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Kevin S. Parikh, Global CEO & Senior PartnerUtilities today face new challenges on a constant basis. The push toward renewable energy coupled with increased rate regulation has made it virtually impossible for traditional utilities to compete. This has drastically impacted margins, as high operating costs remain static while the number of paying customers declines. Utilities also must consider how the weather patterns, capital expense vs. operating expense financial treatment rules, and the use of disruptive technologies impact their operations. Digital technologies may be the answer to ease these economic pressures and drive operational efficiency.
"Enhancing customer experience is key to any utility’s success"
Currently, most traditional utilities providers lack a company-wide digital strategy. “It is anticipated that 65 percent of traditional electric utility providers will adopt a digital strategy in the next five years,” says Kevin S. Parikh, Global CEO and Senior Partner, Avasant—a management consultancy headquartered in Los Angeles, CA. Robert Joslin, Partner and Head of the Utilities and Resources Practice at Avasant, has found that many traditional providers operate on a high cost, non-scalable, multi-platform environment. Joslin, along with other industry thought leaders, works with utilities companies to help them make the leap onto new digital platforms. He stresses the need for utilities to understand and capture customer data around consumption patterns and usage preferences. Increased analytics and business intelligence help in predicting future demand and consumption, enhancing the customer experience while simultaneously helping manage costs.
Robert Joslin, Partner & Head of Utilities & Resources Practice
65 percent of traditional electric utility providers will adopt a digital strategy in the next five years
With the utilities industry evolving at an unprecedented pace, it will be necessary to invest in digital transformation. In this new era, those creating a digital strategy, finding the right technology and advisory partners, and maintaining governance models around new processes will be best positioned to maintain margins and increase customer loyalty.
Avasant launches Strativa Edge™— a pioneering AI-powered platform for real-time market intelligence
Thursday, July 20, 2023
LOS ANGELES: Avasant announced the launch of Strativa Edge™, an AI-powered platform providing industry insights and market intelligence for buyers and sellers of business and technology products and services. Combining Avasant’s proprietary research and analysis with large-scale curation of public information, this next-generation platform gives buyers insights into the current capabilities of technology providers and gives providers real time market intelligence on major accounts along with their strategic priorities.
Strativa Edge features a number of key differentiators:
• Purpose-built for business and technology services sourcing, leveraging Avasant’s deep experience of strategic sourcing triggers and identifying transformation opportunities for clients.
• Market data and insights curated through Avasant’s participation in over $28 billion of sourcing deals annually.
• A generative-AI frontend powered by OpenAI’s GPT-4 allows clients to submit natural language queries and receive tailored responses.
• Proprietary AI and ML models consume, categorize, and analyze large amounts of public information on buyers and providers.
• Analysis augmented through practitioner insights from Avasant Fellows, who are CXOs from various industries.
• Detailed information is accessible on over 2,000 business and technology service providers and their capabilities.
• Available for 20 industry verticals with intelligence on more than 500 major enterprises across 15 insight clusters, including ratings of technology investments using Avasant’s STIR Index (Strativa Technology Investment Radar Index)
The market landscape is evolving rapidly. A provider that has performed well in the past may not be the right partner for tomorrow. For enterprise buyers, Strativa Edge provides a wealth of intelligence about their current and prospective business and technology providers. It also affords insights into the buyer’s industry and its competitors.
“Strativa Edge began as an internal platform to equip our own advisors during strategic sourcing deals,” said Swapnil Bhatnagar, Senior Director at Avasant. “But we quickly learned that the platform could deliver tremendous value to our clients directly, allowing them to mine the data and perform their own due diligence on providers.”
Service providers also need market intelligence. Strativa Edge gives account teams a head start in understanding the current situation for major accounts and prospects. With its AI capabilities, Strativa Edge delivers dynamic insights and keeps evolving as more and more information is added. Data is categorized into modules for specific case scenarios to build actionable insights. It then gives users answers to specific queries pertaining to relevant phases within a deal.
“In today’s fast moving market, real time intel is critical for preempting and shaping transformational deals,” said Anupam Govil, managing partner at Avasant “Because enterprise buyer drivers and priorities are changing rapidly, providers need targeted intel for anticipating and out-competing to come out on top.”
announcement covers the initial launch of Strativa Edge. Over the next few months, Avasant will continue building out the AI capabilities of the platform, adding to the number of providers and major accounts covered, and providing new insights on the market landscape.
Company
Avasant
Management
Kevin S. Parikh, Global CEO & Senior Partner and Robert Joslin, Partner & Head of Utilities & Resources Practice
Description
Empowers clients with flexible and innovative solutions across a wide
range of verticals with a focus on Utilities and Resources
