Legacy systems sap valuable work hours with processing transactions and performing data entry procedures. Devoid of the functionality to integrate with other systems, the same data is entered repeatedly, while logging and tracking information are left to word processing and spreadsheet programs.
Instead of piecing together legacy systems, a utility should seek a comprehensive technological solution tailored to utility functions that limits manual manipulation, strengthens data integrity and internal controls, and centralizes information.
The solution? An enterprise resource planning (ERP) system.
ERP creates a single point of data entry, increased information management capacity, and reduced systems and processing time. It comprises software applications that support finance, human resources (HR), purchasing and payroll functions to facilitate activities such as transactions, reporting, workflow, approvals and controls.
Organizations that lack an ERP system may spend an average of 60 percent of their time absorbed by processing transactions. In contrast, organizations who use an ERP system can devote approximately 50 percent of their time to performing data analytics and strategic planning and decision making.
National energy practice team leader Tom Unke discusses the technology investments utilities can make for operational efficiency and overall protection. Watch now.
For more information on this topic, or to learn how Baker Tilly power and utilities specialists can help, contact our team.