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Development of Business Processes in the Energy Sector

Author

Listed:
  • Petya Biolcheva

    (University of National and World Economy, Sofia, Bulgaria)

  • Sotir Ivanov

    (University of National and World Economy, Sofia, Bulgaria)

  • Evgeni Valchev

    (Plovdiv University “Paisii Hilendarski†, Plovdiv, Bulgaria)

Abstract

The energy sector is among the key sectors of the economy. In order to meet market dynamics, to comply with regulatory requirements and in particular the Green Deal, the sector needs to invest in innovation. To achieve higher quality of the final product is essential to ensure the continuity and the optimality of the business processes taking place in the energy companies. This can be ensured through their complete transformation, introducing them to the “Age of Artificial Intelligence†. This paper tracks the development of business processes and outlines the trend in the following years. It reveals key business processes for energy companies and shows how they can be significantly improved through the capabilities of artificial intelligence. In order to achieve full synchronisation in their management, the way in which they can be integrated is also shown. This ensures the creation of a complete product with clear interconnections and full functionality.

Suggested Citation

  • Petya Biolcheva & Sotir Ivanov & Evgeni Valchev, 2022. "Development of Business Processes in the Energy Sector," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 1-13–41, April.
    • Handle: RePEc:nwe:natrud:y:2022:i:1:p:13-41
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    More about this item

    Keywords

    business processes; energy; artificial intelligence; process integration; perspectives;
    All these keywords.

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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