Today’s utility companies face growing pressures to optimize their operations to meet ever-changing regulatory demands. One of the most effective ways to stay ahead is by harnessing the power of digital tools.
In fact, utility companies can completely transform their operations by embracing emerging digital platforms. The technologies can be applied to everything from process and compliance automation to advanced analytics. They even help monitor equipment with smart sensors, predict maintenance needs, and provide better, personalized customer service.
Adopting these tools can lead to significant benefits, including: higher productivity, increased grid reliability and resilience, and improved customer service.
The transition to embrace such technology is not always easy. Utilities usually need help implementing these kinds of longer-term digital transformation programs. Managing implementation across a suite of complex, aging physical assets is a challenge. So is contending with legacy IT infrastructure and disparate data stored across multiple systems. Finally, most utilities have skill gaps in areas like experience design, web development, and data science and analytics—areas that are all critical for digital transformation.
To maximize chances for success, utility leaders should focus on opportunities that require the least effort and cost. One key area is reporting and compliance automation. This can provide an instant efficiency win where utilities often cope with tedious processes involving manual data entry and multiple reviews for accuracy.
Digitizing Reporting and Compliance Automation
Utilities are required to track compliance in multiple areas, including adherence to facility safety and consumer protection standards. They must submit quarterly filings with the Federal Energy Regulatory Commission (FERC) via cumbersome reporting frameworks. These mandatory filings are notorious for the amount of time and effort they take. They typically involve copying and pasting data from different sources, which is not only arduous and time-consuming, but can lead to frequent, preventable errors.
Automating quarterly FERC filing alone can help utilities drastically reduce the time spent on document preparation. Technologies like the HData Platform, which is purpose-built to support compliance automation specifically for utility companies, enables operators to quickly import, synthesize, and format data from across multiple legacy systems. The HData platform also provides support for managing workflows and document review processes across large teams.
Focusing on Short-Term Wins
Utilities that pursue full-scale technology and operational changes will need to move forward in a series of phases. They’ll recruit digital talent, adopt a digital-first approach to business processes, and modernize IT architecture. While the payoff from these efforts is significant, each involves a multi-year commitment.
Shorter-term wins are within easy reach. Automating compliance tasks improves data accuracy, drastically speeds up compliance data-related tasks, and improves communication within teams and with external stakeholders, including customers and regulatory entities.
The best part? It doesn’t take months or years to implement.
Adopting a digital platform to consolidate and automate regulatory compliance tasks is a high-impact, quickly achievable first step that serves as a foundation for additional investments in improving overall operational effectiveness.
Want to talk to our team about how to get started? Reach out.