Utilities companies are shedding their reputation for slow adoption of digital technologies, according to our study. Using IoT, AI, automation and analytics, they aim to eliminate slow processes, elevate customer experience and deliver measurable results to boost sustainability.
Utilities’ business models have remained unchanged for the past 100-plus years. For the most part, these organizations operated in a monopolistic and highly regulated cost-plus environment, only driven by competition where deregulation was allowed. Because the “customer” was the meter itself, there was little incentive to understand the individual or business behind it.
A sector that has been traditionally recognized for stability, reliability and predictability now faces a once-in-a-decade shift across every aspect of the business, from operations and maintenance to customer engagement, as utilities realize how much more can be achieved with digital.