Enabling Utilities Become PowerhouSEW of Innovation
As per Wikipedia, ‘Innovation can be defined simply as a “new idea, device, or method”. However, Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.’
If we apply the above definition in reality one could imagine that they’re driving home on a hot summer day. But rather than turning the air conditioner on when they get home and wait for the house to cool, they simply use their smartphone when they leave their office to tell their smart thermostat to lower the temperature.
Above example is just a sneak peek into the world of unlimited opportunities and unarticulated needs that the consumers today are now exposed to, to make living simpler by adopting smart technologies. Consumers today are increasingly educating themselves about their many innovative energy choices. This means that smart home technology has the potential to be a major disruptor for energy utilities. Fresh thinking is needed to entice new customers and a number of companies are offering original solutions that give us a glimpse of the future retail energy market. The unprecedented pace of change in the energy utility sector makes innovation more important than ever – but also creates a new challenge to understand what innovation means today. Truly innovative companies that are using disruptive thinking and latest technologies like cloud based platforms to engage the utility customers and workforce with two way communication via notifications and feedbacks, using real time data ensure success and transformed customer relations. Energy companies need innovation in their business models, in their products and services, in their marketing and in the way they interact directly with customers. The challenge is to embed innovation across an organization, so as to stand out – and continue to stand out – in a crowded and constantly evolving marketplace.
“IoT is eliminating barriers and allowing the utilities target large audiences and enabling new business opportunities and delivery models”
Innovation and Digitalization are indeed the keywords for the Utilities with a futuristic perspective. On the basis of software, IoT in utility market is segmented into analytics, security, operations control, smart grid management, predictive analysis and billing system. The increasing trends of mobile, cloud, and smart devices along with technologies such as predictive analytics for business, conducive platforms for analytics, and end-to-end automation are significantly driving the market across the world. These benefits are the prime reasons for increasing investment in analytics solutions segment by major enterpriSEW and business. A recent research shows that 81% of people noticed a positive impact from smart heating with over 95% already seeing the benefits from their smart appliances.
It would be fair to believe that much like the adoption of smart phones and other smart technology -momentum is building at an accelerating pace for the Utilities as well. Information is everywhere. Innovation in how it is used will determine which energy utilities have a competitive edge. Companies need to change this lack of knowledge into profitable opportunity.