Power & Utilities
Power & Utilities – what was once thought as a conservative and slow-moving industry, has witnessed a wide array of innovation from within and outside the traditional organization. Understanding the business trends is a vital requirement for energy and utility sectors to create a successful IT strategy in this region.
Digitization has helped organizations in all verticals generate greater efficiencies across their operational business units and stay ahead of the competition in the rapidly changing markets. The power and utilities industry is also trying to reinvent themselves as digital enterprise by adopting digital ways of working and modernizing IT.
For utility companies, transforming operations and systems with digital technologies can create substantial value: a reduction in operating expenses of up to 25 percent, which can translate into lower revenue requirements or higher profits reports McKinsey. The report also states performance gains of 20 to 40 percent in such areas as safety, reliability, customer satisfaction, and regulatory compliance are also achievable. These prospects have led utilities to launch all sorts of efforts to use digital technologies: re imagining customer journeys, adding digital leak detectors to gas grids, using predictive models to schedule maintenance and other asset-management activities, and equipping field workers with mobile devices that let them access technical instructions while in the field, to name a few.