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Utility companies: an end in sight for fossil finance and sales processes

On the energy market, fossil and nuclear fuels are currently becoming less important compared to electricity from renewable sources. This transformation is by far not the only challenge that utility companies need to face in a highly competitive market. But what do fossil finance and sales processes have to do with this? And do they even exist? Below I would like to briefly explain how I understand these processes and how they could work differently today.

Admittedly, the term “fossil finance and sales processes” is by no means common. When I speak to companies from the energy sector, I often find that they are critically rethinking and reorganizing their existing IT systems and associated company processes since they consider them to be outdated and “fossilized”.

Are your systems as renewable as your energy?

Sooner or later, companies in any sector are confronted with the problem of systems and processes that are no longer fit for the times. Over a certain period of time, established systems can be extended and adjusted to take into account new market conditions. But eventually the time comes for a complete reset. This could be the switch to a cloud solution, for example. This enables energy companies to benefit from software-as-a-service or process outsourcing. When new challenges arise or conditions change, extra services can simply be added and individually configured. In this respect, you could almost call this a “renewable” system which at least offers the extremely high flexibility required in the dynamic energy sector.

New power in receivables management

At Arvato Financial Solutions, we became aware of powercloud some time ago. The tailored cloud solution for the energy sector works much like an app store, where powercloud pays strict attention to the quality of services offered. We found this concept compelling straight away, but we also discovered a few gaps in the offering. Here, the areas of receivables management/debt collection and needs-based support in debtor management (BPO on demand) were not yet covered. And this was the case although the energy sector is one of the industries that face huge challenges with outstanding receivables.

Cooperation between Arvato Financial Solutions and powercloud was quickly established. After all, it ultimately results in a win-win situation. powercloud was able to close gaps in the existing offering with our expertise as well as our services in receivables management, thereby expanding its value creation chain. At Arvato Financial Solutions, we can provide energy utility companies of different sizes our services in a simple and consistent manner. All transactions are securely executed in real time via a standardized and automated interface. With this combination of different services, energy providers benefit from more flexibility when serving customers. This not only frees up internal resources, the credible and customer-oriented receivables management also minimizes bad debt losses and increases liquidity. And thanks to the user-friendly performance and process monitoring tool Collin, companies always have an overview of all current receivables data and the success of measures taken.

Shaping the future together

Business and financial processes are complex! Designing these processes to function optimally at present while also bearing up to future requirements is a major challenge. Arvato Financial Solutions therefore augments its own expertise in financial processes through experience and knowledge sharing with other companies in order to develop efficient and flexible financial solutions that don’t solidy into “fossils” after a while. For this reason, we also value the communication with powercloud and the other partners of the platform. We are thus able to see changes in the energy sector from all perspectives and identify trends and their implications in advance. This enables all partners to provide adjustments and expansions to their offerings in good time. In other words: we deliver renewable solutions together.
If you would like to increase the flexibility and efficiency of your financial processes, check out our offers on powercloud or contact us directly.

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