Reinvent your energy business now, or else fade away

Dec 15, 2022
  • IT
  • utilities
  • SAP
  • artificial intelligence & RPA

Reinvent your energy business now, or else fade away. Consumers are under pressure, urban dynamics are changing, the best market players are adapting. Energy businesses are under constant pressure to adapt and evolve. In his new blog, Richard Evans, Head of Solutions & Innovations at Delaware, outlines the innovations that will help your energy business pave the way to excellence. 

 

Operational and service excellence for energy businesses

From traditional energy to green energy providers, all aspects of the energy market face new challenges triggered by changing geo-political situations, digital disruption, evolved business models and consumer dynamics.

Depending on the marketplace and business model, energy companies face unique as well as universal challenges caused by digital transformation and the evolution of businesses within the sector. 

However, these same challenges also bring opportunity, providing energy businesses with the tools they need to survive and grow sustainably in an increasingly mobile, efficient and customer sentiment driven economy.

Digital twins, IoT, smart assets, automation, artificial intelligence and more – these innovations aren’t on the horizon, they’re here and now. The future of the energy sector lies in its ability to adapt and bring real value-added services to operations and ultimately to customers in creative ways.

Key challenges faced by the energy industry

  1. Asset Integrity: maximizing availability and performance whilst balancing sustainability goals.
  2. Changing consumer habits: changing customer buying patterns have a significant impact on company revenue. Businesses must constantly react to fundamental global scale shifts in demand.  
  3. Supply chain unpredictability: the rate of change driving the energy transition makes it increasingly more and more difficult for organisations to maintain operational performance. Energy businesses must drive resilience into their supply chains in order to tackle the pressure of fluctuation. 
  4. Margin pressure: the expectation to deliver excellent service at competitive prices.
  5. Driving back-office: the back-office is under constant pressure to align processes, reduce rework and improve levels of quality, efficiency and reliability across operations.

The solution: energy companies must work more intelligently

The solution to all of these challenges hinges on organisational evolution or possibly even “re-invention”. Energy companies must become more intelligent.

To become truly intelligent, businesses must collaborate effectively with consumers and other industry players, rely on targeted data insights to streamline operations, offer IT solutions to a mobile workforce and develop new or adjacent models for products and services.  

Innovations that pave the way to excellence 

A number of new technologies have matured in use and are available to companies that have the desire to completely change the way that they use technology to address risks, operate more efficiently, as well as to interact and offer tailored services:

  • Predictive maintenance through sensors and data analytics;
  • Real-time oversight and management of consumer networks;
  • Enhanced performance through augmented reality;
  • New ecosystems that incorporate ‘prosumers’ – consumers that both use and produce.
We'll help you embrace change and exploit the digital transformation to your advantage, by providing digital solutions that will empower your organisation.

Embrace the digital future with Delaware

Richard Evans
Head of Solutions and Innovation for Energy
Delaware UK&I

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