target audience: TECH SUPPLIER Publication date: Feb 2024 - Document type: IDC Survey - Doc Document number: # US51875524
IDC Survey: Future of Industry Ecosystems, 2023–2024 — Utilities
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Abstract
This IDC Survey uncovers the business models, strategy, IT investments, and leading use cases today and tomorrow for utilities working closely with their ecosystem partners to support the rapidly evolving energy industry. In May and June 2023, we fielded our third annual global survey to 1,288 executives across 5 regions and 11 countries. The goal was to determine executive and business leader sentiment on industry ecosystems, maturity of current approach, and future plans for IT and use case investment. Respondents spanned multiple domains including CXOs, business-line executives, and IT leadership. Industry coverage is across 10 industries: architecture/engineering/construction (AEC); energy (subindustries); discrete and process manufacturing (subindustries); healthcare; life sciences; financial services; government and education; telco, media, and entertainment; retail; and transportation/logistics.
Key findings from the survey include:
- Improving end customer engagement is a primary driver of industry ecosystems.
- AI is growing in importance as a key decision support technology in industry ecosystems.
- Environmental sustainability remains a key initiative for industry ecosystem partners.
What is clear is that organizations in every industry are looking to open and expand their industry ecosystem as part of becoming a digital-first business. Shared data and insights, shared applications, and shared operations and expertise are enhanced with this approach, becoming not only a way to ensure flexibility and resiliency but also a way to grow revenue and profitability.
This IDC Survey is focused on the utilities industry. With the accelerated availability and adoption of alternative energy options (wind, solar, hydropower, tidal, geothermal), utilities organizations are challenged with how to manage those distributed energy resources and distribute this energy to meet demand efficiently. Distributed energy resource management (DERM), growth of the prosumer (contributing to the grid), and emerging sectors like electric vehicles are driving the energy industry, and utilities in particular, to work more closely with their ecosystem partners. Having the ability to share data and insights, codevelop applications, and tap into expertise when required will result in faster innovation that addresses challenges such as environmental sustainability and more agile operations to quickly address customer needs.