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Genesis Energy’s new billing and CRM platform, based on Gentrack and Salesforce respectively, is now fully designed and half way through being built.
Updating shareholders in its annual report, released today, Genesis said it was aiming to start migrating sub-brand Frank customers to the new platform in the 2025 financial year. Genesis previously said it planned to commence these migrations in late 2024.
The finance and wholesale and trading programmes were following behind the billing and CRM upgrade, Genesis told shareholders.
“At the end of FY24 we were going through a procurement process to select the technology. We expect to make a final investment decision later in the 2024 calendar year and then move into the build phase.”
The collective investment would enable Genesis to streamline its retail operations to provide an improved customer and employee experience from what the company described as a cost-effective base and to explore “interesting adjacencies” over coming years.
“Our finance programme will modernise our technology and provide the bedrock to support our finance operations,” Genesis reported. “The wholesale and trading programme will allow us to better model and forecast scenarios, and trade into the market even more effectively than we do today.”
In February, Genesis told shareholders its $70M systems investments would support a reduction of 200 retail-focused staff across the 2024 and 2025 financial years.
The programme is being led by Gentrack which, as well as delivering its own industry-specific systems, is also a Salesforce partner.
Genesis was also three years into what it described as a cyber security “maturity journey”, investing in information and cyber security capabilities and controls, aligned to ISO standards.
Cybersecurity education and training have been undertaken and security monitoring and visibility strengthened.
“As we align our environment to a higher security specification, gaps have been identified in third-party abilities to maintain the same level of secure communication methods,” Genesis reported.
“Driving third parties to adopt modern practices and mandating a minimum standard is leading to positive responses.”