Every industry faces specific challenges. For the energy industry, those challenges are inefficiencies in time management, poor change management practices, and avoiding regulatory penalties.
Those obstacles are surmountable when you have the right tools. ITSM software automates processes for greater efficiency, helps you implement change management best practices, and maintain regulatory compliance.
Overcoming Inefficient Processes
Even in the Digital Age, many energy companies still utilize manual, paper-based processes to get things done. If it ain’t broke, don’t fix it, right? The problem is that paper-based processes are irretrievably broken, and more to the point, irretrievably inefficient.
Con Edison, an energy company located in New York City with ten million customers, faced the problem of paper-based processes that wasted time and money. With ITSM tools, Con Edison was able to automate several processes. Moreover, automation gave the energy company visibility into its processes, which it didn’t have when it used manual processes.
Implement Change Management Best Practices
Take a second to think about how smoothly changes go at your company. If they don’t go smoothly, ask yourself why that is. Change management (or lack thereof) is hampered by a number of factors: communication, planning, evaluation, scheduling, and documentation, to name a few. When change isn’t managed properly, the project becomes a disaster.
Maintain Regulatory Compliance
Being in a highly regulated industry means you have to devote a great deal of attention to complying with those rules. If you don’t, you’ll find yourself paying hefty fines, not to mention suffering from reputational damage.
There’s a challenge to regulatory compliance: regulations continue to change, and the number of regulations you’ll face is virtually guaranteed to increase. Thus, energy companies must always be on their toes.
“In 2018, Reuters reported that the FERC had collected over $750 million in fines since 2007”
ITSM tools help energy companies navigate the choppy waters of regulations. Regulations require that changes be recorded, and ITSM software creates a repository of those changes. With ITSM tools, you can find BES Cyber Assets, documentation of configuration information, and tracking service history.
In addition, you can automate the process of assessment and vulnerability management of BES Cyber Assets. Want to know what the effect of changes will be before you implement them? You can perform an impact analysis on the assets to avoid any adverse consequences.
“Seventy-six percent of respondents in a 2018 Deloitte study said they used a hybrid governance model at their energy company”
The challenges that energy companies face, such as inefficiency, poor change management, and regulatory penalties, can be mitigated with the right tools. ITSM software automates many processes, making them more efficient and compliant.