The energy sector has been undergoing a significant transformation over the past thirty or forty years, and the demands placed upon power generation companies by customers, governments, international organisations and more have changed drastically over that time. These organisations play a crucial role in providing the world with essential energy resources, but they must adapt and evolve to stay competitive as the landscape in which they operate continues to change. At the same time, they also need to meet the same requirements that businesses in other sectors do to remain in operation and to succeed – including things like keeping customers happy and turning a profit. In this blog post the TouchstoneEnergy team will explore the challenges faced by power generation companies and discuss how our software-based support can help them overcome these challenges.
Examples of Challenges Power Generation Companies Often Face:
- Regulatory Compliance – Power generation companies must comply with a myriad of local, national, and international regulations. Such companies often need to invest a considerable amount of time, effort and other resources into ensuring compliance with the rules and regulations that apply to them, diverting them away from other, more business-critical uses.
- Environmental Concerns – As the world realises the environmental damage done by more traditional power generation methods such as fossil fuels, they face growing government and social pressure to reduce their carbon footprint and make power through more sustainable means.
- Technological Advancements – The rapid pace of technological advancements in the energy sector has made it difficult for some power companies to stay ahead of the curve. Companies that fail to adopt new technologies risk falling behind their competitors and losing market share.
- Market Volatility – Power generation companies are exposed to volatile market conditions, including fluctuations in energy prices, supply and demand imbalances, and geopolitical risks. This volatility can make it challenging for companies to plan and execute long-term strategies.
How TouchstoneEnergy Can Help Power Generation Companies Overcome These Challenges and Succeed
TouchstoneEnergy offers a comprehensive suite of software solutions and supporting expertise designed to help businesses concerned with the generation of power to tackle the challenges they face as part of regular, daily business operations. By leveraging an array of proven software solutions, proven methodologies, and our own extensive experience in the industry, our support can help businesses streamline their operations, enhance efficiency, and remain competitive in today’s complex energy landscape – here’s how:
Support with Accounting and Financial Reporting
TouchstoneEnergy’s accounting and financial reporting solutions – such as Infor SunSystems and Infor Q&A – provide power generation businesses with timely and accurate financial data in easily-understood formats, enabling them to make informed decisions and meet regulatory requirements. TouchstoneEnergy’s solutions also help them to maintain compliance with local and international accounting standards, (reducing the risk of fines and penalties).
Support with Procurement and Spend Management
TouchstoneEnergy’s procurement and spend management support offering includes Proactis Purchase to Pay, Proactis Contract Management and Proactis Expense Management. They offer power companies greater visibility into their spending, helping them identify inefficiencies and optimise purchasing decisions. In addition, we offer solutions that can automate and simplify the procurement process, helping power generation companies reduce manual effort, minimise errors, and improve overall efficiency. An example of this would be our AFE automation solution.
Enterprise Asset Management (EAM) Support
TouchstoneEnergy provides Enterprise Asset Management support via HxGN EAM. Proper EAM support (as delivered by HxGN EAM) helps power generation companies optimise the performance of their assets, ensuring maximum output and reduced downtime. In addition, because the platform we use provides for advanced maintenance management capabilities, EAM support from TouchstoneEnergy enables power generation businesses to implement proactive and predictive maintenance strategies, reducing the risk of unplanned outages. All of this support means that TouchstoneEnergy’s EAM solutions can help businesses manage and maintain their assets effectively throughout their entire lifecycle, from procurement to disposal, ensuring optimal utilisation and return on investment.
Support with Performance Management
TouchstoneEnergy’s array of performance management support again includes proven software from Infor, as we turn to their ‘dynamic Enterprise Performance Management (or ‘d/EPM’) tools to provide support here. Infor d/EPM Budgeting, Forecasting & Planning and Infor d/EPM Financial Consolidations enable power generation companies to leverage data-driven insights, allowing them to make informed decisions and optimise their operations. By providing the tools needed to monitor and improve key performance indicators, TouchstoneEnergy’s support also helps power generation companies monitor things such as efficiency and how staff and departments work together, identify areas where these aspects could be improved, and then make those potential improvements a reality.
FAQs
How does TouchstoneEnergy ensure data security in their solutions?
The various tools that TouchstoneEnergy use to provide our support employ various robust security measures – including encryption, access controls and more – to protect sensitive data and ensure compliance with industry standards.
Can TouchstoneEnergy’s solutions be customised to meet the unique needs of a power generation company?
Yes, TouchstoneEnergy’s support can be tailored to suit the specific requirements of individual power generation companies, ensuring a more seamless fit with their existing processes and systems.
Conclusion
In summary, power generation companies face numerous challenges in today’s rapidly evolving energy landscape. TouchstoneEnergy offers a range of innovative solutions designed to help these businesses overcome these challenges, optimising their operations and ensuring their long-term success. By implementing TouchstoneEnergy’s accounting, procurement, asset management, and performance management solutions, power generation companies can unlock their full potential, and thrive in an increasingly competitive market. Contact us today to learn more.
