Like the rapidly changing P&U sector itself, enterprise risk management is evolving in exciting new ways. P&U organizations are increasingly deploying data analytics and digital technologies, such as robotic process automation (RPA) and blockchain, to increase efficiencies, reduce costs and improve performance.
For example, with RPA, utilities can streamline and automate the execution of repetitive business processes, which improves quality, security and execution time. Meanwhile, blockchain, with its decentralized distributed ledger capabilities, could potentially improve the security of future P&U business models, such as peer-to-peer energy transactions across networked DERs.
Adopting a more agile risk management framework — enabled and facilitated by new technologies — will allow P&U organizations to evolve and improve over time, respond to changing circumstances and take advantage of the cost reduction opportunities presented by investment in innovative technology.
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