Renewable energy sources are changing the traditional energy supply landscape and have a significant impact on operations, customer involvement and business models. As a result, energy companies are under increasing pressure, which is also having an impact on investment decisions, competitive dynamics and ecosystems.
A recent IDC report, focusing primarily on the Asia-Pacific region – analyzed how energy companies need to develop in order to survive and thrive in the coming years
The International Energy Agency (IEA) estimates that investment in renewable energy over the next three years is expected to exceed 50%. percent will be realized in Asia. The growth of renewable energy sources will have a significant impact on the Asian utility market, as network management implications and commercial requirements will require a focus on innovation at the technology and business model level.
The IDC Industry 4.0 survey shows that For 63 percent of Asian utilities, reducing operational risks is a top business priority, while 56 percent of utilities see an integrated operating environment as a key area for innovation. IDC has identified key areas for companies to consider when moving to a company of the future
Business Transformation. The focus should be on fundamental changes at the business level, bringing together the future of customers, digital innovation and industry ecosystems
Organizational transformation. This area includes the organizational changes needed to enable digital capabilities and build a digital business-centric platform that combines the future of operation and work
Transformation of technology. This means new technological capabilities and digitalisation across the business, bringing together the future of connectivity, intelligence and infrastructure.
IDC believes that increased sustainable investment will have a significant impact on energy providers’ priorities. This will include the following capabilities:
- Network management for reliability, flexibility and security.
- Monitoring data and its impact on customers, products / services, operations and future business models
- Responding to new entrants
- Responding to the need for business model and regulatory changes that affect customer offerings and relationships.
The energy business of the future must be agile, flexible, reliable and adaptable. These companies will be more distributed and customer-centric, and will require new products and services. Electricity companies need to build the capacity to manage a complex and distributed environment. Developing these capabilities will require a smart, interconnected infrastructure, a platform for integration and innovation across business and ecosystems, and data-enabled capabilities for agile innovation. Automation, artificial intelligence and analytics capabilities will be key.
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