How Digital Transformation is Influencing Utilities

Technology is witnessing rapid changes and the changes are affecting everyone in every business in every industry. The field of power and utility is no exception and is also subject to the change being provided by advancing technology. In fact, the majority of changes being made which are impacting the utility business actually represent a digital transformation as things are unfolding in front of us. The future is not exactly certain but the information we have about digital transformation right now gives us an insight about the influence it is having on the utility industry.
What are the most profitable business models today?
The business models that were in place as little as two or even one decade ago are no longer as effective as they were back in the day. There was a stringent selection of options available to users in the times of the long standing archaic systems but with the advent of the digital transformation, users now have plenty of options to choose the company and their services, which are most befitting for their use. Customers are now savvier and expect companies to provide more services and the surplus of eco friendly practices.
According to the Digital Utilities Roadmap, these are the three business models which will most likely emerge:
• Renewable energy generation at minimal cost
• Distribution which is smart and efficient (particularly attractive to the savvier customers)
• Services which can balance the demand and supply concerns
What are the best ways to meet the power needs of today?
According to the Union of Concerned Scientists, sustainable power is achievable by making renewable energy the focus of our concerns. Customers are more willing to choose solar and wind powered sources of energy since they provide an alternative to the less cleaner and more costly options, which have been in use (fossil fuels and nuclear energy). As the advent of choice is becoming more common, alternative sources of power will become more reliable and extend their reach to even the most remotely located customers. Almost everyone shares a digital connection now and through that connection, word about the benefits of renewable energy will spread.
Which tech trends have the biggest influence on the utility industry today?
Smart electronic devices and home products are not just a convenience for customers nowadays. These advancements humankind has made in technology have had a big impact on the utility market as well. To put it in the most simplistic way, smart products are inhibiting the creation of smart consumers. The users are now able to measure the usage of their utilities and get a better understanding of where and how their energy is coming from and where it is being expended. This also gives them a better insight on how to more effectively make use of energy and manage their utility bills better.
The Big Data which smart home and smart device industries are providing utility companies makes for a big difference. Big data was never available to these companies before and by using the information that they have now, utility companies can adjust the services that they are providing to make the optimal usage of resources.
The utility industry and the world at large are in the midst of great changes being made so the story about digital transformation and the utility industry has not yet reached a climax. In light of the current circumstances however, the future looks bright and it is best to take advantage of all the benefits advancing technology is providing.