Survey results have been released in the 2018 BRIDGE Index Grid Analytics Survey report, which finds utilities’ investments in analytics increasing year-over-year.
However, with 72% reporting that they don’t employ active data governance frameworks for OT data needs, those investments may not yield all of their intended benefits.
This year’s survey revealed a significant increase in the development and planning of predictive analytics, however many of these initiatives have yet to be operationalised.
The survey also showed a substantial number of respondents (62%) were planning major analytics projects in the next two years. However, nearly half (47%) of utilities surveyed are investing less than $1 million in these efforts.
“Average utility investment in analytics is increasing year over year,” said Glen Sartain, BRIDGE’s VP of Analytics. “The increased number of $10M-plus programmes demonstrates utilities are embracing analytics as a core competency, but too many are investing far too little to have a real impact on their analytics maturity and usefulness.”
According to BRIDGE: “It is good news that more utilities are developing predictive analytics capabilities, however they are still lagging implementing into operations. For predictive analytics to have maximum ROI and impact on safety, reliability, cost and performance, utilities need to integrate those predictive learnings into day to day operations.”
- 42% increase in utilities developing predictive analytics capabilities
- Asset health and outage management continue to top stated reasons for using predictive analytics
- 63% have a data quality programme in place
- 72% have no data governance process in place for OT data
- Top impediments to analytics programme – Data integration (32%) – Availability of skilled staff (25%)
The BRIDGE Index provides insights into current and future priorities of North American utilities. The index provides further insights into analytics, modernisation, operations and security projects.