AEP’s Data Revolution: Partnering with Lucasys to Prepare for the Next Leap in Tax Technology
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.
ATLANTA, April 02, 2024 (GLOBE NEWSWIRE) -- 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11429024-c141-4a8e-a3ad-4325d5ffcfd5
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.
To read more about the collaboration between Lucasys and AEP, click here.
About Lucasys
Lucasys delivers software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives. To learn more about Lucasys, visit https://www.lucasys.com or follow us on LinkedIn.
About American Electric Power
American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 17,000 employees operate and maintain the nation’s largest electricity transmission system and more than 225,000 miles of distribution lines to safely deliver reliable and affordable power to 5.6 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 5,800 megawatts of renewable energy. For more information, visit https://www.aep.com.
Contact: Thomas Ferguson, CMO, Lucasys 1-844-582-2797 [email protected]
