Power and Water Utilities
Utilities such as water, electricity and gas are crucial services that play a vibrant role in economic and social development to the lives of global people. Quality power and water utilities are a prerequisite for effective poverty suppression.
The transformation of the electric power industry is poised to accelerate through increased use of digital technologies and the growth of electric vehicles.
As these forces accelerate, electric power companies are tapping new technologies to serve increasingly sophisticated customers conditioned by other industries to expect a high-tech digital experience. Adequate staffing levels and training in the use of new technologies are important for ensuring efficiency and safety in the workplace.
Transformation of the Industries through Technologies
An examination of short and long term change drivers reveals how the industry will likely look in the future and how to manage it. At the crossroad of a traditional past and future, the energy and utilities industry have been fairly successful in placing itself at a high level of technology maturity. The next level of transformation for the industry is aimed at providing enhanced customer experience and optimizing operational efficiency costs in a highly competitive landscape.
In a years’ stance, it highlighted that the power and utility businesses was well into a period of transformation and profound change driven by technological and competitive forces, as well as changing customer expectations.
New technologies are also expanding opportunities to improve operational efficiencies and prompting experiments with new business models.
Change has begun, but it will need to spread faster for regulated utilities to meet evolving customer expectations. Machine learning, innovation and competition are about to change in a long established industry. People will always need power.
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