Lately, we’ve been diving deep into a new use case we developed leveraging Generative AI (GenAI) within Compliance Management.

Understanding the challenges of a industry and having an experience of solving complex problems is the key, when your goal is to help clients transforming their operations and business. Companies in Energy and Utility sector face a need to be compliant with a growing number of regulations + GenAI is perfect to analysing high amount of information + ServiceNow is THE platform for automating workflows.

The webinar “Import compliance tasks, requirements and objectives into ServiceNow“, led by my colleague, Yehor Samkov, an associate consultant in service management, and Alex Klimenko, one of the co-founders of Teiva Systems discussed and showcased how AI is revolutionising compliance management, especially within the energy sector where there might be a big influence on environment.

The energy industry, as you might know, is one of the most heavily regulated sectors out there. Managing compliance here isn’t just challenging—it’s downright daunting. Companies have to navigate a labyrinth of thousands of regulations while processing millions of data points each year. Traditionally, this was done through manual processes—endless data entry and those dreaded spreadsheets. It’s a setup that’s prone to errors, and with the stakes being so high, even a small mistake can lead to significant consequences, including hefty fines and damage to a company’s reputation.

AI-Enhanced Compliance Solutions

Emissionbox and Teiva Systems have developed an AI-based solution that automates up to 90% of compliance-related tasks. Seeing GenAI and ServiceNow in action make you realize just how game-changing the technology. The solution we’ve developed doesn’t just automate routine tasks; it’s capable of extracting critical information from regulatory documents, identifying relevant compliance requirements, and even integrating seamlessly with the ServiceNow platform to schedule necessary compliance tasks. Essentially, AI is taking over the heavy lifting, allowing companies to focus their resources on more strategic initiatives.

Just imaging how you can take over the control about the dozens of regulations, agreements, contracts, and laws in different countries, geographies and context without paying millions for legal and compliance teams.

Beyond the Energy Sector

While the webinar was focused on the energy sector, the potential applications of AI-driven compliance solutions extend far beyond it. Take the healthcare industry, for example. Automating information retrieval from documents can significantly enhance compliance and security. In the legal field, AI could be a game-changer by quickly reviewing contracts and highlighting key clauses. It’s clear that this technology is incredibly versatile and will be essential across industries where precise and efficient data handling is crucial.

ROI Estimation with AI Solutions

One of the another exciting takeaways from the webinar was the announcement of a new ROI assessment tool that Teiva Systems launched in May 2024. This tool is available in the ServiceNow store and will allow organisations to estimate the potential financial and time savings that could result from implementing AI-driven compliance solutions. You don’t need to invest in dozens of AI use cases hoping realising the most value without overspending.

The assessment tool reads the data from your service management environment and makes a data-driven ROI calculation – based on cases, tasks, assets, contract etc.

What’s great about this tool is that it’s customisable—companies can input their specific data to get tailored results, providing a more accurate view of the potential return on investment.

Conclusion

The benefits of AI-driven solutions in compliance management, especially in highly regulated sectors like energy, are undeniable. AI not only automates complex tasks but also ensures precise data management, saving companies both time and money while reducing compliance-related risks. With more advancements in AI on the horizon, it’s clear that compliance is just one of many areas where this technology will become increasingly important.

As the webinar highlighted, to truly reap the benefits, AI applications need to be industry-specific. The future of compliance management is undoubtedly AI-driven.

We will continue sharing our GenAI use cases and solutions that we develop for your clients. Stay tuned, subscribe to our Youtube channel and don’t hesitate to get in touch with out team if you would like to see a personal demo of GenAI in ServiceNow.

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Teiva Systems is a ServiceNow Premier Partner and provides advisory, architecture, implementation, training and support services. Teiva Systems specialises in building custom applications and integrations with ServiceNow App Engine and GenAI leveraging platform capabilities like common data model, security, integration layer, now assist etc.

Yehor Samkov is a ServiceNow associate consultant and business analyst. He is a part of the implementation and delivery team and supports clients in Germany and Europe on their journey of digitalisation.

Kostya Bazanov is ServiceNow Leading Architect and Technology Advisor since 2011. He acted in various roles such as technical consultant, implementer, solution architect, team lead in national and global projects and ServiceNow platform rollouts.

Kostya Bazanov, Managing Director, Aug 15, 2024

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