Data Management & Digitization in the Energy Industry

DataManagement_Digitization_article

Electric Energy T&D Magazine, May/June 2016 Brian Shannon Organizations are continuously adapting to manage the ongoing stream of data, implementing strategic business plans to ensure that the company remains on top of current trends. But data volume management can be an arduous undertaking, specifically in highly regulated industries such as the energy industry. Without implementing some sort of data volume management strategy, organizations leave themselves vulnerable to risk from retaining data beyond corporate policies or penalties incurred from not responding properly to an audit request. Audit requests from tax authorities and regulatory organizations can be challenging, and data volume management needs to be a priority for finance and IT departments so that the organization can remain compliant with data retention policies and then quickly and simply extract data to respond to these requests. While some organizations implement an archiving strategy to retain data after the fact, an increasing number or organizations are digitizing business processes such as accounts payable and journal entry approvals to ensure that information is being stored properly from the beginning. Read more by downloading the article. Download_PDF

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Data Management & Digitization in the Energy Industry

Electric Energy T&D Magazine, May/June 2016
Brian Shannon

Organizations are continuously adapting to manage the ongoing stream of data, implementing strategic business plans to ensure that the company remains on top of current trends. But data volume management can be an arduous undertaking, specifically in highly regulated industries such as the energy industry.

Without implementing some sort of data volume management strategy, organizations leave themselves vulnerable to risk from retaining data beyond corporate policies or penalties incurred from not responding properly to an audit request. Audit requests from tax authorities and regulatory organizations can be challenging, and data volume management needs to be a priority for finance and IT departments so that the organization can remain compliant with data retention policies and then quickly and simply extract data to respond to these requests. While some organizations implement an archiving strategy to retain data after the fact, an increasing number or organizations are digitizing business processes such as accounts payable and journal entry approvals to ensure that information is being stored properly from the beginning.

Read more by downloading the article.

Download_PDF