IDC Energy Insights published a new white paper this month, sponsored by Mercatus, entitled Investment Lifecycle Management (ILM): The Power Producer Digitization Imperative.
The white paper concludes that a new category of cloud technology solutions (Energy ILM) has emerged to support the technology and change management requirements of digital transformation initiatives. Many energy companies are embarking on digital transformation initiatives in order to adapt their business models to better compete in an industry that is transforming from a focus on centralized conventional sources of power generation to more distributed and renewable sources.
“This will require a commensurate shift in how IT is leveraged to respond to this opportunity before it becomes an existential threat,” says Kevin Prouty, VP of Research for IDC Energy Insights. “For most energy producers, the existing infrastructure is characterized by disconnected, labor-intensive processes that create numerous information silos. Ultimately, this results in slow, suboptimal workflow with error-prone decision making. More specifically, this leads to significant risk not only in getting the forecasted return on the asset investment, but also in compliance during acquisition, asset construction, asset start-up, operations, and asset disposal.”
“As the leading cloud provider of Energy ILM solutions, the IDC study has reaffirmed the critical need for a purpose-built and end-to-end cloud solution that will give power developers and operators what I call an ability-to-execute advantage,” said Mercatus co-founder and CEO Haresh Patel. “ILM digitizes and automates the investment lifecycle end-to-end starting with project origination through asset operations and maintenance. This increases company agility and operational efficiency which is critical in a higher volume and higher velocity distributed energy world.”
After offering a review and summary of investment management technology options, Prouty conclusion is consistent with Patel’s assessment. “The sheer volume of projects, combined with the accelerating pace of asset development and delivery, requires massive improvements to data visibility, process integration, collaboration, and decision support,” writes Prouty. “The real solution is a dedicated energy ILM system that layers on top of your investment business process and is designed specifically for the energy asset investment business.”
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