Utility companies in the Asia Pacific (APAC) region must start leveraging data mining technology to realise the value of unexplored data in their organisations to avoid digital disruption, according to the 'IDC MaturityScape Benchmark: Digital Transformation in Utilities in Asia/Pacific (excluding Japan)' report.
The report identified data management strategy as the distinguishing factor between APAC utility companies that thrive and those who only survive. It was found that 88 percent of utility companies are still at the early stages of their digital transformation (DX), while only four percent are changing the game.
As these disruptors move forward, it leaves a void that the developing companies need to fill. However, companies that are merely surviving are pushed to duplicate the success of the companies that thrive.
In line, IDC reminded the surviving companies that as DX progresses, they must evaluate the impact on their environment, and either transform or perish. "Companies need to recognise the need to transform as inevitable. They need to lace up their boots and act in order to tide out the wave of transformation or risk being pushed into oblivion," warned Emilie Ditton, Research Director at IDC Energy Insights, in a press release.
As such, the report advised companies to start using data mining technology. It noted that APAC utility companies, regardless of the stage they are in their DX, have still a long way to go to develop the skills needed to convert data into useful information that can create impact in the industry.
However, companies must first envision where they want to be before developing a strategy across data, IT, and operations. "Companies are sitting on a huge unexplored mine of data. Putting strategies in place to extract and create value from data will help utilities get into the driving seat and influence where their business will head in the future," said Sparshy Saxena, Senior Market Analyst at IDC Energy Insights.
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