Ever wonder what energy trading COOs and CIOs focus on at the moment? Magesh Nair, who holds both roles at Castleton Commodities International, has given us a sneak peek of his current priorities, as well as his views on what will shape the industry further.
Besides RPA implementation [See CCI's RPA journey], what’s keeping you busy at the moment?
As the group CIO, my main focus has been on driving my digital strategy across years, I have been pushing more citizen data scientist and visualization (Tableau) adoption. Driving machine learning/NLP type initiatives, we are also working on foundational technologies like Windows 10/Office 365 rollout, cloud strategy (AWS/Azure) for the first set of applications that fit the variable demand profile, and ERP upgrade next year.
As the COO, my mandate has been to provide vision and strategy to various leadership teams that run Technology, Operations, Global M&A integration and any transformational projects within CCI. At present those leadership skills are being deployed in running our power plants portfolio globally, metals warehouse in the US and personally the chairman’s role for our sister company Delta energy to name a few.
In your opinion, what elements (technology, regulations, policies, or else) will shape energy and commodity trading in the future?
All of the above will continue to evolve and shape energy and commodity trading in the future. However I will go primarily with Assets Operations technology having the most impact.
With Internet of Things [iOT] sensors, better satellite imagery, and several other cost effective digital technologies like Blockchain, the transparency and traceability of Commodities lifecycle will be significantly upgraded in the coming years. The costs we incur to compensate for lack of trust and risk will be reduced with the help of these technologies. The industry will gain significant cost efficiencies by eliminating too many handoffs across the supply chain. Of course these digital technologies will have to be cleared for use from a records keeping for regulatory / legal perspective as well.
To read Magesh’s insights on RPA, click here.
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