With the utilities industry under constant scrutiny from regulatory bodies and their numerous customers; UK facility providers need and demand powerful IT solutions. This enables timely and accurate access and retrieval of business documents.
In the increasingly competitive world of business electricity, gas and telecoms brokerage and the delivery of cost effective utilities to customers; efficient and robust data management processes are vital. Utility suppliers and brokers have to develop sustainable long-term strategies to succeed and thrive. At the heart of this is (or should be) an efficient, effective document and asset management system.
Compliance typically refers to the act of doing something in a certain way in line with regulation – managing and maintaining data as evidence that all required actions have been taken is an example of being ‘compliant’. Electronic data management systems help to ensure compliance requirements are met by providing facilities such as templates, checklists, triggers and automatic alerts.
Even though energy deregulation lies well in the UK’s dim and distant past, the utilities sector is still amongst the most heavily regulated industries in the world. A complex web of rules and regulations govern how business is conducted, how customers are treated and how information is managed.
Energy and telecoms companies are constantly faced with rapidly changing business environments and growing cyber-threats. A lack of appropriate data management processes can lead to undesirable consequences and hefty regulatory penalties.
Did you know, in most businesses a single piece of paper is copied an average of 5 times? An automated document management process, which stores, saves and sends information saves time, money and improves the overall efficiency of any utility business.
Effective document management equals less paper handling. This breaks logistical barriers with documents being easily shared across disparate operations without the need for physical mailing costs or human effort, removing ‘bottle-necks’ previously caused by waiting for paperwork from another location.
Energy and utility companies are not like the products they deliver. Electric, gas and telecommunications are easily accessed by the business customers but the generation and management behind the scenes is extraordinarily complex. Recent trends suggest that these challenges are set to increase exponentially over the next few years.
If energy and utility companies are to realise the promise of a smarter, more energy efficient planet they must become more like the products they sell – constant and seamless. In order to achieve this, utility companies need a well connected, well organised document management service.
This article was written by Kathryn Thompson, a freelance writer specialising in the asset management life-cycle and industrial document management solutions.