Operational priorities, technology investments, business performance, cloud and data security, diversity and inclusion in Power & Utilities
As an essential sector, power and utilities companies keep the lights and heat on and our phones and internet connections running. Nevertheless, there are challenges this industry must navigate.
From a technology perspective, the innovation imperative is centered around the asset: physical assets need to be digitized, and digital assets need to be monetized—such as digital twin technology that replicates power plant and transmission-distribution equipment and processes in a virtual environment to model scenarios that reduce CAPEX or OPEX.
COVID-19 has changed the landscape. With technology more important than ever to organizations’ ability to survive and thrive, the opportunity has never been greater for CIOs to work as strategic partners with the business. Seven in ten IT leaders report increased collaboration between the business and technology teams – this relationship is something that CIOs must build on to ensure their organization’s digital transformation success.
For CIOs in the Power & Utilities industry, digital transformation must now be accelerated. Being so based around physical products and processes, the sector has lagged somewhat compared to other industries in terms of IT enablement. Now, with operational efficiency gains critical, the technology function has the opportunity to prove its strategic value and help the business leverage the power of IT to lift processes and performance across the organization.
KPMG firms are some of the largest providers of services to banking & capital markets organizations globally, we take a boutique approach to client issues with a focus on flexibility, adaptability, and innovation. We recognize that there are many on-ramps to supporting IT transformation and we’ve tailored our services accordingly: