Yes, UTILIZING is a Scrabble word!

Letter values in Scrabble US: U 1, T 1, I 1, L 1, I 1, Z 10, I 1, N 1, G 2.

Is it a valid word?

UTILIZING is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

put into service; make work or employ for a particular purpose or for its inherent or natural purpose
convert (from an investment trust to a unit trust)