Navigant Research Finds Few Utilities Have Embarked on Large-Scale Digital Transformation
October 24 2017 - 5:15AM
Business Wire
Utilities that fail to act face significant risk, report
finds
A new report from Navigant Research examines digitization in the
utilities industry, providing insight on advantages, barriers, and
practical considerations.
For utilities, the concept of digital transformation promises
better ways to meet customer demands, more cost savings on business
processes, and the advent of new product and service offerings.
However, for most, realizing this transformation will require many
millions of dollars and multi-year timelines. Click to tweet:
According to a new report from @NavigantRSRCH, in 2017, few
utilities have begun a wholesale transformation, and those that
have soon realize the numerous difficulties they face on their
digital journeys.
“Digitization is one of the hottest topics in the utilities
industry, however, the conversation often focuses on the end
result: a digital nirvana of a highly efficient workforce and fully
engaged customers,” says Stuart Ravens, principal research analyst
with Navigant Research. “What is missing are the practical steps a
utility must take to achieve a digital transformation, which is
often a long and arduous journey.”
Digitization is a difficult journey. The concepts of data
governance, data quality, model management, and master data
management may seem tactical and IT-focused, but they are critical
to success, according to the report.
The report, Utility Digitization Strategies, 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. An
Executive Summary of the report is available for free download on
the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant,
provides market research and benchmarking services for rapidly
changing and often highly regulated industries. In the energy
sector, Navigant Research focuses on in-depth analysis and
reporting about global clean technology markets. The team’s
research methodology combines supply-side industry analysis,
end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of
the Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional
information about Navigant Research can be found at
www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional
services firm that helps clients take control of their future.
Navigant’s professionals apply deep industry knowledge, substantive
technical expertise, and an enterprising approach to help clients
build, manage and/or protect their business interests. With a focus
on markets and clients facing transformational change and
significant regulatory or legal pressures, the Firm primarily
serves clients in the healthcare, energy and financial services
industries. Across a range of advisory, consulting, outsourcing,
and technology/analytics services, Navigant’s practitioners bring
sharp insight that pinpoints opportunities and delivers powerful
results. More information about Navigant can be found at
navigant.com.
* The information contained in this press release concerning the
report, Utility Digitization Strategies, is a summary and reflects
Navigant Research’s current expectations based on market data and
trend analysis. Market predictions and expectations are inherently
uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the
full report for a complete understanding of the assumptions
underlying the report’s conclusions and the methodologies used to
create the report. Neither Navigant Research nor Navigant
undertakes any obligation to update any of the information
contained in this press release or the report.
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Navigant ResearchLindsay Funicello-Paul,
+1-781-270-8456lindsay.funicello.paul@navigant.com