Utilities Tech Outlook Weekly Brief
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Energy and utility companies are strategizing a roadmap and a powerful platform to offer an enhanced digital user experience, making customers happy.
FERMONT, CA: As the utility industry provides appropriate, satisfying and genuinely customized experiences, it is also tasked with lowering expenses and uncovering fresh income sources. The utility sector, by investing in customer-facing technology with a reimagined operating model that allows future changes to be implemented, smoothly minimizes danger, increases effectiveness, and serves its clients better. This enables clients to communicate directly with the utility conveniently and autonomously through a multitude of platforms and channels.
Utilities are leveraging information management capacities, process automation, and incorporating new techniques into its organizational structure to achieve success in a quickly evolving industry. It is essential to take decisive action and commit to enduring change for a utility to develop into a truly digital organization.
A new organizational structure is essential when changing the way business is performed to enforce digital alternatives correctly. A Digital Operating Model (DOM) enables activities to move to an agile model that promotes cooperation between stakeholders and seamlessly integrates new technologies into company activities to enhance products and services. It can be channelled through a defined process by altering how the company communicates and operates. By promoting an adequate representation of stakeholders and ensuring that the utility can adapt to the accelerating technology landscape, the industry will be able to maximize its quality of service to clients.
To assess and deliver on the expected value of this digital evolution, the utility sector needs to identify clear goals, process owners and stakeholders, as well as relevant metrics that determine if the company is contemporary and flexible. Metrics should cover both operating efficiencies and price cuts, and span the organization as a whole. The key here is to socialize these metrics with system managers to guarantee stakeholders buy-in and recognize pain points early in the process before and during project execution.
A utility enterprise must carry out an honest and objective evaluation of its capacities and a realistic roadmap to move towards creating milestones in future. This involves understanding current digital capabilities, requires execution timeline, level of senior management engagement, legislative and financial considerations or constraints, etc. It also implies defining the vision and the main drivers behind this important company shift.
When the value is driven both by enhanced client interaction skills and extended technological features, creating an organization that is more responsive and adaptive, the advantage of becoming a next-generation energy company is fully realized. To develop clear and transparent procedures, governance, communication channels and decision-making processes in the utility, a digital operating model that brings together IT and business groups is crucial. All-in-all, the utility sector is sure to uncover deeper technological insights into devising client-first features and methods, implementing innovative alternatives that serve the best.
