Carol Johnston , VP Energy , Utilities and
Resources at IFS
From a Digital Transformation perspective , 38 % see sustainable energy as having the biggest impact on their company followed by new business models and asset management strategy ( both 37 %).
Emerging technologies to the fore
There is also strong demand for emerging , innovative technologies across the energy sector . A large proportion ( 72 %) highlight data analytics as important ; 70 % reference virtual assistants and 69 % the Internet of Things ( IoT ). Right now , respondents , ( predominantly those which are utilities ) are most likely to say their biggest focus for emerging technologies is to improve customer experience ( 20 %). Almost three-in-10 ( 29 %) utilities are in the design stage of automating customer experience , followed by more than a quarter ( 26 %) that have already automated and are seeing the value .
“ The research has revealed how energy and utility organizations are held back from moving forwards with Digital Transformation by the inability to define and measure how they will obtain return on investment from enterprise software ,” said Carol Johnston , VP Energy , Utilities and Resources , IFS . “ Companies in the energy sector are often very risk averse and are frequently dealing with regulators and other stakeholders that demand proof of RoI . The inability to put a quantifiable number on what they will get for their spend and when is therefore preventing them from progressing .
“ These are barriers that more advanced software providers are overcoming , especially through composable platforms that help them to address their biggest pain points incrementally and build measurable RoI steadily over time . Due to the economic and social pressures the industry is under , simply doing nothing is , in contrast , not an option . The good news is that an ever-growing number of organizations understand this today .”
The research shows that 57 % of oil , gas and utility companies that have Digital Transformation projects are looking for a composable platform to support the entire journey , while only 38 % are going down the niche solutions route . p
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