May 07, 2018

Plugging in software solutions without incorporating data analytics capabilities often leaves companies lacking a key component in assessing performance and identifying potential improvement opportunities. Utilities that implement strong advanced analytics can use the information to bolster decision making and more quickly pinpoint bottlenecks and friction in their processes and systems. However, implementing a successful data analytics program requires strategic planning to avoid pitfalls such as chasing the latest fad or trend that quickly fades into oblivion.

The following article outlines the following challenges typically faced by utilities when transforming operations to an analytics mindset:

  1. Develop a strategy clearly defining what to prioritize and why
  2. Convert hype into a bottom-line impact
  3. Make data enable productivity rather than inhibit it
  4. Embed analytics transformation into the company culture

Each of these challenges is clearly defined by the authors who then provide examples and tactics to explain how to overcome each of them. Implementing an effective strategy can unleash a wealth of actionable information that can be used to enhance staff productivity, the customer experience and development of future enhancement.

https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/fueling-utility-innovation-through-analytics