Aging power grids, green energy expansion
and growing risks make knowledge and control of plants and
equipment more essential than ever, ISG Provider Lens™ report
says
A growing number of utilities are adopting enterprise asset
management (EAM) tools and software to maximize the efficiency and
lifespan of plants and equipment, according to a new research
report published today by Information Services Group (ISG) (Nasdaq:
III), a leading global technology research and advisory firm.
The 2023 ISG Provider Lens™ global Power and Utilities Industry
— Software and Platforms report finds that asset management
represents a major expense for water, gas and electricity utilities
and EAM software helps them boost operating efficiency, cut
emissions and reduce costs while maximizing uptime.
“Power and utility grids are aging, and decarbonization and
stricter regulations are placing new demands on them,” said Bob
Lutz, partner, Energy & Utilities, at ISG. “For utilities to
reliably serve customers into the future, advanced asset management
is more important than ever.”
The rapid transition to wind, solar and other green energy
sources is forcing electric utilities to adapt to more distributed
infrastructure and new energy production patterns, ISG says. At the
same time, increasing electrification of buildings and vehicles is
changing patterns of demand. More frequent extreme weather events
are causing higher damages every year, leading utilities to focus
on grid resiliency, reliability and disaster preparedness.
New capabilities made available through cloud computing, AI,
analytics and IoT are accelerating innovation by providers, ISG
says. EAM platforms and software, along with asset performance
management (APM), can track an asset’s age, usage and maintenance
history and use analytics for predictive maintenance and better
decision-making. Deployment of IoT devices in conjunction with EAM
is enhancing utilities’ collection of real-time data on asset
performance, which can be used to reduce safety risks and downtime.
Looking ahead, better knowledge of existing assets and their
performance can better prepare utilities to deliver new products
and services.
In their quest to glean more insights from a range of data
types, including asset maintenance, weather warnings and customer
preferences, utilities increasingly are exploring centralized data
storage and cloud-based platforms, the report says. Migrating key
workloads to the cloud can increase resiliency, so utilities are
working with providers to address challenges to cloud adoption,
including regulations affecting the storage of sensitive data and
the financing of cloud projects.
“Consolidating information about assets can empower workers,
managers and technicians to access data in real time, which
accelerates workflows,” said Jan Erik Aase, partner and global
leader, ISG Provider Lens Research. “Asset management providers are
helping utilities move to more modern data systems.”
The report also explores other utility asset management trends,
including the importance of change management and new cybersecurity
vulnerabilities that come with intelligent grids.
For more insights into the asset management challenges facing
utilities and advice for overcoming them, including pay-per-use
options to try out new solutions, see the ISG Provider Lens™ Focal
Points briefing here.
The 2023 ISG Provider Lens™ global Power and Utilities Industry
— Software and Platforms report evaluates the capabilities of 12
providers in one quadrant: Enterprise Asset Management Software
Solutions.
The report names Hitachi Energy, IBM, IFS and SAP as Leaders in
the quadrant.
The 2023 ISG Provider Lens™ global Power and Utilities Industry
— Software and Platforms report is available to subscribers or for
one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only
service provider evaluation of its kind to combine empirical,
data-driven research and market analysis with the real-world
experience and observations of ISG's global advisory team.
Enterprises will find a wealth of detailed data and market analysis
to help guide their selection of appropriate sourcing partners,
while ISG advisors use the reports to validate their own market
knowledge and make recommendations to ISG's enterprise clients. The
research currently covers providers offering their services
globally, across Europe, as well as in the U.S., Canada, Brazil,
the U.K., France, Benelux, Germany, Switzerland, the Nordics,
Australia and Singapore/Malaysia, with additional markets to be
added in the future. For more information about ISG Provider Lens
research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype
reports, offer a first-of-its-kind evaluation of providers from the
perspective of specific buyer types.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including automation, cloud and data analytics; sourcing advisory;
managed governance and risk services; network carrier services;
strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,600
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230926822038/en/
Press:
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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