It has been predicted that by 2020 the way people interact with brands will become a key differentiator for companies to establish a clear competitive advantage. With 73% of customers willing to pay more for a better experience, it’s clear that companies need to make sure they meet the growing expectations. This steady rise in customer expectations has been driven by a growth in digital trends, which has spurred the need for companies to incorporate digital in all aspects of their business. Following this, the advancements made by technology services providers, digital retail and fintech have got customers accustomed to a highly intuitive and personalized level of service.
So, as we move into a future of digital evolution, energy and utility providers will need to consider how they will deliver the right experience for their customers. To put it simply, it’s become business critical for energy and utilities to embrace the power that digital transformation can bring. It can transform the way in which they operate, serve customers, manage costs, optimize processes, and capture new market opportunities; the possibilities are endless.
Here are some key areas that energy and utilities can certainly benefit from embarking on a digital transformation journey:
These new-age digital solutions use innovative technologies which present an opportunity for tech-savvy utilities to take advantage of these developments and outperform status quo competitors. For e.g., implementation of business analytics (AI and ML-based) reporting solutions to enable an enterprise to make positive decisions.
The onset of digital transformation has certainly built-up the need to adopt customer-centric services that deliver a superior customer experience. This may include virtual assistants to manage usage and make personalized suggestions, at-home electric vehicle charging stations and the option to buy community solar shares.
The smartphone disruption has made it a mandate for customers to manage everything while on the move. All thanks to the power of mobile devices. This comes as a great opportunity for energy and utility providers to allow their customers one-click energy and water management, secure payment options, and greater control and convenience to establish a personal relationship with the utility.
Manage diverse, interconnected assets
Digital transformation is helping a network of sensors, drones, cameras work together to monitor the status of utility assets and equipment. The tools can analyze performance, predict failures and avert a problem. This can address problems such as high maintenance costs and lack of support to improve the reliability of services.
Adherence to regulatory compliance
Energy and utility provider need to comply with various state driven laws, environmental and non-environmental compliances, etc. And, there are new policies and standards that come up time and again and a digital solution is a way to help utilities comply with these laws and rules.
There is a growing call to save energy and water, which have led energy and utility providers to focus on water conservation and energy efficiency. Embracing innovative digital solution presents utilities with an opportunity to offer their customer to take decisive steps towards saving energy and water.
To compete in redesigned markets and support new business models, utilities must re-model themselves and strategies for an advanced future. With a multitude of industries embracing the digital revolution, going digital may help deliver unfathomable benefits for the energy and utility industry. It is urgent and extremely significant for utilities to move with the rapidly changing technology environment, and utilities must comprehend the urgency of digital transformation and keep up with the advancing technology developments.
Smart Energy Water (SEW) is collaborating with utilities across the globe to help them digitally transform their business. Our digital customer engagement solution helps utilities simply utility-customer interactions, create a seamless user experience and support customers throughout their journey.
In a live webinar on Tuesday, June 11 at 2:00 PM (ET), SEW along with industry leaders from Oklahoma Gas and Electric (OGE) and Corix Group , will share their insights on ‘Accelerating digital transformation for utilities by improving digital customer engagement and experience’.
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