By Kasper Walet, Founder and Partner AI Energizer and Maycroft
I recently read a very interesting article in the Financial Times about how commodity trading firms are still lagging behind other trading sectors in using Artificial Intelligence solutions. but that the industry is trying hard to catch up. These findings are in line with my practical experiences in our advisory services business: AI Energizer.
Particularly in today’s market situation where margins are squeezed, commodity traders are looking for tools that could help them to increase profitability. Intelligent technologies such as robotic process automation and machine learning, offer new opportunities to improve process performance and realize significant cost savings. These technologies can be implemented in short sprints, focused on a specific problem, with manageable costs.
If you click here, you can read our white paper about successful AI projects we executed for two of the leading energy commodity trading firms in Europe.
Compared to other financial and industrial sectors, commodity traders are coming from way behind. Currency, equities and interest-rates investors have already used algorithms, machine learning and artificial intelligence to turn data into successful trades for years. Now, commodity traders are seeking ways of exploiting their information to help them profit from price swings as well. It really is a combination of knowing what to look for and using the right mathematical tools for it.
Traders are looking to gather data on a large scale and run machine-learning algorithms to find patterns linking fundamentals with price movements, thus improve decision-making in trading and, as a result, the profitability. With a properly trained algorithm and a sufficiently sized historical data set, a company using machine learning to identify patterns in the trading data - even when the data has inconsistencies – will reduce redundant trades and streamline the entire process. To accommodate all this commodity trading firms are investing in people, processes and systems to centralize their data.
Despite this new enthusiasm, the road to electronification may not come easily. One issue is that some of the larger commodities traders face internal resistance in centralizing information on one platform. With each desk in a trading house in charge of its profit-and-loss account, data are closely guarded even from colleagues. The move to ‘share all our data with each other’ is a very, very big cultural shift.
Another problem is that in some trading houses, staff operate on multiple technology platforms, with different units using separate systems. Rather than focusing on analytics, some data scientists and engineers are having to focus on harmonizing the platforms before bringing on the data from different parts of the company. Even where the digital infrastructure is in place, it may take some time before AI becomes a large part of commodities trading.
Company leaders should start with the following three steps:
Step 1: Focus on value
As AI can solve targeted problems, it's up to company leaders to identify applications that offer the most potential value. Demonstrating strong returns in a short time will convert the cynics. AI projects typically happen in a series of sprints and can be completed in around 3-4 months.
Step 2: Change Management
Automation alone does not save money or improve performance: People and processes will also have to change. This is an area where there is understandable anxiety; automation stokes fears that machines will take people's jobs. But practice suggests that many of the tasks being automated are activities people tend not to want to undertake, such as spending half the day pulling and loading data. Or they are tasks for which small automation can actually improve people's performance - for instance, by introducing predictive algorithms that help them make better decisions and free up their time for more rewarding, interesting, and higher value-add activities.
This is an entirely new way of working, and company leaders will need to ensure that both they and their people have the right knowledge and skills, such as programming and data science knowledge and process improvement skills - to be successful. And they'll need to ensure that everyone's mind-set and behaviors also shift accordingly.
Step 3: Strategy is King
The backbone of this new way of working is strategy. Companies need to know their own strengths. There will be "keep the lights on" activities that can become touchless, as well as differentiating activities that should become increasingly intelligent. Moreover, companies need to take a fresh look at their organizational structure to ensure that it gives teams the freedom to develop creative solutions and experiment.
Concluding we can say that digitization is increasingly driving trading, and needs to be embraced, as many commodities executives believe. “It’s another tool that traders have to understand.”
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“Communication is an art. Period”
It is true when we say that connecting with people is not everyone’s cup of tea. The first step is listening and then responding accordingly.
When it comes to chatting services, it becomes even more crucial to be clear and transparent.
It falls under the category of Managed Chat Services. People are trained to know inside out about a particular service/product.
But what are the exact requirements and features for anyone to become a chat service agent? Find about them below:
This form of communication requires the agent to understand the need of the user properly and respond in a way that the easiest for them to understand. This differs from person to person easily.
It has been found that using managed services helps in acquiring customers and converting leads easily. People get quick quality responses which creates a good image of the seller in their minds.
Be quick in responding. This show how alert and active the employees are. If the response takes a long amount of time, then it can leave the customer frustrated. This can end up creating a negative impact on the customer.
There can be times when a shopper can get distracted or can get busy exploring other options/varieties online. This can look like the customer has helped but the reality is far away from it. Give the user a sufficient amount of time before declaring a chat dead or unresponsive.
A Propane Bullet Tank, also known as LPG Above Ground Tanks, is used for storing liquid natural gas. The tanks have components that best fit your company's needs and are available in various sizes.
The size of a propane bullet tank can be anything from 6,000 and 30,000 gallons, with an 18,000 tank generally the most popular. Tank fill levels should not exceed 70–80% for liquid natural gas to expand inside the vessel.
For holding trucks to reach the site and collect liquids, a tank's average pressure should be approximately 250 psi. This will keep liquid natural gas contained and under low pressure.What & Where Is Propane Bullet Tank Used?
You're undoubtedly wondering, "Where should I utilize or keep them?" A propane bullet tank is linked to the cold separator drain on a Joule Thomson System (JTS) or mechanical refrigeration devices for the collection and short-term storage of the recovered natural gas liquids.
These tanks are also utilized in refineries and other end-use facilities for the bulk storage of goods that can be sold, such as propane or butane.
LPG is kept in propane bullet tanks because the liquid gas needs to be kept under intense pressure to remain fluid. Bullet tanks effectively do this because of their evenly dispersed, consistent pressure. Since there are no edges, there is also no possibility of a variable pressure region.
What Can a Propane Bullet Tank Do?
A channel called a bulkhead stanchion prevents unintentional vehicle pull-away.
The most important valve on any tank is the pressure relief valve. It is intended to release too much pressure.
The level gauge continuously measures the levels of liquid natural gas.
Reduces fluid loss during emergencies thanks to the emergency shutoff valve.
If trucking drives away while the hoses are still attached and move, the bulkhead, flexible hose, and hose couplings protect the piping. The flexible hoses won't break the ridged pipework; they will stretch.
The high-pressure regulator controls the pneumatic pressure necessary for all ESVs to operate effectively.
GasnTools offer the most excellent propane Bullet tanks at affordable prices. Offering high-quality bullet tanks is what they are involved in doing due to their knowledge and experience in this particular field.
LPG gas is frequently kept and stored in these tanks. These LPG Above Ground Tanks serve a variety of industrial utilities quite effectively. Only top-notch raw materials and cutting-edge technologies are used when making this tank.
Nitrogen in liquid form is a colorless, odorless, nonflammable, inert cryogenic liquid. It has a boiling point of less than -130 °F (-196 °C). Although this product is freezing, Nitrogen is widely used in chemical analysis during sample preparation. It is employed in the concentration and condensing of liquid sample volumes. It is used in the production of explosives, nylon, nitric acid, fertilizers, and color-safe operation precautions must be taken when handling or using it in Dubai.
Buy Liquid Nitrogen Cylinder in the UAE from GasNtools and improve the display of your frozen items!Ways To Deliver Nitrogen
You must be wondering where to buy nitrogen gas. GasNtools is one of the best liquid nitrogen suppliers that can meet your needs for nitrogen gas no matter what they are. They provide nitrogen to:
Compressed nitrogen is offered in a variety of cylinder sizes:
40-liter nitrogen cylinder with a 6 m3 capacity at 140 bar and a 10 m3 capacity at 200 bar.
Different-sized pour spouts of liquid nitrogen are available.
Massive service: For high-volume applications, liquid nitrogen is transported in cryogenic tankers to on-site storage. It is kept as a cryogenic liquid in a vacuum-insulated vessel that can hold enough over many days and is available as either a liquid or a gas on demand.
It has spread throughout the industry and is now widely used in restaurants to quickly freeze liquids to ice creams and desserts for live food displays. Because liquid nitrogen has a temperature of -196 °C, the liquid ice cream mixture can be quickly cooled and frozen. Any remaining nitrogen escapes as a gas. Another advantage of freezing is that it reduces dehydration losses, which can reach crucial economic tiers with these items under ambient air. The cost of liquid nitrogen in Dubai is completely inexpensive. As a result, many customers approach GasNtools to obtain this nitrogen gas quickly and affordably.
Although liquid nitrogen is safe in food and beverages, it should not be consumed immediately. Before providing it to the customer, it must have vanished entirely from the food or drink. Because it can be highly hazardous or devastating if not handled properly, this product is only maintained by trained chefs.
When managing liquid Nitrogen, wear dielectrics gloves and carefully made PPEs (Personal Protective Equipment).
GasNtools is Dubai's most dependable nitrogen gas supplier. They always transport nitrogen gas in a trustable container. You must use a service elevator to transport this gas.