Digital transformation is fast becoming the key business driver in each industry, and energy and utilities organizations are no exception to this trend. The energy and utilities sector has undergone fundamental shifts in the last few years. The disruption caused by the pandemic has influenced these organizations to undertake various digital initiatives and accelerate their processes. According to a 2021 survey by Accenture, 96% of utility executives have reported that their firms were innovating with urgency and call-to-action.
Digital transformation has become crucial for the organizations in the sector due to the following associated advantages:
Better customer experience
Enhanced operational efficiency
Improved project implementation
Increased top line and bottom line
Key Challenges Encountered
Despite their investments in modern, cutting-edge technologies, many organizations in the energy and utilities sector are yet to leverage the power of digital to its fullest. This is mainly because of the following reasons:
The organizations in the sector still rely on the disconnected transactional and operational systems
The systems might be efficient for handling simpler transactional cycles but fall short of managing the end-to-end process lifecycle
A Unified Platform is the Way Forward
To fast-track their digital transformation, utility organizations must break the practice of digitizing in silos and automate their end-to-end process lifecycle. It is critical for organizations to adopt a unified project management system to digitize the entire project lifecycle, including streamlining documents, processes, people, and devices.
A unified platform enables these organizations to streamline their functions, such as submittals under multiple disciplines. Furthermore, the platform routes these functions to the appropriate processing channel through a document-intensive or template-based workflow. This ensures better operational efficiency and reduced maintenance-related overheads for the organizations in the sector and helps them stay ahead of the curve.
Webinar: Turbocharge Digital Transformation in the Energy and Utilities Sector
Recently Newgen and Ernst & Young (EY) hosted a webinar where Vinit Mishra (Director-Technology Consulting, Power and Utilities, EY) and I shared our insights, ideas, and opinions on why accelerating digital transformation is now a top priority for energy and utilities organizations.
The webinar consisted of an in-depth discussion on the following aspects:
How digital transformation is driving innovation across various industries
Challenges encountered by organizations that are unable to leverage the power of digital
Need for organizations to stop ‘doing digital’ and start ‘being digital’
Key findings of the survey based on the digital transformation trends in the energy and utilities sector
Top ten digital transformation predictions in the utilities sector
Major challenges associated with document engineering, project engineering, and document management
Advantages brought by a unified platform for streamlining processes like engineering drawings, maintenance workflow, incident reporting, etc.
Customers Globally Achieved Cost Savings and Business Benefits, Finds an Independent Research
According to Deloitte, “While 85% of CEOs accelerated digital initiatives during the pandemic, most can’t articulate their overall strategy and progress beyond that they made a tech investment.” Realizing the emerging needs and goals of organizations, Newgen provides and continuously upgrades its low code and cloud-based digital transformation platform, NewgenONE, to help organizations across industries accelerate their digital transformation journeys.
The Total Economic Impact™ of Newgen Software, a Forrester Consulting Study Recently, Newgen commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying its solutions in digital transformation. The study provides readers with a framework to evaluate the potential financial impact of Newgen on their organizations. Forrester interviewed three decision-makers with experience using Newgen Software to better understand the benefits, costs, and risks associated with the investment.
The study found that Newgen provided a 371% ROI and a $29M NPV for a composite organization over three years with a payback period of less than six months. The study further described how a composite organization experienced improvements in areas like employee productivity, workflow efficiency, customer experience, and regulatory compliance, leading to significant cost savings and business benefits after deploying Newgen’s solutions for digital transformation.
Key Benefits Unlocked with Newgen
Here are some of the key benefits that the composite organization experienced after investing in Newgen’s solutions:
Improved Productivity with Automated Enrolment and Data Entry
The interviewed organizations were able to eliminate mundane, manual data entry processes using Newgen solution features such as auto-extraction, auto-validation, and single-screen data entry. This helped organizations reduce errors and accelerate the enrolment process. Digitizing manual data entry allowed interviewed organizations to reskill between 8% and 20% of FTEs per year and enabled 50% in time savings.
Accelerated Delivery with Workflows Digitization in the Call Center
Investing in Newgen’s solutions helped enhance the agent’s visibility on key processes through Newgen’s unified dashboard. The dashboard offers capabilities to centralize repository for archiving all contract documents, streamline the approval and review process, and leverage intelligent automation and AI capabilities to better inform the agent’s decision-making. Furthermore, agents were able to reduce the average time spent on handling customer queries like appeals and grievances by 75% after streamlining and automating various processes.
Operational Cost Savings from Decommissioned IT Systems
Newgen’s solutions allowed interviewed organizations to simplify their complex business needs and workflows supporting them. The organizations were able to leverage a singular cloud-based platform that integrated multiple processes and disparate IT systems. This helped organizations to decommission legacy IT systems and bridge information silos, unlock simpler processes, and improve productivity. Repurposing the resources dedicated to maintenance, patching, and IT support per decommissioned system helped cut operational costs.
Faster Invoice Processing
Invoices processing can be complex, as one of the interviewed organizations reported several challenges in processing invoices efficiently, which resulted in a lack of visibility into cash flow. The organization found a solution in Newgen’s cloud-based digital transformation platform to tackle the issues like dependency on multiple systems, delayed payments, and lost invoices. After investing in Newgen’s solutions, the organization was able to handle invoice processing from initiation to archival. Standardizing and automating invoice processing helped the organization accelerate the process by 60%– from an average of 5 to 2 days.
Enhanced Customer and Employee Experience
After deploying Newgen’s solutions for digital transformation, the composite organization saw an improvement in its customer and employee experience. The organization could enhance its customer experience by leveraging an integrated customer portal for accessing communication materials and self-service tools in a timely manner. Furthermore, Newgen’s intelligent automation capabilities reduced the volume of manual paperwork, freeing up the organization’s capacity to upskill and fulfill greater responsibilities, enhancing the employee experience and satisfaction.
Better Adherence to Regulatory Compliance
With Newgen’s solutions, the composite organization could comply more fastidiously by virtue of its capacity to prioritize transactions relative to the financial and regulatory risks they pose. Thus, enabling the organization to address those risks in advance and avoid any regulatory fines on account of delayed processing.
Quicker Provider Onboarding and Contracting
By deploying Newgen’s solutions, interviewed organizations were able to accelerate their provider onboarding and contracting processes. The organizations could tap on intelligent features such as the auto-generation of letters which enabled them to accelerate turnaround time to onboard providers from weeks to days, elevating the overall experience and level of provider satisfaction.
Apart from these quantified and unquantified benefits, the study also highlights the analysis of each benefit, cost analysis, and financial summary of the entire study based on the composite organization.
The pandemic has forced organizations globally to reinvent and realign their digital transformation strategies. Today, digital transformation is no longer a matter of choice. And the energy and utilities sector (E&U) is no exception to this trend. Many E&U organizations have made significant investments in their digital initiatives to sustain their market share and thrive in the aftermath of the pandemic.
Despite the investments in modern, digital technologies, E&U organizations have not been able to fully harness the power of digital. This is primarily due to:
Huge number of documents involved
Disjointed technical processes
Multiple rounds of submissions, approvals, and rejections
Complex peripheral processes like invoicing
Persisting dependence on manual interventions
Short timelines and expensive delays
The Right Step Forward
The need of the hour for E&U organizations is to leverage a unified project management system for the entire project lifecycle that connects documents, processes, people, and devices. A unified interface will enable these organizations to streamline all functions like submittals under multiple disciplines. The interface will bring these functions to the appropriate processing channel, be it through a document-intensive or template-based workflow.
This would enhance operational efficiency, reduce various maintenance-related overheads, and help E&U organizations become future-ready.
Webinar: Accelerating Digital Transformation in the Energy and Utilities Sector ? A Use Case
Recently Newgen and Wipro hosted a joint webinar, where Carlos Santos (Head of Western Canada and Canadian Alliance Partnerships, Wipro) and I shared our thoughts, experiences, and insights on why E&U organizations must accelerate their digital transformation efforts.
Our overall discussion featured the following:
Significant trends and drivers influencing digital processes
Various challenges associated with document engineering and management of documents
Case studies and best practices
Watch the full recording of the webinar and gain insights into how E&U organizations can accelerate their digital journeys.
Today, low code application development platforms are becoming the go-to option for enterprises to accelerate their digital journeys. According to Gartner, “low-code application platforms (LCAP) are expected to remain the largest component of the low-code development technology market through 2022, increasing nearly 30% from 2020 to reach $5.8 billion in 2021.”
What do you need to know about low code application development platforms?
A low code application development platform empowers professional IT developers and streamlines enterprise-wide workflows by enabling rapid development and deployment of complex, context-aware, and customer-centric business applications. It can help enterprises deliver a frictionless and hassle-free experience to their customers, employees, and partners.
With a low code platform, enterprises can:
Enable end-to-end automation of complex and content-centric business processes
Create domain-rich solutions to cater to dynamically evolving business requirements
Rapidly design and develop enterprise-grade applications for web and mobile
Drive continuous process improvement and enable a rich user experience with new-age technologies
Key business benefits to unlock
Ensure happy customers: Today’s tech-savvy customers want you to respond quickly to their evolving needs. Here, low code arrives as a savior by allowing you to rapidly adapt to the changing market and customer needs.
Empower IT: IT teams are burdened with the maintenance of systems with periodic updates, compliance checks, and various performance measurements. You can minimize this technical burden by automating such recurring tasks through low code capabilities, thereby letting your IT team handle more critical and dynamic processes.
Enable Faster go-to-market: The platform can help reduce application development duration through reusable components and drag-and-drop tools. This enables enterprises to bring their applications to market quickly and timely incorporate any required changes.
Enhance IT governance: Shadow IT is one of the most significant areas of concern for enterprises as it accrues technical debt and affects its overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on third-party applications and ensuring a collaboration-driven work environment. Low code boosts IT governance by doing away with data, process, and security vulnerabilities.
Your enterprise can gain much more than speed and agility by leveraging low code with a suitable platform. Read this whitepaper to learn how a low code-based digital transformation platform can help organizations unlock simplicity by managing their content, processes, and communications.
Your enterprise’s critical information may exist in different forms, such as paper, digital formats, office documents, and across multiple locations. Gathering and capturing the sheer volumes of information effectively and accurately from the deluge of organizational content is a tedious process, especially when it is done manually. To overcome these challenges, it is important for business leaders, like you, to streamline the process of data acquisition and information capture.
What Is Information Capture?
It is the process of capturing unstructured information from paper-based or digital documents and translating the same into structured data, readable by a digital device.
The first step in an organization’s digital transition starts with digitizing its paper-based processes. With the help of information capture software, you can streamline data management while replacing traditional paper-based forms.
Understanding with a Use Case
A financial institution can leverage an information capture tool to extract relevant details from a supporting document provided by the customer, such as identity proof. The software will automatically retrieve information, including name, address, contact details, etc. from the document. This helps minimize manual errors, boost employee productivity, and drastically reduce the time for account opening.
Business Benefits of Leveraging Information Capture Software
In the above example, it is evident that enterprises can maximize their organizational efficiency by using information capture software. Let us dive deep into some of the other business benefits of the software:
Reduction of operating costs through automation of document-intensive business processes, such as document handling, storage, and manual data entry
Resource optimization through automating time-consuming and error-prone manual tasks, including document classification, data separation, and data indexing
Faster document processing through concurrently performing bulk scans, classifications, image enhancements, and extractions
Furthermore, the information capture software can be advanced to the next level by combining data capture functionalities with content management, process automation, and workflow capabilities. It can unlock new avenues for enhanced data capture, efficient content management, smarter decision-making, and improved workforce productivity.
If you still think that low code is only used to build simple applications, you have a major misconception. There is so much an organization can do with the power of a low code application development platform. The tool is ideal for highly scalable applications, the kind that can support your organization’s digital transformation initiatives.
A study by Forrester anticipates the low code development market to exceed $21 billion by 2022 and experience a 50% annual growth rate in the next five years. This proves that a low code application development is definitely not a fad and is here to stay.
Low code application development is not new. What’s new is that leading enterprises today have realized that they can go the low code way for faster innovation. Low code has become the go-to choice for its visual development environment, point-and-click user interfaces, drag-and-drop control, automation capabilities, and workflow management.
But do you know all that you can build with a low code platform?
Honestly, a whole lot! Professional IT developers and business users can collaborate on numerous projects with a low code platform.
Here’s a glimpse into the 4 use cases of low code application development platform:
Content-driven workflow applications
Low code platforms can enable businesses to automate their end-to-end content-centric processes/applications–such as customer onboarding, claims processing, and online account opening–ensuring that the right content is available at the right time to the right people at appropriate stages of the process.
Mobile app development
Businesses can rapidly design and develop responsive mobile applications with point-and-click and drag-and-drop functionalities in a well-abstracted low code application development platform.
Customer-facing and customer support portals
With low code, an organization can develop customer-facing portals such as customer self-service or agent portals that can easily be integrated with existing systems. Businesses can also leverage a template-based user interface development interface to design these portals for faster, simpler, and more efficient ways of interacting with the customer in real-time.
Modernization of legacy systems
Low code can help enterprises extend their legacy systems. By leveraging the low code application development platform, businesses can support core systems and develop applications that can easily integrate into the existing system.
These are just a few of the numerous use cases on how low code application development can drive up productivity, revenue, and customer experience. To learn more about how low code can help your enterprise, read the case study on how National Commercial Bank Jamaica Limited leveraged a low code application platform to centralize its loan underwriting service and decrease turn-around time for loan applications.