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Exploring new digital business landscapes
We live in what are both the most challenging and the most exciting times for utility companies.
Capital is at the root of the challenge. Even though utility companies continue to trade at a profit, the massive capital investment needed for major infrastructure projects can be hard to find. Reengineering existing environments for integration with new distributed models is both complex and costly and utilities also face a skills shortage as workers with heritage skills near retirement.
It’s made even tougher in the face of threats from new entrants with aggressive customer engagement techniques – but without the historical burden of infrastructure ownership.
While utilities need to address this capital challenge, they also have the opportunities presented by new commercial and operational models. Renewables have become central to new operating models, with the emergence of energy prosumers as a reality rather than a marketing construct.
New storage technologies are set to radically change an industry in which historically the product could generally only be consumed, but never stored.
These challenges and opportunities happen against a background of environmental awareness – pushed in part by a growing sense of responsibility and in part by regulation and global commitment at a governmental level.
As business technologists, we believe that your ability both to meet these challenges and seize the opportunities is inseparable from the process of digital transformation.