April 27, 2021
Four Trends in Mid-Size Utilities
Even before the pandemic, a number of drivers impacted mid-size utilities’ choices in technology investments. Utegration recently teamed with SAP to explore these trends in an on-demand webcast.
The leading drivers for change are not surprising:
- Utility customers expect a frictionless experience, more like those they enjoy with online retailers
- The need to accelerate the value gained from technology investments
- The desire to respond more quickly to business demands—from aging infrastructure to customer experience to regulatory compliance
Of course, as we have seen since March of 2020, the pandemic did nothing but accelerate the urgency.
Mid-size utilities in particular can face unique challenges in keeping up with new demands because access to people and financial resources can often be more limited for them. So, how has the pandemic impacted their technology investments—especially when it comes to CIS selections and their view of a platform that will support them now and the future?
In a nutshell, mid-size utilities are prioritizing efficiency and value.
IDC cited four current trends among utilities who are employing technology to address these demands:
1. Focus on customer satisfaction
Utilities are increasingly turning to digital platforms to fulfill the evolving needs of customers and the infrastructure that supports them
2. Investment in automation
To deliver that frictionless customer experience, utilities are investing in new technology. IDC predicts that by 2025, over 50% of utilities will increase spend in automating operations with emphasis on edge technologies, AI and ML technologies.
3. Moving from traditional to agile deployments
Utilities are no longer willing to wait 18-24 months for the ‘big bang’ go live to bring them business value. Agile deployments deliver value at speed vs the traditional waterfall implementation approach.
4. Cloud adoption
Mid-size utilities are leveraging the cloud to overcome the challenges of aging infrastructure and responding more quickly to customers and regulatory demands. They are also finding an extra benefit: that moving to the cloud lightens the load of managing the infrastructure and solutions.
What we are seeing now is that utilities are restarting the initiatives they began before COVID. And among mid-size utilities, there is real excitement and momentum surrounding the ability of cloud and other modern technology to deliver the agility, efficiency and value they need today and into the future.
For the full story, register here to download the on-demand webinar, Introducing Utility4U: A Focus on CIS.