Utilities are ripe for digital transformation
Utilities are of course massive business, those that get it right will likely see some of the the biggest financial gains from embracing and adapting its digital transformation.
With the advent of smart meters and a competitive market place, independents are challenging and disrupting the until now fairly unchanging market place. These smaller players are often passionate on brand, ethics and service that manifests itself through the ‘digital customer journey’ retaining and acquiring new customers. By taking advantage of customers gripes on service levels and pricing structures these new brands entering into the fray are challenging the big six with the digital and transformational intensity they carry.
That’s not to say some of the large utility players, whilst seen as fairly conservative in their adoption of digital have adapted to the challenges faced knowing that brand and consumers really matter, enough to do something about it.
There have been numerous studies on different sectors and large companies over the last 3 years with all in agreement on one thing, those that invest money and management in digital will lead the game and get the best value and growth.
In order for digital transformation to get the best value and growth for a company it must be applied through the value chain. For utilities this means innovating on an enterprise level about how services and people are supported and managed, for example through ‘digitising’ the field force we can improve the planning, scheduling and logistics. By embracing digital asset management, we can radically change and improve how we manage and monitor information and condition of assets.
All these and many more digital initiatives will transform companies but the finally the focus has and must return to the customer, not the technology.
We still face hurdles of security concerns, sourcing the right technology partners, supporting those deployments and keeping pace with advancements, but with good strategy, process and buy in from the top these are all surmountable.
The customer will ultimately decide whether your transformational change has worked by how quickly you reach them, how you engage with them and how you service them through a seamless omni-channel experience.