A natural gas marketing organization engaged MRE Consulting to replace the vendor product used to manage their complex trading portfolio. This portfolio included natural gas storage and transport assets, natural gas utility supply requirements, marketing to commercial and industrial customers, as well as a broad range of asset management agreements (AMAs).
The organization’s legacy system was referred to as an “accounting” system, with most records entered long after incidents occurred.
Due to limitations in the vendor product, most daily and monthly activities were executed outside of the system and relied on a large number of Excel spreadsheets. This created significant process inefficiencies for month-end reconciliation, particularly in settlement and accounting activities.
The solution delivered one consolidated data recording system, enabling a shift in focus from accuracy, completeness, and timeliness of the transactional data, to analysis of data for decision making.
As part of the implementation, MRE optimized many existing business processes in order to manage operations more efficiently. Accordingly, responsibilities were reallocated to appropriate groups across the organization.
Ultimately, the company shifted from having an “accounting” system to owning a tool to help make complex business decisions.
The solution increased the accuracy, timeliness, and efficacy of the following processes:
- Full system capture of all trading activities
- Real-time position management of services
- Risk management and accounting tools including WACOG
- Asset Management Agreement (AMA) operations
- Generation of 1500+ monthly invoices
- Generation of general ledger activities