Customer needs and renewable energies are fueling the digitization of utilities.
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Energy and utility companies spend the highest proportion of their overall budgets on digital (31%), compared to other industries
31%
31%
Picture you have a Tesla parked in your garage. The wind isn’t blowing, and the grid needs more energy. Your Tesla starts giving energy back to the system and you get paid for it. That’s the future.
– A utility VP
utility customers report their utility hasn’t approached them with information about alternative energy options like solar and battery storage
Energy, Utilities, &
Digital Transformation
Energy, Utilities, &
Cybersecurity
Energy, Utilities, &
Productivity
Energy, Utilities, &
Managing Talent
The same companies that built out the nation’s water, gas, and electricity grids at the turn of the last century are now going through the biggest transformation since Thomas Edison wired up New York City in 1882. The ascent of renewable energy brought about by distributed generation has hastened the adoption of digital transformation for utilities, and the pressure can only be expected to mount as regulators keep making choices on behalf of the customers to benefit the communities they serve. Utilities are projected to spend half-a-trillion dollars over the next few decades installing digital technology to increase efficiency, reduce greenhouse gas emissions, and engage customers in energy creation and management. New technologies and greater digitization are all but inevitable as the industry continues to evolve and modernize.
Dive into the digital issue
42%
42%
15%
Dive into the Cyber issue
Cybersecurity risks are escalating as utility operations become more connected and hackers grow more sophisticated. As a result, utility executives recently cited cybersecurity of systems and devices as their top concern. Anxiety is understandable, given attacks like the one that breached Schneider Electric’s Triconex Safety Instrumented System and halting operations at a critical infrastructure facility, or the attack on the Ukrainian power grid that resulted in a 20% power loss in 2015.
For most utilities, cybersecurity is not a technical issue; it demands a cultural change. Leading cybersecurity programs involve everyone in the organization working together to address the threats.
A reliable, cybersecure grid is the No. 1 priority.
Dive into the Talent issue
Utilities are facing the need—or the opportunity—to replenish the workforce, and in some cases to phase out or rethink functions that are costly, inefficient, or can be automated. Utility workers are retiring at a historic rate, and it is becoming more difficult to replace them as the industry used to attract workers based on generous retirement packages that have since been trimmed or eliminated. The Millennial workforce isn’t attracted to jobs where innovation is stifled (intentionally or otherwise) and the career path consists of waiting for colleagues to retire. They want to use the latest technology to solve complex problems and reap the rewards for doing it. Silicon Valley figured out this equation years ago; the utility industry—with its commitment to and leadership in sustainable energies—has everything it needs to do the same thing.
The utility workforce is retiring.
Dive into the productivity issue
The right talent—a faster, better, and more cost-effective team—is a vital precondition for productivity. In the past, the solution to many utility challenges was to deploy additional people and capital to address these challenges, rather than changing how workers operate. But utilities, with a highly regulated revenue model and growing talent crisis, need to do far more to prepare themselves to operate with the same or fewer resources, including automating manual tasks, reducing windshield time, and consolidating business processes.
With scarcer resources, productivity is a utility imperative.
68%
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When we asked how focused organizations' cybersecurity strategies are on the critical functions of their business, there were mixed results
Extremely focused
somewhat focused
not very focused
Compare to other industries
CONSUMER & INDUSTRIAL PRODUCTS
Healthcare
Energy & utilities
Financial Services
46%
45%
9%
69%
30%
1%
overrepresented in electric and gas utilities,
compared to the economy generally
Which business processes are you adjusting to better manage DERs?
Advanced metering infrastructure and data management systems
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WMP.com/fresheyes
,
,
8 in 10
The utility workforce still skews older than the general working population with those aged
to
35
64
45%
31%
25%
25%
Billing systems
Maintenance planning and operations
Asset Management
CRM system and customer support
Energy & utilities
Financial Services
Healthcare
Extremely focused
somewhat focused
not very focused
When we asked how focused organizations' cybersecurity strategies are on the critical functions of their business, there were mixed results
Compare to other industries
Let's take a fresh look at issues affecting the healthcare industry together
together
46%
45%
9%
69%
30%
1%
42%
42%
15%