Replacing your plant accounting and settlement system is no simple matter.
There are several aspects to an upgrade /replacement project to assess – beyond the usual time and financial impacts.
First, there are the considerations surrounding making the right decisions so that technology, process and people are aligned to deliver the benefits of an upgrade or replacement.
Then, there are complexities related to software / tool selection, together with appointing a vendor that meets organization criteria, has capacity and capability, and a proven track record in your specific use cases.
There are also data migration aspects to consider, together with technical and user training for all involved.
As complex and daunting as replacing your system may sound, here are three reasons that make a compelling case for replacing your plant accounting and settlement system.
No longer supported
If your legacy system is no longer supported by your vendor, and is therefore no longer being maintained, it opens the door security and compliance risks, not to mention increased costs for maintaining the system in-house or via contractors.
An unsupported system can quickly become a Frankenstein mess of cobbled-on manual and automated processes, with multiple points of failure, and a potentially unreliable source of data.
Negative financial impact
Legacy systems that have remained untouched by digital transformation efforts continue to lock data into their silo, and block opportunities to roll out features and functionality designed to streamline plant accounting and settlement processes.
This in turn leads to inefficient manual and resource intensive processes to compensate for the lack of robust, and fit-for-purpose features, thereby introducing inefficiencies and errors, opening the door to potential financial losses.
Compliance Considerations
An outdated plant settlement system can fall short in important areas, and specifically in highly regulated industries, fail in meeting stringent compliance and reporting requirements.
This is often evident in heavy use of Excel, or other personal productivity tools, to bridge reporting and validation gaps – a process that can take hours and days instead of mere minutes offered by a modern, fit-for-purpose, agile system that seamlessly and transparently integrates with your back-office ERP.
The good news is that modern systems like RelayCSP address these needs without the major overhaul project associated with replacing or upgrading systems.
In fact, our solutions for utilities help extract the most from their enterprise system implementations by working with your existing systems.
RelayCSP was built specifically to keep pace with the evolving policies and regulatory frameworks, Wholesale Power, Water, Oil & Gas and Utilities businesses, so it can accommodate ever-changing complex business workflows.
In conclusion, perhaps the idea of embarking on a digital transformation project to replace or upgrade your plant accounting system is daunting.
On the other hand, consider your ongoing costs in terms of time, people, and lost confidence in your legacy system – not to mention financial losses you could be incurring as a result of lack of transparency and manual, Excel-fueled processes.
When you’re ready, click here to speak with a consultant about your options in upgrading your plant accounting and settlement system to become a trusted component of your back office systems.
