According to a new report from Navigant Research, in 2017, few utilities have begun a wholesale transformation, and those that have soon realize the numerous difficulties they face on their digital journeys.
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.
“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.
An executive summary of the report is available for free download on the Navigant Research website.