The digital revolution has already descended on the Utility industry, birthing products like renewables, smart grids and meters and distributed generation. All Utility businesses need to digitalise their operations and infrastructure to catch up to the complexities of their new assets, the demands of their tech-savvy customers and the environmental requirements of governments and regulatory bodies.
The pressure for digital innovation is intensified by the necessity to economise wherever possible as end-user consumption continues to decline and cause losses in revenue. At the same time customers are demanding greener, more cost-efficient products and services. Those businesses that can streamline their operations, protect and optimise valuable assets and improve their customer experience will take the lead, leaving those that fail to undergo digital transformation behind.
Challenges in the Utility Industry
Whether your business is focused on electric, hydroelectric, fossil, natural gas and power generation and distribution, or water supply and sewage management, you will have experienced increased overheads and infrastructure expenditure, strict regulatory requirements and rising time and cost constraints. The temptation may be to pass these costs to the end-user. However, in today’s world of seemingly limitless customer choice and demand, customers are seeking more economical and environmentally friendly utility alternatives. In addition, Utilities’ businesses are starting to partner up with smart cities and building companies for better energy and environmental planning. These factors require more streamlined processes and better visibility on order to achieve the desired results. Utility businesses need to start looking at smarter ways of saving money and increasing operational efficiency in other areas of their business.