Critical decisions impact the current operating environment of utilities every day. As a utility, it’s extremely important to understand where you stand today, where you need to be in the future and what gaps exist in getting there.
Three primary categories drive utility business decisions: strategy and operations, technology, and risk and compliance.
How should utilities view strategy and operations plans?
Solid strategic and operation plans that address objectives today and drive goal setting for the future are critical to success. Following a detailed strategic plan helps utilities serve customers with a focus on service and reliability. A well-thought out operations plan helps utility leadership set guidance for the organization to accomplish the tactical goals of annual operations to achieve the mission.
What impact does technology have on utilities?
Technology is changing the way utilities do business now and into the future. Embracing the tools available in the marketplace offers many benefits from operational efficiencies realized through robust enterprise resource planning software implementations to the ever important data protection gained from a robust cybersecurity function. Utilities must understand how to operate more effectively and how to protect operations and customers from continuous threats.
How do utilities face ongoing changes with compliance requirements and associated risks?
The ability to understand and adapt to a changing regulatory environment is nothing new to utilities. As compliance requirements continue to evolve, utilities must be nimble to adjust reporting structures to continue meeting customer needs while also adhering to compliance requirements. Proper and diligent planning can reduce the burden of the regulatory environment and set a solid direction to mitigate risk overall.
To help utilities navigate issues and opportunities, Baker Tilly has published an e-book that shines a light on topics important now and into the future. By providing a foundation on the primary drivers of the utility business, we are setting the direction for needed changes for sustainability and growth. The e-book covers organizational assessments, planning for workforce changes, protecting data, selecting technology systems, strengthening the internal audit function, and more.
For more information on this topic, or to learn how Baker Tilly energy and utility specialists can help, contact our team.