With an eye on the future, digital transformation offers Utilities the opportunity to be more efficient, responsive and innovative in delivering services. Digital transformation also provides improved customer engagement on mobile, social and web interfaces. This enables better two-way communications that lead to customized rate plans, products, and services based on customer usage, resulting in improved data management and analytics leading to higher operational efficiencies in the generation, transmission, and distribution. The industry is likely to witness a significant transformation which will eventually serve the best interest of both the consumer and the Utilities industry.
Crossroads of the Utilities Sector Business Model
These are very interesting times for the Utilities sector. The business model, which has served the industry and their customers so well in the last fifty years or more, now seems at risk in the long run, especially in developed economies. With unprecedented technology shifts, new regulations and evolving customer expectations, the utilities players need to re-package their services and introduce changes to their existing processes to keep up with the rapidly changing environment.
Utilities today face some large-scale market changing dynamics we will unveil in this article.
Published By Avasant