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Internal Financial Agility is Lacking

Paul Korzeniowski's picture
B2B Content producer, Self-employed

Paul is a seasoned (basically old) freelance B2B content producer. Through the years, he has written more than 10,000 items (blogs, news stories, white papers, case studies, press releases and...

  • Member since 2011
  • 1,494 items added with 516,029 views
  • Feb 26, 2021
  • 279 views

Technology has evolved, so utilities can deploy new software – and change their underlying business processes – quicker than ever before. One challenge is energy companies continue to budget, fund, and report the same way they have for year and even decades. A new approach may be needed.

Finance processes are typically still tied to projects. The problem is budgets are based on the notion that the energy business proceeds in a linear, stable, predictable pattern. Consequently, new development is locked into a set project plan with established timeframes. Such plans were largely ripped up during the past 12 months.

A New Normal  

Moving forward, uncertainty seems to have become the New Normal. Systems have become more flexible. The influx of renewable sources introduces new variables into energy delivery. As evident in the recent rolling blackouts in Texas, energy companies need to prepare themselves better for such challenges.

Funding such business initiatives has been difficult. Perhaps, energy companies now need to become more innovative and find new financing models. With such potential changes, they may find the funding needed to improve their infrastructure. Keeping their infrastructure operating smoothly will increase revenue as well as customer satisfaction, which may become new ways to justify just investments.

Technology advanced rapidly recently altering traditional business processes. Finance has been one area that has been slow to adopt and in some cases hamstrings innovation. Consequently, utility management may need to find ways to modernize those legacy processes, so the organization operates at peak efficiency.

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Paul Korzeniowski's picture
Thank Paul for the Post!
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