AEP's Data Revolution: Partnering with Lucasys to Prepare for the Next Leap in Tax Technology
American Electric Power (AEP), one of the nation’s largest utility power producers and operator of the nation’s largest electric transmission network, has a longstanding reputation as an industry leader in digital transformation and technological innovation. Successful operations have led AEP to sustained growth, expanding the organization into additional states and service territories while accumulating a blend of data, processes, and technologies.
As the utility grew, the tax function became the recipient of increasingly diverse data sources which formed the basis of key tax compliance, accounting, and planning processes. Recognizing the need for streamlined operations and cohesive data management, AEP engaged Lucasys to optimize internal processes, cleanse disparate data sets, and realize greater technological efficiencies.
AEP has expanded its collaboration with Lucasys, including the design, development, and execution of a plan to standardize and cleanse its tax fixed asset and tax accounting data. Lucasys crafted a tailored plan that acknowledged the nuances of each utility's accounting system, delivering not just standardization but also a roadmap for future technological advancements.
“At Lucasys, we’re committed to guiding utilities through transformative transitions with confidence. We are thrilled that our successful collaboration with AEP not only addressed their challenges but also solidified our relationship as a trusted partner.”
Gabriel St James, Director of Professional Services at Lucasys
During the data standardization process, Lucasys worked with AEP's team to unravel complexities, align business processes, and bring disparate systems into a cohesive structure. Operations that were once labyrinthine became streamlined, bringing newfound efficiency to their financial processes.
With data now organized and operations streamlined, AEP’s tax department is poised to embrace more advanced technologies. The successful collaboration with Lucasys has helped position AEP to leverage its data as a strategic asset for the future.
How Lucasys Can Help
As utilities evaluate their own technology roadmap, they know they can rely on Lucasys for cutting-edge software solutions. Whether looking for new software or trying to get the most value out of existing solutions, Lucasys can provide insights into the latest accounting and tax issues facing the utility industry. To learn more about how Lucasys can help, visit https://www.lucasys.com/solutions.