Cloud based Procure to Pay systems are transforming BPO and Shared Service models, yet energy has defiantly resisted this global trend. This oversight becomes glaring when electricity markets are volatile and prices reach historic highs. Robotic Process Automation (RPA) delivers the dual benefit of financial control whilst freeing up procurement teams to source more effectively.
Here’s how BidEnergy’s RPA solution is helping organisations regain control of the energy agenda:
1. Budgets are Recast and Marked to Market. Averaging trends based on last year’s spend are replaced by regular, site-based bottom up forecasts of commodity, price, environmental and network charges. Approved budgets are captured on the platform and provide visibility on the business and departmental impacts. Live market data feeds translate to show the budgetary impact going forward.
2. Forecasts are socialised with executive, finance, property, sustainability and business units – enabling them to plan and adjust to new realities.
3. Portfolios are continuously reviewed for cost reduction opportunities in price, usage and demand – to lessen the impact.
4. Workflow automation, and real-time data validation remove many of the constraints that otherwise constrain sourcing processes.
5. Execute an agile sourcing strategy. BidEnergy works through the executive process and governance re-sets to deliver sourcing agility – enabled by RPA and relevant to the individual customer.
6. Data sets are brought quickly up to date with no impact on Business as Usual then kept up to date routinely with no human intervention – eliminating manual work, whilst giving real time access to validated data.
7. Utility invoices are automatically validated and STP’d for payment, directly to enterprise accounting systems or via the enterprise P2P system, with platform-generated accruals to close off the accounts to world’s best practice.
8. Errors and Savings are flagged, machine-processed, resolved and tracked as outturn spend against the sanctioned budget.
The volatility of Australian energy market prices is a hot topic right now. If you are responsible for the usage, spend and/or financial management of energy within your organisation, you may want to consider registering for the BidEnergy Best Practice Energy Sourcing and Category Management Masterclass and Webinar series.
Click below for more info and to register your details.