Market Research Report
Utility Digitization Strategies
|Published by||Navigant Research||Product code||555246|
|Published||Content info||16 Pages; 4 Tables, Charts & Figures
|Utility Digitization Strategies|
|Published: September 11, 2017||Content info: 16 Pages; 4 Tables, Charts & Figures||
It is difficult to avoid the current hype surrounding digitization. Industry press, conferences, and webinars are all showing a tremendous amount of interest in digitization. And that is no surprise, as the end goal of a digital transformation is the complete overhaul of a business-not just IT infrastructure, but entire business processes will be transformed. Organizations are promised a digital future where they can better serve increasingly demanding customers, strip millions of dollars of cost out of existing business processes, and develop new digital products and services.
However, a full digital transformation of even a midsize utility will cost many millions of dollars and take years to complete. A huge disconnect exists between the digital nirvana painted by vendors and utilities' current digital maturity. While many utilities recognize the benefits of digitization, most are responding with small-scale projects to address specific requirements. In 2017, few utilities have begun a wholesale transformation, and those that have soon realize the numerous difficulties they face on their digital journeys. But despite the difficulties, it is folly for any company not to plan for significant changes to IT and business processes in the future. There are significant drivers for utilities to digitize, and organizations face significant risks if they fail to act.
This Navigant Research report takes a pragmatic look at digitization in the utilities industry and what digitization means in practice. It discusses the compelling reasons to digitize (e.g., efficiency improvements), as well as the significant barriers to digitization (e.g., regulatory frameworks). The study also examines the many practical considerations that are too often overlooked in the current digitization conversation, such as data governance, data quality, model management, and master data management.