Heart of Digital Transformation Strategy
Craig Cavanaugh is the Regional CEO, Americas, OMNETRIC Group.
The transformation to digital operations is one of the main priorities for utilities today. The reasons include enhanced operational efficiency, improved grid reliability and more engaging customer services.
The alternative to embracing digital is a bleak prospect. Pierre Nanterme, CEO of Accenture, recently said that digital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000.
It is little wonder a recent PwC survey of CEOs at utilities found eighty percent view key digital technologies as strategically important for their company.
However, it would be wrong to believe that utilities are positive about all elements of digital transformation. When it comes to the digitalization of grid infrastructure and assets, including the implementation of technologies such as grid analytics, many remain unconvinced that the promised benefits can be realized. The fear, uncertainty and doubt that linger over such technologies are a barrier to their successful implementation.
From my work in the field of grid analytics, I have found there are three main reasons utilities give for stalling implementation of this technology.