Technologies are helping the utility industry to modernize its business model by driving a customer-centric approach.
FREMONT, CA: The possibilities and benefits of technology are endless and the advancing tech trends are imperative for the utilities like water, electricity, oil, and energy in a substantial way. The transformation that the new and existing technology brings has notable benefits for businesses. Utilities are tasked with balancing disruptive forces at an increasing rate with a deep commitment to customer satisfaction. With a customer-centric mindset, leveraging new technologies will help utility companies adapt and thrive ahead.
Cloud-based software has enabled businesses of all sizes to take the benefit of speed, security, and scalability. It has also helped software organizations in deploying, refining, and updating offerings with features and enhancements in ways that were earlier not possible for software installed on office local machines. Many enterprise software suppliers are cloud-first, offering the best of the needed features.
• The Internet of Things (IoT)
Utilities have the responsibility to manage pipelines, powerlines, dams, among others, to make up the infrastructure. This enables them to generate and deliver power and water. Nowadays, users are increasingly comfortable with connected lights and other smart devices in their homes. With the help of apps and smart speakers, intelligent network connectivity is expected to get better and accurate steadily.
• Artificial Intelligence
Constant connectivity and increasingly more intelligent equipment add up to a lot more data being collected and in need of being processed. Every other business is in the data businesses virtually. Data can also be translated into real business insight with measurable impact. The potential for all of this data is only realized when a service organization has the tools to analyze and understand it.
• Renewable Energy Sources
Renewable energy sources and mandates are impacting utilities on an increasing scale. This comes as no surprise as it is now required to include greener sources as a part of the overall energy portfolio. Businesses have enabled users to send and sell power to the grid. Renewable sources adoption makes pricing power complicated, but it accounts for a small amount of the global energy market. In the future, utilities will recapitulate to fight advanced flexible pricing models and evaluating the need to manage and repair maturing infrastructure while investing in building greener options.
• Augmented Reality
Augmented Reality (AR) is the next, and a better tool that enables a technician at a job site to view added information about equipment wearing AR-enabled wearables. Utilities face both high demand and an aging workforce and the inevitable knowledge loss. AR can now alleviate the impact of changing employee demographics.
An external service provider needs to promptly align with the core workforce when work type or volume changes. Numerous benefits will make their way into the industry with understanding the deeper insights of technologies and offering a much better idea of distribution. Technology is ever progressing, and the possibilities and advantages are endless.