What We Faced
A retail energy provider needed an ISO bid-to-bill solution that would satisfy their current business, but also, provide a technology platform that would position them for the energy transition. They were expanding future business offerings to include green energy sources such as solar, battery and renewables.
They needed a solution to optimize front and back-office workflows for ISO bid and offers submissions, market awards, price management, shadow settlements and customer invoicing. More importantly, they wanted to offer a customer portal to allow straight through processing (STP) to improve the user experience and reduce daily manual reconciliation efforts.
The Power Markets present a unique opportunity due to the data demands to leverage the latest Machine Learning, Artificial Intelligence and Big Data Technologies. Forward-looking companies are factoring advanced data analytics into their solution requirements.
What We Did
MRE Consulting was engaged to lead an assessment of bid-to-bill solutions based on our understanding of the energy industry, complexity of the marketplace, and expertise in trading operations technology.
The scope included evaluating current operations and integrations with an ISO market service provider and evaluating leading commercial-off-the-shelf (COTS) cloud solutions to enable the company to bring business processes and technology in-house.
We utilized our Commodity Trading Technology Framework which combines a proprietary Business Process Master List (BPML) for front and back-office trading operations, a Requirements Matrix for ISO market solutions, combined with our software assessment approach. We analyzed functional, technical and vendor fit, and created a business case to justify the investment.
We presented the business case, highlighting the recommended solution with alternatives for consideration, benefits matrix, financial ownership model and a risk analysis.
What We Delivered
We projected a 5-year 50% ROI for the company to move from their third-party service provider. This included identification of potential risks which could be actively managed by the business.
Our findings showed that the COTS (Commercial Off the Shelf) solutions satisfied the functional fit requirements. In addition, Adapt2 provided an edge in technology fit because it aligned with the client’s vision for cloud hosted infrastructure and incorporated Machine Learning and AI capabilities.
Our client was pleased with the recommendation and accepted the proposed cloud software solution, approving the implementation of the solution. We were able to secure competitive pricing and satisfy our Clients’ legal concerns with a cloud hosted solution.