Second Annual Itron Resourcefulness Index Explores the Tie Between National Resourcefulness and Economic Competitiveness
Report highlights a need for continued infrastructure modernization, an increasing dialog disconnect between utilities and consumers, and a growing need to address a changing utility landscape
This year, to reflect a broader assessment of the relationship between
resourcefulness and economic competitiveness,
"Itron is pleased to present the second annual Itron Resourcefulness
Index with expanded economic research and data. I feel strongly that
this report will serve as an ongoing benchmark for the utility
industry," said
Key Findings from the
- The Industry Must Continue to Modernize Infrastructure. The need for transformation and infrastructure investment in the industry remains widely recognized, with 83 percent of utility executives agreeing that it is needed. Additionally, 55 percent of utility executives believe the industry is not running efficiently and 21 percent believe the state of the infrastructure will be worse in five years.
- Technology and Software Tools are Key to Transformation. Nearly one-third of utility executives reported that business intelligence and analytics would be at the top of their investment wish list. Technology is a key aspect of achieving resourcefulness, especially in countries that have well-established infrastructure and therefore stand to reap the most gains in resourcefulness through investments in technology.
- Educating the Public Should be a Priority for Utility Executives. Nearly half of informed consumers believe utilities should focus on educating consumers about consumption and conservation. However, utility executives surveyed put consumer education and conservation programs at the bottom of their investment wish list. In addition, more than half of utility executives believe that the changing workforce and knowledge sharing gap is a growing or urgent concern.
- Utilities Should Begin Laying the Groundwork for a Future-Proof Business Model. For example, more than 60 percent of consumers surveyed would like the utility industry to focus on renewable integration. Utility executives agree that integrating renewables is an unmet need of the industry today.
- Barriers to Achieving Resourcefulness Remain. As with last year, utility executives and consumers agree that new or potentially new government regulations are a concern. However, there was also a significant increase in barriers that are less frequently cited. Specifically, utility executives cited a lack of private funding as a barrier to infrastructure investment, rising 17 percent from last year, and the need for more time rose 14 percent.
Energy and Water Resourcefulness Indices Findings
The report's Energy Resourcefulness Index and Water Resourcefulness
Index took a deeper look at the economic relevance of resourcefulness.
We compiled macroeconomic data from third-party sources, including the
World Bank,
Full survey findings are available in the Itron Resourcefulness Index at www.itron.com/index.
About
Vice
President, Corporate Marketing and Public Affairs
sharelynn.moore@itron.com
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