Power and Water Utilities 2021 Review
The utility sector is undergoing a fast transformation. The need for sophisticated technology, smart cities, and electric transportation is increasing in lockstep with the rising demand for renewable energy and sustainability. This means the industry bears a large portion of the burden of this massive shift, and their choices today will have a major effect on society for centuries to come.
That said, any utility company, whether it is supplying electricity, gas, water, or waste, should invest in the development of intelligent solutions and maximize energy efficiency within its own operations while protecting and preserving a safe and sustainable environment for the future.
A recent SAP webinar addressed the problems and opportunities facing utilities. Among the industry’s major change agents include the increasing cost of shutdowns and harsh weather, balancing supply and demand, increasing complexity, the shift in consumer preferences, and digital adoption.
A number of top utility firms are already working on innovative methods to combat these challenges and offer services that benefit their stakeholders and consumers. This entails rethinking utility operations and developing intelligent solutions that consider the following factors:
- new business models for non-commodity products and services.
- the gap between investments in electricity and renewable energy and investments in oil and gas
- data privacy and cyber security
- new regulatory and reporting requirements
To stay competitive, utility companies must be sturdy and adaptive, always improving processes and innovating. They should keep in mind the following strategic aims while they continue their digital transformation: evaluating other revenue streams, connecting with clients, boosting operational efficiency, and complying with regulations and security standards.
Utility firms will need to innovate in order to retain stability amid the industry’s seismic change. Utilities must become nimbler and more efficient by experimenting with new delivery methods and business models and using modern technology to take their operations to the next level. How the utility businesses develop and respond to its difficulties over the next ten years will have far-reaching implications for future generations.
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