Utilities have to maintain the right balance between reinventing and growing their core as well as expanding into new business models and revenue streams. In order to do so, IDC Energy Insights suggest utilities to focus on three main elements: relevance, risk, and resilience.
Download this eBook that highlights why the 3Rs are important for utilities and how would they enable utilities’ transformation journey.
Relevance: Utilities have to remain relevant in a world where energy use and the expectations of digital consumers are changing. This has to do both with how utilities should evolve their core business as an industry (e.g., supporting distributed generation and storage, and moving to offering energy and flexibility as a service) as well as individually in terms of the role each company wants to carve out for itself (e.g., the carbon-neutral mobility enabler, smart city enabler, all-virtual energy retailer). Utilities should ask themselves: "How can I work on my mission and strategy to be relevant for my customers, my employees, my shareholder, and the society as a whole?"
Risk: The second R is risk, which is multifaceted. Utilities not only have to continue to excel in what they know best — that is, providing safe and reliable services to their customers — but also minimize operational risk by ensuring physical and cybersecurity as well as data protection for their customers. They also have to embrace risk, which is all the more important.
Resilience: Third, utilities need to manage resilience. This goes way beyond technical resilience, which needs to be granted
from a commodity delivery perspective. It covers business resiliency. With all the changes that are happening and the transformations
the industry itself is introducing, it is critical for companies be able to quickly readapt, become more agile, and have
an easier way of working. It's imperative to not get stuck in execution.