Digital transformation in the utilities industry is going to the next level.
In the face of rapid evolution of technology, the utilities industry is under special pressure to adopt innovations.
The constant demand for improvements is multiplied by rising customer and partner expectations. That is why it’s time for utilities companies to make better decisions for improving processes and customer experience.
This is where digital transformation can offer benefits, such as automatization, in order to help you keep up with fluctuating market challenges.
The essential idea behind the digital transformation in the utilities industry is adopting digital accelerators. Just as the Tin Man once wanted to upgrade from his iron heart to a human one, wise companies have to reforge their dated technologies with brand new ones.
Here, we will describe the major trends of digital transformation in the utilities industry and their benefits.
4 trends dominating digital transformation in the utilities industry
1. Edge computing
According to IDC’s predictions for the utilities industry, by the year 2020, 65% of power, water and gas companies will invest in edge analytics/computing in pursuit of greater optimization and operational excellence.
Edge computing will help relocate all critical parts of the network closer to the end-user. It includes both hardware and software changes so that most of it could be regulated from the cloud.
Such a solution will not only minimize the risks but boost the agility of the whole system. Moving closer to clients will tremendously reduce the time for reacting to potential problems as well as help with the monitoring of flaws.
Such changes will create the perfect space for beneficial collaborations and additional revenue streams, since utilities companies could team up with civic authorities and local businesses.
2. Digital twins
Yet another trend of digital transformation in the utilities industry is the adoption of digital twins.
In a nutshell, “digital twins” means the creation of a digital copy of your system. First of all, a digital twins system allows utilities companies to scan the whole network for upcoming or possible problems.
Having a digital copy of the network will help you quickly react to unfortunate situations reducing time spent on maintenance.
The second benefit of digital twins is the possibility of further development. Once your assets are in a flexible digital environment, you will have more space for an analytical approach to engineering solutions and cutting-edge solutions.
3. Digital security
By the year 2020, the risk of cyber attacks will cost utilities companies around 1% of their annual turnover. It’s such a low percentage thanks to rapid integration of modern cyber-security systems.
Nowadays, a major global issue is the possibility of private data and money leaks due to hacker attacks.
Internet of Things (IoT) became an integral part of the utilities industry just as it did for other sectors. However, since everything is now connected through the web, all these “things” are now targets for hackers.
Fortunately, specialists work for both sides of the market and therefore, there are now many good solutions for cyber-security.
A secure AI-based security system will prevent unauthorized access from both the digital and physical worlds. It will also keep your data safe and sound, protecting it from malicious interventions through accounting systems.
4. Customer experience
Customer’s convenience is the number one priority of every business. So a digital implementation for customer solutions is of primary concern to modern utility enterprises.
Since everything went digital and the preferred access point for most customers is now through their smartphone or tablet, utilities companies are required to have a strong presence there.
The simplicity of managing processes through apps and websites is key to high customer satisfaction. Also, a digital connection with your customers will help save you time and money, since it reduces the number of calls to help centers.
You can rapidly inform customers about crucial news and events, as well as react to their feedback. All the while, the AI-controlled network can handle other routine tasks.
As a bonus, it boosts client confidence in your enterprise when two-way communication is easy, powered by data, and accessible via multiple channels.
Digital transformation is the path of development for every industry. However, digital transformation in the utilities industry is of the utmost importance.
Technological progress brings new solutions for everyday struggles and utilities companies should be there to adopt the newest digital developments to improve customer satisfaction.
Changes in hardware, adoption of new SaaS, faster data analysis, and cloud-based solutions will make the biggest impact on your everyday internal processes. In the long run, it will also improve both your customers’ and partners’ experiences.
That is why it’s your duty to strategize your changes today, so customers continue to choose you as a trusted utilities provider of tomorrow.