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IFS: Utilities globally prioritize AI to drive digital transformation, but lack of collaboration a key factor preventing 80% from completing journey

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Organized data holds the key to successfully adopting AI while improved asset management emerges among top drivers of transformation
LONDON, July 9, 2024 /PRNewswire/ — AI is at the forefront of digital transformation in the utilities sector, with 82% of executives recognizing it as essential to their strategy. However, despite widespread recognition of the importance of emerging technologies, only a fifth (20%) of companies have completed their digital transformation journey, with respondents split on where ownership should lie (22% reference CFO, while the same percentage cite the CTO).

That’s according to new research by IFS, the leading technology innovator in cloud and Industrial AI software, which polled 863 C-level executives and VPs from utilities companies around the world (UK, US, France, the Nordics, the Middle East, and Australia).
While 84% of organizations recognise data analytics as important to their digital transformation approach, the research highlights the complexity and challenges inherent in fully realizing digital strategies. The primary obstacles include the inability to measure value accurately from investments (32%), a lack of clarity on necessary resources and skills (25%), and a lack of consensus on priorities among leadership (23%).
Asset management has emerged as a critical factor in delivering new services and outcomes as part of a digital transformation, with 36% of respondents emphasizing its importance ensuring reliable and efficient service delivery. This focus is driven by aging infrastructure and increasing asset complexity. Many grid components are well past their intended lifespan and operate under conditions far more severe than they were originally designed for, while the shift to renewables and distributed energy resources adds further complexity.
Other operational areas are referenced in this context with resource optimization cited by 39%; 38% highlighting the need for a robust customer experience strategy, and 36% mentioning field service management.
Carol Johnston, VP of Energy, Utilities and Resources at IFS, commented: “The utilities sector is at a pivotal moment, where AI-driven digital transformation and sustainability are not just trends but imperatives. Our research proves the need for robust data management and AI capabilities to ensure companies make a success of their transformation. But utilities must also embrace a holistic approach, leveraging end-to-end digital tools and fostering strong partnerships to navigate this complex landscape.”
When it comes to executing on digital transformation strategies, composable enterprise platforms which empower businesses to mix and match/assemble different software modules to meet their specific needs are in high demand, with 38% of decision makers seeking such solutions to support their journey. This underlines the need for flexible and modular technology infrastructures as companies look to adapt quickly to changing requirements, while being able to integrate various applications more seamlessly.
Johnston added: “Composable platforms allow enterprises to bring in new functionality as and when required, providing a flexible approach to digital transformation. This reduces complexity and allows companies to adopt technology at their own pace, offering a streamlined solution that integrates various applications seamlessly.”
The research also reaffirmed sustainability as a top priority for utilities businesses, with 46% of respondents currently at the stage of setting timelines and goals for achieving sustainability targets. However, only 31%have hit their first milestones. The key strategies for meeting these goals include improving asset efficiency (43%) and investing in energy-efficient assets (42%).
Sustainability in the utilities sector involves more than just carbon reduction. It includes revenue models, workforce retention, and safe operations. Integrating sustainability across operations ensures resilience and compliance. Johnston added: “We don’t see sustainability as a trade-off, but as an opportunity to create value for our customers and society. Utilities also increasingly understand the importance of accurate data and reliable reports in measuring progress to key sustainability goals and avoiding greenwashing. Effective strategies include optimizing resource use, selecting sustainable suppliers, and engaging customers in programs like energy audits and solar panel installations.”
There is significant importance in connecting four of the core themes from this research: AI, digital transformation, asset management, and sustainability. “Utilities must recognize that these elements are interconnected. By leveraging AI and digital tools to optimize asset management, they can meet sustainability goals more effectively. This comprehensive approach ensures a balanced and strategic transformation journey,” concluded Carol Johnston.
Research conducted by Censuswide in April and May 2024. The research polled 863 C-level executives and VPs from utilities companies specializing in power generation, transmission, distribution, natural gas, and water/wastewater services. Conducted across the UK, US, France, the Nordics, the Middle East, and Australia, it explores critical trends, challenges, and strategic priorities, particularly in digital transformation, sustainability, and customer experience.
About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers – at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 6,000 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.
IFS Recognition
IFS ranked #1 for EAM market share in the Gartner® Market Share: All Software Markets, Worldwide, 2023 report for third consecutive yearGartner® Peer Insights Customers’ Choice 2023 – Cloud ERPIFS named a leader in IDC MarketScape: Worldwide Field Service Management Solutions 2023-2024Top 100 Companies (3rd), The Software Report, 2023IFS Press Contacts:
EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: [email protected] Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7918 607 299
This information was brought to you by Cision http://news.cision.com
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Artificial Intelligence

InterSystems TrakCare and InterSystems IRIS for Health to underpin deployment of fully unified future-ready AI-driven healthcare ecosystem at NEOM

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RIYADH, Saudi Arabia, July 24, 2024 /PRNewswire/ — InterSystems, a creative data technology provider dedicated to helping customers solve their most critical scalability, interoperability, and speed challenges, and NEOM, the sustainable development taking shape in northwest Saudi Arabia, today announced a groundbreaking partnership to revolutionize the healthcare experience within NEOM.

The partnership enables NEOM to deploy InterSystems TrakCare® across its healthcare facilities, which currently include one hospital and 41 clinics. TrakCare is a unified health information system that provides clinical, administrative, and financial information as a single source of truth for each patient and offers enhanced clinical decision support capabilities.
Additionally, by the end of 2024 InterSystems IRIS® for Health will centralize NEOM’s clinical application data to facilitate the development of innovative health programs. InterSystems IRIS for Health is a comprehensive, cloud-first digital health development platform that provides all the building blocks needed for Machine Learning and to work with practically any healthcare data standard, including HL7® FHIR®.
By adding IRIS for Health to their health ecosystem NEOM will significantly enhance the overall individual’s experience and move towards realizing NEOM’s ‘one patient, one record’ approach.
As a flexible and powerful healthcare information system TrakCare equips NEOM with extensive data capabilities, and as a digital health development platform IRIS for Health facilitates NEOM’s use of Artificial Intelligence (AI) driven technology. Combining these offerings empowers healthcare providers to make better informed decisions that optimize operations effectively for world-class healthcare services.
“This partnership marks a significant milestone in our mission to advance healthcare through innovative technology,” said Ali Abi Raad, Country Manager for the Middle East, India, and South Africa, InterSystems. “We are proud to support NEOM and their vision of building a digitally integrated healthcare ecosystem and becoming a global leader in health and well-being.”
“The partnership with InterSystems is a significant milestone in realizing our digital first and personalized prevention focused healthcare system. To realize this vision, we need flexible and data standards driven technology partners who are committed to our ‘one patient, one record’ approach.” – Dr Mahmoud Alyamany, Sector Head, NEOM Health & Wellbeing.
About InterSystems
Established in 1978, InterSystems is the leading provider of next-generation solutions for enterprise digital transformations in the healthcare, finance, manufacturing, and supply chain sectors. Its cloud-first data platforms solve interoperability, speed, and scalability problems for large organizations around the globe. InterSystems is committed to excellence through its award-winning, 24×7 support for customers and partners in more than 80 countries. Privately held and headquartered in Cambridge, Massachusetts, InterSystems has 39 offices in 28 countries worldwide. For more information, please visit InterSystems.com.
About NEOM
NEOM is an accelerator of human progress and a vision of what a new future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this new future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate, and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
Photo – https://mma.prnewswire.com/media/2468338/ISC_Neom.jpg

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Zesty Introduces Cloud Insights and Automation Platform To Ensure Optimization and Cloud Operational Excellence

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With prescriptive insights and AI automation for cloud infrastructure management for multiple CSPs, Zesty’s platform makes it simple to optimize cloud spending and performance, improve utilization rates, and create new opportunities for FinOps and DevOps teams
SAN MATEO, Calif., July 24, 2024 /PRNewswire/ — Zesty, a leader in automated cloud infrastructure management, announced today the launch of its Insights and Automation Platform. Designed to support a multi-cloud strategy and transform cloud challenges into opportunities for FinOps and DevOps teams, the platform optimizes cloud spending and improves utilization rates with prescriptive insights and automation, empowering companies to focus on innovation, not cloud or budget management.

As global innovation drives continuous exponential cloud growth, more than half of CIOs have reported an increase in their IT budget for this year specifically to enhance their capacity for financing new projects. Overseeing multiple vendors, intricate cost structures, and ever-evolving company needs have created enormous complications for companies as they scale and budget. While R&D teams prioritize leveraging cloud services to drive innovation and competitive advantage, Finance teams focus on controlling costs and ensuring budget adherence.
Zesty’s platform incorporates new insights to drastically simplify SMB and enterprise cloud cost management by prioritizing the highest value recommendations for FinOps teams. For example, the recommendations focused on reducing unused resources alone can help companies cut costs by 7%, which in some cases represents millions of dollars annually. The platform also hosts Zesty’s AI-driven flagship solutions, Commitment Manager and Zesty Disk, which automatically scale cloud resources up and down and identify potential savings across services. Zesty’s integration of insights and automation ensures that cloud investments consistently align with evolving business objectives with even greater efficiency and savings.
“CIOs are constantly exploring avenues to finance new projects. The Zesty Insights and Automation Platform will play a pivotal role in identifying areas of waste and help to free those funds for innovative projects. Machine learning capabilities and predictive analytics are driving serious returns for FinOps teams, with some of our customers recovering over a million dollars a year from cloud waste and using that to amplify innovation,” said Maxim Melamedov, CEO and Co-Founder of Zesty. “Our mission is to help businesses easily eliminate cloud-related waste in all its forms, financial, cloud resources, environmental, and time. Our platform comes at a critical time given the industry’s urgent need for effective financial management of cloud operations. Companies across all industries are desperate for a guide on their FinOps journey, and we are excited to be able to help.”
Zesty sets a new standard for the fragmented FinOps industry, providing a unified and efficient approach to cloud management, transforming visibility into action with prescriptive insights and automation, optimizing services such as AWS’ EC2, EBS, RDS, S3, ELB, EIP, and Azure’s Virtual Machines. Fueling its commitment to enhancing cloud infrastructure efficiency, Zesty manages billions in AWS contracts. Zesty’s customer-centric approach earned the company a near-perfect (4.9/5) CSAT (Customer Satisfaction Score) in 2023.
To learn more about Zesty’s Insights and Automation Platform or to book a demo, click here.
About Zesty
Zesty helps organizations accelerate innovation with its cloud infrastructure optimization platform. Powered by machine learning, Zesty provides FinOps and DevOps teams with prescriptive insights and automation to achieve the ideal utilization of cloud resources and enables CIOs to balance operational excellence and costs. Zesty’s optimization platform helps companies efficiently allocate resources for applications, with solutions for compute, storage, containers, databases, and more, saving time and money.
Founded in 2019, Zesty was built with the vision of making the cloud more affordable and accessible while reducing waste. With offices in San Mateo, Tel Aviv, Kiev, New York, and London, Zesty supports thousands of organizations, helping them get maximum value out of their cloud infrastructure. To learn more, visit https://zesty.co/.
Media Contact Kate Schoenstadt [email protected] IL: +972(0)-54-7776684
 

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Zenoo calls for collaboration to tackle AI fraud in banking

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CAMBRIDGE, England, July 24, 2024 /PRNewswire/ — UK technology company Zenoo warns the use of AI in banking fraud is just getting started – and collaboration with AI specialists is required to stem its flow.

Cambridge-based Zenoo – whose clients include London Stock Exchange, Experian, Transunion and NASA – supplies digital onboarding and protection from financial crime for businesses and has issued a warning to the banking community that the malevolent use of AI will only become more sophisticated and prevalent in the future.
Zenoo UK managing director George Taylor said: “It’s an enormous concern how quickly and significantly AI is being innovated to assist in banking fraud. In particular, social engineering attacks to steal personal information, enable identity theft and unauthorised access to bank accounts, is becoming remarkably advanced.”
Key areas of concern include Psychographic Profiling – where AI will analyse extensive data to create detailed psychographic profiles of individuals, tailoring social engineering attacks to exploit specific psychological traits – and Manipulative Interactions where the rising use of chatbots and virtual assistants in banking will be taken advantage of to engage in prolonged, convincing interactions with targets to extract sensitive information or induce them to perform actions that compromise their security.
Taylor is calling for banking to respond to the AI threat with AI too by collaborating with AI defence systems that can learn and adapt in real-time to detect and respond to emerging threats and machine learning models to identify and predict potential fraud based on evolving patterns and behaviours.
He adds: “The key word in combatting the AI threat is ‘collaboration’. Here at Zenoo we partner with cutting edge providers of the latest AI deepfake detection solutions which can be easily integrated into existing or new customer on boarding flows to combat fraud. We must take advantage of those specialists who are analysing and responding to the AI threat on a daily basis”.
Visit Zenoo to learn more or book a demo.
About Zenoo
Zenoo specialises in the remote onboarding of customers for international companies to help them improve their conversion rates, breaking down barriers and making it easier for their customers to open accounts online. Visit partner.zenoo.com for further information. 
Media enquiriesContact Bruce Ackland on +44 7884 076548 or email [email protected] 

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