How Financial Transformation Prepares Power and Utilities For Growth
Power and utilities organizations are in a unique position for growth— both organically and through M&A.
Though COVID-19 caught the world off guard, some industries have fared better than others — namely the power and utilities industry. This industry devotes a significant amount of resources to emergency planning in order to remain operational in times of crisis, and COVID-19 was no different.
Despite the pandemic’s global disruption, the increased demand on power and utilities placed many of these organizations in a unique position to take advantage of growth opportunities such as M&A. A 2020, post-COVID study commissioned by EY found that 58% of power and utilities executives intended to pursue M&A in the next twelve months.
But in order to take advantage of these new growth opportunities, power and utilities need to properly prepare their Office of Finance. This eBook discusses five ways that the Office of Finance in power and utilities can prepare their organizations for growth:
- Establish A Central System of Record
- Evaluate Current Financial Tools
- Standardize and Automate Critical Financial Processes
- Drive Important Strategic Activities
- Invest In Financial Transformation Projects
Discover how these five factors allow power and utilities organizations to better take advantage of growth opportunities that COVID-19 has created, and how Cadency by Trintech can help.