Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services and solutions that enable power companies and other utilities to thrive in a rapidly changing industry landscape.
The study results will be published in a comprehensive ISG Provider Lens™ report, called Power & Utilities Industry – Services and Solutions 2022, scheduled to be released in June. The report will cover providers offering services and solutions such as intelligent business processes, IT services, enterprise asset management, customer information systems and grid modernization.
Utility company buyers will be able to use information from the reports to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.
The COVID-19 pandemic finally forced many electricity, gas, water and energy utilities to invest in new technologies after facing a series of disruptions over the past decade. Growing demands for sustainability, resiliency and security, along with changing relationships between utilities and their customers, have been pushing utilities to accelerate decarbonization, digitalization and decentralization for several years.
“Utilities undergoing massive paradigm shifts are seeking partners for modernization projects and more effective operations,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Service and solution providers with deep industry expertise and proven digital innovation capabilities are a driving force for more sustainable, resilient utilities.”
ISG has distributed surveys to more than 75 power and utilities service and solution providers. Working in collaboration with ISG’s global advisors, the research team will produce five quadrants representing the digital services and products the typical utility is buying, based on ISG’s experience working with its clients. The five quadrants to be covered are:
- Intelligent Business Process Management Services, evaluating providers of BPM services that improve utility operations, especially through automation and analytics, to support better decision-making. BPM services can increase a utility’s efficiency and productivity across all segments, including customer service, human resources, finance and accounting, regulatory and compliance, field workforce services, network operations and supply chain management. Leading utility BPM providers have expertise in next-generation technologies including IoT, AI, cybersecurity, cloud and blockchain. They also leverage partnerships with regulators, industry groups and relevant technology companies.
- Next-Gen IT Services, assessing providers of managed IT services to the power and utilities industry that improve efficiency, compliance, cost control, asset optimization and ultimately customer satisfaction. Leading providers have extensive domain knowledge and partnerships in the industry and offer a combination of services across application development and maintenance, infrastructure services and system integration. They should have experience with large transition projects, including post-merger integration, business transformation, cybersecurity projects and modernization of legacy systems, and be able to reference a range of case studies in the industry.
- Grid Modernization, surveying providers that support grid modernization to allow for more reliable and optimized grid infrastructure. These providers offer a wide range of services, such as grid modeling, grid resiliency, demand planning and forecasting, distributed energy resources management systems (DERMS), advanced distribution management systems (ADMS) and integration. Leading firms should have successful grid modernization projects completed or in progress with at least three power and utilities companies, including experience in the local country or region. Expertise in applying new technologies, such as automation, analytics, cybersecurity solutions, cloud and blockchain, is essential.
- Enterprise Asset Management, evaluating providers of EAM services to power and utilities companies for improved asset performance, longer useful life and lower operational costs. The services may include asset lifecycle management, maintenance, remote monitoring, repair and operations. Application maintenance and support, supply chain solutions and cloud services are also offered. Leading providers have successful EAM engagements with at least three power and utilities companies and exposure to the local country or region. They should demonstrate expertise in industry application of next-generation technologies such as analytics, IoT, AI, cloud and blockchain.
- Customer Information Systems, assessing providers of CIS services for a better customer experience, including account management, relationship management, order processing, data management, rate design, billing, payment processing, call center services, interactive voice response and others. Leading providers should have successful CIS engagements in the industry and exposure to working in the local region or country. They must demonstrate expertise in applying next-generation technologies and the ability to adapt to changing regulations, rate structures and evolving billing and retail needs.
The reports will cover the global power and utilities market and examine products and services available in North America and the U.K. ISG analysts Snehil Tripathi and Sandhya Hari Navage will serve as authors of the reports.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as power and utilities service and solution providers can contact ISG and ask to be included in the study.
All ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.
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