Thwarting risks in the energy industry
KM reduces risk in energy sector
Knowledge management technologies such as analytics and automated contract management are being used to reduce risks and improve performance in the regular business activities associated with the energy industry.
For example, analytics solutions from SAS are being used to reduce outages and improve maintenance, to minimize the impact of storms and to optimize the value of data received from smart meters. By launching a predictive maintenance model, utilities can synchronize their maintenance schedules to take place when they have the least impact on customers. Pattern analysis helps reveal root causes of performance issues, reducing operational risk.
Energy contracts are often very complex, and in a regulated industry, risk management requires compliance. The energy business is capital-intensive and therefore involves interfaces with many vendors and suppliers. It also must contend with numerous safety risks to both equipment and workers.
OpenText Contract Management keeps track of all the content in contracts, including conditions and milestones. The software integrates with other enterprise solutions such as enterprise resource planning (ERP) to track supply chain, procurement and financial processes. Advanced automation capabilities include guided authoring to ensure compliance with existing terms of contracts and worflows. By maintaining all the content in a central repository, OpenText enables users to locate information quickly and make appropriate decisions.