HESS Energy Trading Company

HETCO Modernizes Document Management Platform with INDICIUM

 

HETCO Document Management, Keyfile & Alchemy Conversion

Technologies Used:

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Hess Energy Trading Company LLC (HETCO) is a full-service energy trading company. HETCO is partly owned by, and fully guaranteed by Hess Corporation, a Fortune 100 company. Headquartered in New York, NY, with additional offices in Boston, Houston, Singapore, Dubai, London, and France, HETCO is an advisor and risk management counterparty of some of the largest energy enterprises in the world.

 

The Business Challenge

HETCO executes a significant volume of trades every day, with each requiring a large amount of supporting paper and electronic documentation from various internal and external sources. Over a decade ago, the Company implemented a document management system as part of trade approval automation. The system improved turnaround time for contract approvals on trade executions and reduced the costly physical file storage in their NYC headquarters. Over time however, the existing document management platform began to grow obsolete. Its functionality was not enough to meet the evolving needs at HETCO, and there was concern that the product itself would be sunset.

 

The Solution

BizTech had worked with HETCO for nearly 15 years as their trusted advisor in bringing forth technical solutions to improve the Company’s business processes. HETCO again looked to BizTech for help to replace the aging document management system with a newer, more robust enterprise content management platform which would offer greater functionality to support future automation. INDICIUM was selected to be the new strategic platform.

A critical requirement for HETCO was to replicate the exact functionality of the existing system so that there was no operational re-training for HETCO users around the globe. This meant integrating INDICIUM with their existing applications and data sources, and running it within the security of HETCO’s intranet. It also meant transferring to INDICIUM in excess of 17M images, HTML files, and PDF files (comprising over 3.5M documents), and the corresponding meta data from the old document management system. Utilizing INDICIUM’s integrated Migration Connector utility, BizTech extracted the data from the old system and seamlessly imported it to the new platform. During the conversion process, any objects or data found corrupted in the old system were repaired and restored within INDICIUM.

In the new environment, INDICIUM Capture and INDICIUM Importer are used to bring all of the trade-related documents from various sources into the INDICIUM DM system. These include paper documents, faxes, telexes, emails, scanned, and electronic files. Files/objects are automatically indexed and imported utilizing barcodes, parsing of index data from file names, parsing of HTML files, subject and body of emails, and control files. Exceptions go to special INDICIUM work queues for manual indexing. Emails are imported into INDICIUM as a PDF, a native MSG file, or only the attachment portion of the email, depending on the requirements, and are configurable for the specific Microsoft Exchange/Outlook folder being monitored.

Contracting staff at HETCO headquarters can utilize the INDICIUM Workspace client to search for and instantly view documents pertinent to a trade. Integration with the existing Trading System provides over 30 additional index fields available to the user while searching for a document. Having immediate access to indexed files provides the ability to manage and execute the trades and their associated contracts in a timely manner, and frees staff from having to hunt for documents.

The migration to INDICIUM has renewed the focus on Enterprise Content Management at HETCO.  Business managers are finding greater adoption of the technology among new and existing users of the system.  Departmental teams are expanding their usage and are adding more document types to the repository.  The added functionality of INDICIUM also means opportunities to extend its usage to full business process automation via INDICIUM Flow—the product’s workflow component—to enable intelligent automated routing, notification, electronic approval, and audit tracking.