IT-company WEZOM, founded and led by CEO Serge Guzenko, has noted a significant increase in the number of companies with poor accounting and internal control over their financial reporting. While gaps in accounting may contribute to this issue, inconsistencies in data flows between departments may also be a major factor. To address this challenge, some companies, especially those in the energy sector, may consider revisiting their content management system implementation or opting for more advanced transaction management software that can improve financial accounting tasks or integrate with existing accounting software.
One of the main challenges faced by the energy sector in recent years has been in the trading sectors of crude oil, natural gas, and electricity produced from fossil fuels. Factors such as falling prices and the transition to renewable energy sources have impacted the industry significantly. For companies operating in complex business processes like energy, the need for software that can track financial transactions and related data across departments becomes imperative.
Serge Guzenko highlights nine key obstacles associated with managing transactions in the energy sector, including lack of transparency, human factor risks, and lack of data for forming long-term business strategies. While implementing a content management system (CMS) can provide a foundation for digital transformation to address these challenges, it may not be sufficient in ensuring the quality of data without additional digital solutions. Organizations may need to consider advanced software solutions for more reliable information.
Implementing an advanced CMS for transaction management in retail energy markets involves a complex process that includes determining processes to be covered, selecting the technology stack, developing prototypes, and deploying the system, among other steps. Companies may choose to work with a supplier for the implementation of an advanced CMS, ensuring the supplier has experience in their business niche and complies with corporate data security policies. Conducting a needs assessment, clarifying goals, and securing stakeholder engagement are crucial steps in preparing for the development and rollout of an advanced CMS.
By addressing problems through the implementation of tailored software solutions, companies can simplify their processes and improve efficiency. Serge Guzenko believes that technological progress plays a crucial role in addressing the challenges faced by businesses today. As companies strive for digital transformation and improved financial reporting, the right software solutions can help streamline operations and ensure accurate data management, ultimately contributing to business success and growth. CEO Serge Guzenko and his company WEZOM are at the forefront of providing custom development solutions to help companies navigate the complexities of the modern business landscape.
