Utilities today face an environment that is becoming increasingly complex and challenging than ever. Securing reliable and cost-effective sources of energy is getting harder, and with limited leeway to escalate prices, utility firms are forced to seek innovative ways to cut costs and boost profitability. At the same time, customers are demanding greater accountability and reliability, and regulators are stepping up efforts to tighten scrutiny. In addition, utilities also need access to cheaper capital to repair and renovate aging infrastructure, manage emissions and to make investments in smart grid initiatives.
Given these challenges, it becomes imperative for utilities to execute operations flawlessly and continue improving cost structure, service levels, efficiency, and customer satisfaction. To accomplish this, executives are increasingly leaning towards best-in-class utilities analytics to track Key Performance Indicators (KPIs).