San Diego, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Facing aging infrastructure, technological innovations and increased government funding, utilities are executing on more capital improvement projects than ever. But internal resource constraints, as well as the volume and diverse range of projects required to strengthen utility systems, could hinder building the world class infrastructure needed for the future.
That’s according to “Utilities Rising to the Challenges of Increased Capital Project Work,” a new report released by TMG Research, of one North America’s leading utility industry experts, and sponsored by 4Liberty Inc., a solutions-based consultancy with deep operational expertise that focuses on helping utilities drive efficiencies with its comprehensive design, implement, and operate approach to solving tough problems. The report, which is based on a survey of 59 utilities of all types and sizes across the United States and Canada, as well as a number of in-depth interviews, illuminates the trends behind the increasing number of capital projects that utilities need to complete, details challenges utilities are navigating when it comes to handling these capital projects, and highlights strategies utilities are deploying to succeed.
“Utilities truly are the backbone of our society. 4Liberty supported TMG’s Research because we wanted to shine light on the critical work utilities are taking on, what’s working and what support they need,” said Sharelynn Moore, CEO of 4Liberty. “As a company dedicated to partnering with utilities to solve tough problems, 4Liberty is committed to creating strategies that drive efficiencies and affordability that help them thrive.”
The good news is that, recognizing the need to upgrade utility systems and infrastructure as essential for both modernization and national security, government funding sources and regulatory approval for capital improvement projects are on the rise. Upgrading or expanding aging infrastructure, improving physical or cybersecurity and keeping up with technological advancements are all beneficiaries of this trend.
But keeping up with government funding or grants is poised to be an ongoing challenge. As one survey respondent stated, “Most companies will not be quite ready to do all the work required when they get the grant. They will need help from organizations with the right expertise that have a deep understanding of the critical paths required for the projects.”
Among the key takeaways of “Utilities Rising to the Challenges of Increased Capital Project Work,”:
- Ninety-seven percent (97%) of survey respondents say that the number of capital projects that need to be completed is increasing, and more than 75% of utility respondents report capital investment 15%-plus higher than three years ago.
- Seventy-nine percent (79%) of utilities say there is a gap between their capacity and the amount of work that needs to get done on various projects, with 63% naming a “lack of people” the most common reason for not efficiently managing capital spend.
- Thirty-four percent (34%) of utilities say that project prioritization is their single biggest pain point, with organizational change management and project management (both 21%) also being mentioned.
- Even though 56% of utilities have internal PMOs (project management organizations), project/program management was the top skillset utilities reported as necessary to augment execution of capital projects, indicating a skill gap. 64% of utilities would consider outsourcing PMO responsibilities if they were assured of greater efficiency and program predictability.
“For years, the utility industry has been focused on the future. The truth is the future is now, it’s here, and it’s not waiting around,” continued Moore, who has worked in the utility industry for 25 years. “Strategic prioritization, breaking down silos and performance-built project management are more important than ever before.”
The full report, “Utilities Rising to the Challenges of Increased Capital Project Work,” will be available in Booth 401 at T&D World Live in Atlanta, or can be downloaded here: A TMG Research Report: PMO - Sponsored by 4Liberty (hs-sites.com).
About 4Liberty, Inc.,
Established in 2009, 4Liberty is a certified Women-Owned and Operated Business Enterprise headquartered in San Diego, California. We are a leading solutions-based consultancy with deep operational expertise that focuses on helping utilities drive efficiencies with our comprehensive design, implement, and operate approach to solving tough problems. As a strategic partner, we leverage our proven methodology to ensure that we comprehensively understand the problem or opportunity and implement a plan the drives improvements and success across all stakeholders. We are a force multiplier that helps utilities get more done and deploy capital more effectively and efficiently.4Liberty, Inc. provides comprehensive services for large-scale programs to diverse clients across the United States and Canada. For more information, visit: https://www.4liberty.com/
ABOUT TMG an RIA Company
TMG, an RIA Company, is an advisory, professional services, and research firm working with utilities to plan, develop, implement, and manage their digital technology solutions and service providers' ecosystem. Over the past 30 years, TMG has worked with over 300 utilities, matching their business needs with digital solutions, systems integrators, and implementation services to maximize the value of their customers and optimize and de-risk their IT investment. TMG brings deep experience across all major IT domains, including CIS, Metering, Asset Management, Work Management, Resource Planning, and ERP. TMG’s clients include utilities of all sizes providing Water, Gas, Electric, and Municipal Services in both regulated, competitive, and public power markets.
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Angela Lockwood 4Liberty 5092208869 ALockwood@4liberty.com Amanda Baak TMG 512-993-6331 Amanda.baak@tmgconsulting.com
