WEZOM Digest Oil&Gas Edition
Digital Transformation in the Energy Industry
According to a McKinsey study, energy companies that actively implement digital technologies can reduce operating costs by 20-30% and increase overall productivity by 5-15%.
However, process optimization, improved energy efficiency, and energy resources management are by no means the only factors highlighting the importance of digital transformation in the energy sector.
The demand for energy is steadily growing (driven by demographic and economic factors). This fact alone presents a number of serious challenges for industry players.
What Is an ERP Finance Module?
Nowadays, many companies actively use ERP (enterprise resource planning) systems, and every year their numbers are only growing.
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To be more precise, over the next 12 months (e.g., by the end of 2024), 1.4 million companies are expected to spend $183 billion to implement and/or maintain such systems. Moreover, this figure represents almost 18% of total IT software expenses and 5% of total IT expenses. This demand for such software is driven by the growing number of small and medium-sized enterprises and the need to optimize operational efficiency and provide a competitive advantage constantly.
For those looking for a comprehensive overview of ERP system modules and their significance in business operations, our Corpsoft's article "What Are ERP System Modules" offers valuable insights.
At the same time, one of the core ERP system modules remains the finance one. It collects data from other modules and transforms them into financial reports. Below, we will discuss this module in more detail and consider the case of its custom development, implemented by our team.
7 Energy and Utilities Industry Challenges
According to a new Cogent Syndicated report from Escalent, the utility industry Brand Trust Index gradually decreased and lost 11 points for the second consecutive year on a scale from 0 to 1,000. However, the problem of mistrust can be solved. In particular, below, we will explain to you exactly how you can overcome this by deploying a utility billing solution within an ERP system.