To keep up with continuous changes and growing demands, energy companies will have to focus on their digital competencies.
FREMONT, CA: All industries had to face challenges and deal with the small and big changes around them. With lockdowns worldwide, projects and installations being put on hold, or tenders being postponed, the energy sector is no exception. However, global pandemic also accelerated creativity, digitization, and the creation of novel services. So, what can firms expect to see in energy in the coming years?
• Customer Centricity
People have become used to high-quality digital services, and their expectations towards transparency and flexibility are now higher. As a result, customers become more likely to change energy providers. The demands of end-users are also evolving. It’s time for energy companies to put customer-centricity at the core of every decision. Customer feedback and insights will raise the acceptance of novel tools and validate underlying assumptions. Moreover, customer-centricity will allow power companies to bridge the delivery gap, retain and refine their customer base, and stay relevant in a market.
• More Efficient Smart Grids
Technologies like IoT and asset-tracking devices, drones, or satellites generate a lot of data. Sharing that data with stakeholders and empowering them to find the correct answers to the right questions will be vital to making grid operation more resilient, flexible, and sustainable. This knowledge allows demand forecasting and effective energy management, but it can also prevent fraud, reduce loss, enhance compliance with regulatory requests, and improve customer services. Using data in the right way will positively impact user satisfaction and ultimately help energy companies turn data into money.
• Automated and AI-Augmented Energy Management
An increasing amount of energy production causes shorter lead times and increases the demand for nearly real-time management of both production and demand. Analytical solutions offer the real-time analysis needed to streamline operational performance and decision-making. As a result of shorter lead times in the market, the focus in power management moves from long-term planning to allow near real-time reaction to changes. This calls for automated and data-augmented bidding and dispatching processes for energy companies and companies that work in energy-intensive sectors.