12.04.2023 19:49:00

New Resource From Info-Tech Research Group Helps Organizations Fast-Track Problem-Solving Strategies on Their Digital Transformation Journeys

While transitioning to the adaptable utilities of the future, organizations are addressing unprecedented challenges throughout their digital transformation journeys.

TORONTO, April 12, 2023 /PRNewswire/ - The importance of data-driven decision making continues to be a priority in the strategic planning process across the utility industry, particularly amid ongoing economic uncertainty. However, utilities are struggling to figure out how to effectively leverage the data collected and turn it into actionable insights. In response to this challenge, Info-Tech Research Group, the trusted research and advisory partner of IT leaders around the world, has released its new research report Data Analytics Use Cases for Utilities.

Digital transformation poses elevated data challenges for utilities. To overcome these challenges, utilities leaders must focus on seven key areas referred to as 7V, as outlined in the above image. (CNW Group/Info-Tech Research Group)

The latest industry resource from the firm provides utility leaders with a repository of pre-curated utility data analytics use cases as well as a filtering and prioritization framework. These will aid in speeding up the process of identifying the right business problems and finding solutions that deliver the highest value for the organization. 

"Data analytics has become all that much more important to enabling utilities to transform digitally. The amount of data collected by utilities will only continue to grow, and turning that data into action is a key challenge for utility leaders," says Jing Wu, principal research director of Utilities Research at Info-Tech Research Group. "Data strategy development can be time-consuming, and the heavy lifting is mostly building a list of prioritized business cases that truly deliver value. This new research report can help fast-track the process."

Info-Tech's report outlines seven areas of focus. Referred to as 7V, each category of focus poses a question that must be answered by utility leaders in order to overcome data challenges and digitally transform their organizations. The breakdown of 7V is as follows:

  • Velocity – Existing systems, such as billing applications, are not effective in handling rapidly generated data, such as the interval data from smart meters. This poses the question "How can we process rapid generation?"
  • Volume – IIoT (Industrial Internet of Things) devices and field sensors are collecting unprecedented amounts of data. On-premises data storage can quickly become costly and not elastic enough. Utility leaders must ask and answer "How can we handle exponential growth?"
  • Variety – Utilities are collecting both internal operational data and external data, but this varied data is often siloed, demanding an answer to "How can we harvest different integrated data?"
  • Veracity – Quality of data can be measured in many ways, including accuracy, timeliness, and completeness, but the effort to track often feels insurmountable. This leads to the question "How can we gain trust of data quality?"
  • Visualization – The same set of raw data can be presented in many ways. Effective and meaningful storytelling can drive decision making, meaning utility leaders must be able to answer "How can we present data meaningfully?"
  • Variability – Data that is collected from different sources has disparate meanings and types. For example, a "utility customer" could mean different things for different departments. To bridge that variability requires answering "How can we synergize data consistently?"
  • Value – Collecting data is useless unless it is turned into actionable business insights to deliver value. When devising strategic data strategies, it is critical that utility leaders ask and answer "How can we develop actionable insights?"

    • The report also advises that aiming to solve the value delivery challenge should be a priority, noting that without identifying the value data can deliver, solving the rest of the data challenges is like "using a hammer without first finding the nails."

    To access the complete research for guidance on the right steps to take when pursuing strategic data analytics for successful digital transformation, utility leaders can download Data Analytics Use Cases for Utilities.

    For more information about Info-Tech Research Group or to view the latest research, visit infotech.com and connect via LinkedIn and Twitter.

    About Info-Tech Research Group

    Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For more than 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

    Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the Media Insiders program. To gain access contact pr@infotech.com.

    Info-Tech Research Group Logo (CNW Group/Info-Tech Research Group)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/new-resource-from-info-tech-research-group-helps-organizations-fast-track-problem-solving-strategies-on-their-digital-transformation-journeys-301794622.html

    SOURCE Info-Tech Research Group

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