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It’s often said that money makes the world go ‘round - but in reality, that’s the job of the utilities industry. With electric power, gas and water being reduced to one sector, staying afloat and sailing forward in a fast-paced sector is a must. And with the current vulnerability being shared among businesses operating in the utilities and energy sector, this has never been more vital.
Nevertheless, this industry still shares core principles with the technological overhaul anticipated by a variety of other industries: sourcing new revenue streams to grow the business amongst disruption; anticipating the focus on customer experience and service; and adapting to the innovation shaking energy companies to their core.
And we know how to do all that.
There’s 2 sides to every story - and this particular tale starts with how your business operates. Daring to go digital is a necessity for each industry, but this sector needs to focus its ambitions on elevating performance and driving future growth and value via risk management.
And there’s only one way to do this: sourcing solutions via innovation.
This starts with the core of the business - calculate the scale of the innovations needed to stay afloat within the industry and complement with new business models. This encompasses technology such as the IoT, the cloud, technology that can monitor and support the individual employee, and networks rooted into your capabilities.
For those working with renewable resources, aligning data-driven insights and analytics for forecasting an unstable future is key.
Rethinking operations might seem a drastic measure, but the rewards are plentiful when the key aim is realised: and that’s satisfying the customers’ specific demands.
Moreover, these are demands you can actually pinpoint with data-driven insights. This is the starting point for the technological overhaul needed for this industry.
Navigating the customer’s individual journey is the next step, and requires each digital marketing channel to be followed and its potential unleashed with the power of marketing.
By harnessing the data derived from your customers, you can realise the relevancy required to engage and score customers from the power plant to the product despite the advances of competitors.
And thanks to our extensive experience, we can do it for you.
Director of Technology, Simply Brands
'Disruption' is a dirty word for many industries.
It’s the threat of new competitors rethinking classic marketing techniques, it’s the new products and services that might just beat out yours, and it's the proof that the wind has changed direction. Although this confirms you need to match and adapt to the new competitors, it proves you need to be one step ahead, too.
Opportunity is abundant for the utilities industry, arriving in the form of renewable resources, smart grids and distributed generation. With this comes new ways to tap into the potential of customer experience, a vital component of ensuring your business survives and succeeds in the fast-paced world of business.
For those with an ear to the ground, this process is also known as a Digital Transformation. A Digital Transformation rethinks how you manage your employees, your clients’ and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
And this starts with a technological overhaul of how you operate and communicate with your customers.
EVOLVE VIA INNOVATION
Providing the personal touch with the utilities industry might sound Mission Impossible, but by simply tuning your data-driven insights into real-time updates, you can meet your customers’ rapidly evolving needs via innovation.
DIGITALISE THE RETAIL EXPERIENCE
It’s not always about matching up specific needs to specific solutions - your customers thrive off the power of choice. And with analytics under your belt, deciding on which choices to put forward has never been easier.
CONNECT VIA ENERGY SERVICES
The customer is more connected than ever before - and your energy services need to be, as well. Bring together a focus on customers with insight into distributed technologies for customer experiences of the future.
INNOVATION IS ENGAGING
Technology is the future; the thing is, customers want that now. So, satisfy their needs and keep ‘em on their toes with innovation that the industry hasn’t seen just yet. Or, prepare to see them engage with a rival.
CHANNEL THE CUSTOMER
Social media has taken over the world - and now it’s your turn to use it to your advantage. Tap into each marketing channel available and unleash the power of data-driven marketing, leading them to a well-timed conversion.
BRING CUSTOMER SERVICE TOGETHER
Speaking of social media: invite your customers to a platform dedicated to their every need, with billing, sales, customer service, and other capabilities ensuring they stick around as a loyal customer.
IT’S TIME FOR INTELLIGENT INFRASTRUCTURE
Modernising might seem a rather vague concept surrounded by uncharted territory, but simply put, by modernising networks you can introduce technologies that streamline operations via flexibility and security.
KEEP YOUR WORKERS CONNECTED
Wearable tech, mobile phones, asset tracking, and analytics are just a couple of ways you can keep your employees connected and foster the potential of communication and collaboration.
BRING YOUR BUSINESS TOGETHER
Harness the power of the cloud to streamline the integration of other technology to lower your costs and raise the speeds of solution sourcing. Fundamentally, bringing your business together, from employee to employee, is how you can cut communication lag.
+ What is the power and utilities sector?
This sector includes all businesses that operate in electric, gas and water utilities. It includes independent power producers, energy traders, and companies that produce electricity via renewable sources.
+ Is the power and utilities sector growing?
Before the Covid-19 pandemic, the power and utilities sector was on course for strong growth as it could tap into the clean-energy transition. Despite the crisis, growth continues as new market opportunities and plans for long-term growth open up.
+ What is the future of the power and utilities industry?
The power and utilities sector will continue to move towards renewable energy sources and integrate both conventional and renewable supplies. How utilities are intended to serve customers and how the firms approach ever-evolving regulations also needs to be considered.
+ What are the trends in the power and utilities industry?
The specific trends currently being adopted by this industry include adapting power supplies to the new normal of mobile device usage such as for apps and eCommerce, sourcing innovations for improved operations, new business models, and flexible regulatory changes.
+ How is technology changing the power and utilities industry?
This sector depends on digital innovation in order to survive against competition and streamline the fundamental customer experience. But so far, technology specifically has optimised processes by altering firms’ technology infrastructure, decentralised energy production, and streamlined essential maintenance processes.
Taking things technological might seem a challenging feat set to bring turbulence to your business, but with Lolly Co at every step of the way, navigating the uncharted territory need not detract from your business. In fact, with our tech-team assessing your business’ exact needs and walking you through each step, you don’t need an map, either! But, if you do fancy finding your way around the future of your business, you can start here.
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