The Utilities industry is experiencing a perfect storm of both traditional and new challenges. These include the need for large capital investments with increasing operational expenses, new market entrants, strict regulation and compliance, disruptive technologies from alternative fuel resources, and growing customer-service expectations. Enterprise transformation, in parallel with a new business model, is a necessary response to a rapidly changing business landscape.
Given the new and evolving market forces in play, utilities companies must embrace new technologies and business processes to deliver state-of-the-art customer solutions coupled with significant advances in operational capability. Several key factors are responsible in shaping this new landscape. These include the following:
- The need to process and analyze massive quantities of smart meter data
- Use of big data insights for asset optimization and improved service performance
- Unprecedented customer and device connectivity via mobile solutions and the Internet of Things (IoT)
- New and enhanced capabilities for cyber security
- New business model for distributed energy resources (DER)
- New solution needs for demand response, customer information, and billing