Serge Guzenko, founder and CEO of IT company WEZOM, highlights the increasing number of companies with poor accounting and internal control over financial reporting, as reported by Glass Lewis. He suggests that inaccurate financial data may not always be due to accounting gaps, but rather inconsistencies in data flows with other departments. Guzenko emphasizes the need for companies, especially in the energy sector, to revisit their content management system implementation and consider advanced transaction management software to improve financial processes.
The energy market has faced challenges in trading sectors such as crude oil, natural gas, and electricity produced from fossil fuels. Due to the transition to renewable energy sources, prices for these commodities have fluctuated significantly, impacting companies with complex business processes. Guzenko notes that tracking financial transactions and data from department to department is crucial for companies operating in the energy sector to navigate these challenges effectively.
Guzenko identifies key challenges in managing transactions in the energy sector, including lack of transparency, human factor risks, lack of data for long-term strategies, unexpected trends, and data leakages. To address these obstacles, companies may need more advanced solutions than just implementing a content management system. Additional digital tools and software may be required to ensure reliable data and improve financial processes within the organization.
Implementing an advanced content management system for transaction management in retail energy markets involves a step-by-step approach, including determining processes to cover, forming the software concept, selecting architecture and technology stack, development, testing, and training employees. Due to the complexity of this process, some companies may choose to work with a supplier experienced in their business niche to ensure successful implementation and compliance with data security policies.
Prior to developing and deploying an advanced CMS, companies should conduct a needs assessment, clarify goals, and secure stakeholder engagement and team buy-in. Involving stakeholders from various departments in the planning and implementation process can help identify issues with existing systems, establish measurable objectives for the new system, and ensure support and acceptance throughout the organization. This collaborative approach can lead to a smoother transition, improved financial reporting processes, and enhanced data security within the company.
By leveraging technological progress and implementing tailored software solutions, companies can address challenges in financial reporting and transaction management more effectively. Guzenko believes that adopting the right software to meet the specific needs of the business can simplify processes and drive positive change within the organization. As businesses continue to evolve, embracing innovative technologies and solutions can help streamline operations, improve data integrity, and drive growth in the ever-changing market landscape.