23 Jul 2024
A new era of utilities: Digitalization and green goals driving transformation
The utilities sector is undergoing a profound transformation, driven by digitalization, sustainability goals, and shifting customer expectations
IFS surveyed over 800 C-level executives from utilities across Europe, North America, the Middle East, and Australia to explore critical trends, challenges and strategic priorities.
Some highlights of the survey findings include:
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- The successful integration of digital tools and data-driven decision-making is crucial to this evolution, with data analytics and AI being key components
- 82% of the survey respondents recognize the importance of AI in driving innovation and efficiency
- Composability and open architecture in enterprise solutions will be key in allowing utilities to integrate new technologies and processes seamlessly, ensuring agility and scalability
- Predictive maintenance and improved asset lifecycle management are essential drivers for adopting enterprise software in the utilities sector
- Resource optimization (39%) and customer experience strategy (38%) were identified as significant impacts of digital transformation
- 87% of respondents highlight the importance of having the ability to set and measure critical KPIs within their enterprise software systems, yet many struggle to modernize their software to meet these needs
- 46% of utilities’ decision-makers have established timelines and goals for meeting sustainability targets, but less than a third (31%) of respondents have hit their first sustainability milestones
Download your copy of the survey results! The report explores the current state and future landscape of the utilities industry as they progress further on their digital transformation journey.
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