With the cost of living soaring to an all-time high, now more than ever it’s important that energy businesses do what they can to reduce their overhead costs. Reducing overhead costs not only saves Energy organisations money, but also allows them to use these cost-savings to improve their services whilst lowering costs for their customers.
Thanks to our expertise specifically within the energy industry, TouchstoneEnergy are uniquely (and best) placed to effectively implement business process optimisation solutions for Energy businesses, enabling them to save money.
Below, we share with you our expert insight into what is rapidly becoming a vital area of business operations, as well as further information on the services we provide that can help you resolve and overcome process optimisation issues, and the real business benefit resolving these issues can have for your company, and your customers.
How can energy businesses implement process optimisation?
Streamlining
One key area of process optimisation that Touchstone helps organisations with is streamlining.
Streamlining enables your workforce to work smarter, not harder. By designing and executing processes that eliminate the unnecessary steps which slow down the completion of tasks, the time to complete each task is reduced.
By adopting Touchstone’s process optimisation strategy, users can create simple workflows with few steps, or for those that are more complex they can create multi-layer process rules, calculations, and transaction outputs – saving time and improving overall productivity.
Automation
Automation and streamlining are often seen as one and the same.
However, whilst streamlining looks at how tasks are completed to identify which steps are time-consuming, unnecessary, and therefore can be removed, automation identifies which steps can be completed automatically by implementing software.
Businesses can allocate error-prone, manual tasks to the automated system, ensuring process optimisation.
As a result, employees have the time to use their expertise, skills, and knowledge to tackle the more complex, higher-value tasks more effectively, helping to advance your business.
What services do Touchstone offer that can help me in this area?
Business Process Automation
Complementing your existing workflows, we amalgamate process design, process automation, knowledge management, and analytic capabilities with solutions from providers like Infor, Hexagon ALI and Proactis to optimise process efficiency, and increase productivity.
Find out more about how we can automate business processes and implement an optimisation plan for your business.
Process Optimisation for AFE
The AFE (Authorisation for Expenditure) Automation process streamlines and standardises the complete AFE process, from initial request for approval, budget creation, and project close-out activities. By streamlining and automating these procedures you can increase your budget visibility and accuracy, saving time, effort, and money. Find out more here.
Drilling & Daily Cost Tracking
Businesses in the Energy sector need to know the profitability of any drilling operation quickly and accurately. Web-based, easy to use and easily integrated into your existing systems and solutions, our Drilling and Daily Cost Tracker allows for effective cost control, real-time reporting and enhanced collaboration for process optimisation. Learn more here
Time & Expense Management
Our user-friendly time and expense management solution integrates seamlessly with your existing financial management system to eliminate manual mistakes and manage costs, timescales, and schedules – streamlining your finances to provide a comprehensive oversight of your expenditure. Find out more here.
What benefits does good process optimisation have for a business in the energy sector?
Increased Productivity
When process optimisation is implemented properly, time-consuming; error-prone tasks are automated and streamlined freeing up your employees’ time during their workday and therefore making them more productive. As a result of this increased productivity, you should also see an increased return on investment in several supporting areas.
Decreased Processing Time
There are hundreds of benefits of process optimisation for asset-intensive industries from asset management to maintenance and operational processes to decision-making, communication and reporting workflows.
Decreased Error Rates
By automating and streamlining processes, you eliminate error-prone, manual tasks and replace them with digital processes and controls. By automating and streamlining manual tasks, you restrict the chance of human error improving corporate governance and data integrity.
