds, IT Managing Director at Castleton Commodities, noted how AI can help automate processes like trade execution and inventory allocation, reducing manual intervention and streamlining operations. By embracing AI and predictive analytics, companies can not only improve operational efficiency but also enhance their ability to respond to market changes in real time.
The Role of Artificial Intelligence in Shaping the Future
Finally, the panel wrapped up with a discussion about the role of artificial intelligence in shaping the future of commodity trading. While the panellists were optimistic about AI’s potential, they also warned of the challenges that come with implementing these technologies. As Richard Williamson put it, AI is a powerful tool, but it’s important to understand that it’s not a magic solution. “It’s about finding practical, real-world applications that deliver measurable value,” he said. For companies, the key is to stay grounded and ensure that AI is implemented in a way that drives tangible improvements in business outcomes.
Conclusion: Building a Roadmap for the Future
Developing a successful digital roadmap requires a careful balance of flexibility, customer engagement, and long-term vision. While the journey is complex, the insights shared by the panellists show that with the right approach, organisations can successfully navigate digital transformation. By embracing new technologies, fostering a culture of collaboration, and prioritising data and AI, companies can position themselves for success in the fast-evolving commodity trading landscape.
Thank you to Commodities People for organising Commodity Trading Week.
