However, digital disrupters are changing customer needs and behaviors. As the U.S. power and utilities industry continues to transform, more flexible regulatory initiatives may bring new opportunities. Moving closer to clients will tremendously reduce the time for reacting to potential problems as well as help with the monitoring of flaws. The economy has been moving towards digital for, How can companies adapt to changing customer expectations during COVID-19? Dec 16, 2020 (The Expresswire) -- "Final Report will add the analysis of the impact of COVID-19 on this industry." Digital Utility Market report analyses the impact of Coronavirus (COVID-19) on the Digital Utility industry. Notify me of follow-up comments by email. However, since everything is now connected through the web, all these “things” are now targets for hackers. 7 8 Four Key Trends Shaping the energy and utility company of the future In response to the disruptive forces facing their industry, energy and utility companies need to define their strategic priorities in four areas. (1) Technology Trends in the Utilities Industry Both socioeconomic pressures and technology innovations are driving the utilities industry towards the digital world. Time to value is incredibly important as historically, many enterprise solutions require long, disruptive implementations. Fast forward to today and, while still laser-focused on reliability and affordability, the power and utilities sector appears to be morphing into an increasingl… Internet of Things (IoT) became an integral part of the utilities industry just as it did for other sectors. Such a solution will not only minimize the risks but boost the agility of the whole system. ServiceMax Newsroom In a nutshell, “ digital twins ” means the creation of a digital copy of your system. Once your assets are in a flexible digital environment, you will have more space for an analytical approach to engineering solutions and cutting-edge solutions. Market Guide for Mobile Workforce Management (MWM) for Utilities. We examined three on-the-go tech trends at this year's DISTRIBUTECH event. Prior to ServiceMax, Kristen held Content Marketing Manager roles at startups including Zinc and cielo24. In an industry environment characterized by volatile and high-volume work, capitalizing on every opportunity to be less reactive is key. According to GE, there are 10 digital trends which define the current revolution and will determine the future of the world’s power and utilities sector. Just as the Tin Man once wanted to upgrade from his iron heart to a human one, wise companies have to reforge their dated technologies with brand new ones. The Samsung Galaxy Fit 2 … Although some of the trends around climate goals, distributed energy resources (DER) and growth will continue, the COVID-19 pandemic has catalysed the transition, according to the study. A secure AI-based security system will prevent unauthorized access from both the digital and physical worlds. New IoT trends in manufacturing have been emerged in the last 5 years. In the long run, it will also improve both your customers’ and partners’ experiences. Customer’s convenience is the number one priority of every business. The constant demand for improvements is multiplied by rising customer and partner expectations. Changes in hardware, adoption of new SaaS, faster data analysis, and cloud-based solutions will make the biggest impact on your everyday internal processes. Meet Our Experts Nowadays, a major global issue is the possibility of private data and money leaks due to hacker attacks. Such changes will create the perfect space for beneficial collaborations and additional revenue streams, since utilities companies could team up with civic authorities and local businesses. Utilities Want to Be More Proactive. Following in the footsteps of field service organizations, utilities have expressed growing interest in applying analytics in order to perform proactive service. First of all, a digital twins system allows utilities companies to scan the … At many utility companies, an emphasis on energy storage is opening the door for field service focused vendors. Utilities have not historically been quick to adopt new technology, but digital transformation trends in the utility industry are taking hold. IDC’s predictions for the utilities industry. In the face of rapid evolution of technology, the utilities industry is under special pressure to adopt innovations. Today, most of the utility industry lags behind the progress that other industries have made in digitalization, customer engagement and the everyday use of advanced analytics to generate value from data. Thepower and utilities sector was traditionally where many parents or grandparents parked their savings as they got older, attracted by low volatility and stable returns. The second benefit of digital twins is the possibility of further development. "I have spent much of my career as an independent digital transformation and ERP consultant in the utilities industry, so I know how complex, costly, and difficult these types of transformations can be in this vertical." Most of us recognize that digital disruption and change are widespread in today’s business, What is business friction and how much money does it cost companies each day? Cloud-based solutions that can be up and running quickly create a huge advantage for utility companies. Tech trends for utilities in 2020: digital transformation will not be driven by technology By Michael O’Donnell, SAP | 12.28.19 Disruptions and adaptations have become the new normal for utilities companies over the last few years, but challenges reached a fever pitch in 2019: shifting regulations; evolving customer demands; digital pressures; cyber security. Because of generational transitions, aging grids, highly distributed workforces and technological advances, interest and investments in digital innovation are becoming high priority. Yet another trend of digital transformation in the utilities industry is the adoption of digital twins. We use cookies to ensure that we give you the best experience on our website. First of all, a digital twins system allows utilities companies to scan the whole network for upcoming or possible problems. The 5 Biggest Technology Trends Disrupting Engineering And Design In 2020 Adobe Stock Digital Twins Imagine the power of being able to design and build something virtually to … In this article, we’ll learn what business friction is, how it, In 2020, it became clear to many companies that they must accelerate the shift to digital channels. That is why it’s time for utilities companies to make better decisions for improving processes and customer experience. In a nutshell, “digital twins” means the creation of a digital copy of your system. Digital Trends offers the latest coverage on all things tech with in-depth product reviews, videos, news, and the best deals happening now. 1. Digital transformation is revolutionizing every industry. Certain trends and actions stand out above the rest, from renewables dominating utility resource plans to liability concerns in California. Read full article on Transform. Digital transformation is the path of development for every industry. About ServiceMax Water Utility Management Top Water Trends to Watch in 2020 Bluefield’s Reese Tisdale provides perspective on what he considers the most innovative, impactful water industry trends … Kristen is the Content Marketing Manager at ServiceMax and Editor of Field Service Digital. Digital transformation vs. digital shift – is there a difference between the two terms? ■Technology innovation at the grid edge is disrupting the utility sector, forcing policymakers and utility leaders to explore new regulatory frameworks, and to enable new business and operating models for more sustainable energy provisioning. If you continue to use this site we will assume that you are happy with it. The global disruptions that began in 2020 have dramatically influenced the workplace. All the while, the AI-controlled network can handle other routine tasks. The digital revolution is coming to the power industry. Its main goal was to keep the lights on without breaking the bank. This means companies could identify issues with a transformer and fix it before it fails, rather than reacting to a failure once it’s happened. Digital Trends New Emojis Are Coming, and They Pretty Much Sum Up How We're All Feeling Right Now The Unicode Consortium announces the release of these new pictograms coming to your iPhone in 2021. Utility CIOs should evaluate these trends to successfully embark on a digital transformation journey while meeting traditional expectations from regulators and customers. Read on to discover 42 digital marketing trends for 2020 that will help your business not just survive, but thrive in this age of innovation. Fortunately, specialists work for both sides of the market and therefore, there are now many good solutions for cyber-security. Consulting firm Deloitte has released its Midyear 2020 Power and Utilities Industry Outlook with insights to help the sector navigate increased uncertainty and challenges due to COVID-19. Shifts in Impact of … Technological progress brings new solutions for everyday struggles and utilities companies should be there to adopt the newest digital developments to improve customer satisfaction. Editor's Note: This report has been updated. Home » Digital Transformation » Digital Transformation In The Utilities Industry: 4 Trends To Watch Out For. This is where digital transformation can offer benefits, such as automatization, in order to help you keep up with fluctuating market challenges. Following in the footsteps of field service organizations, utilities have expressed growing interest in applying analytics in order to perform proactive service. Because solar and battery storage are smarter systems that involve more complex work than other grid assets, utility workers need additional mobile support such as work instructions and real-time communication with experts. Digital Power Utility Market | Global Industry Analysis By Trends, Size, Share, Company Overview, Growth And Forecast By 2026 Published: Sept. 24, 2020 at 4:16 a.m. A confluence of socioeconomic drivers and technology innovation is forcing utilities to transform into digital enterprises. Also, a digital connection with your customers will help save you time and money, since it reduces the number of calls to help centers. However, digital transformation in the utilities industry is of the utmost importance. Cookies, About Field Service Digital The industry needs to move faster towards digital transformation to be future proof of such in Communication with an emphasis on Professional Writing from University of California, Santa Barbara. Yet another trend of digital transformation in the utilities industry is the adoption of digital twins. Kieran Notter is the director of global customer transformation at ServiceMax. Here, we will describe the major trends of digital transformation in the utilities industry and their benefits. According to Gartner’s recent Market Guide for Mobile Workforce Management (MWM) for Utilities, 50 percent of utility mobile workforce management deployments will be in the cloud by 2020. 8 The Digital Utility: New challenges, capabilities, and opportunities requires support from senior leaders and, ultimately, from the entire company. It’s such a low percentage thanks to rapid integration of modern cyber-security systems. The market is … The move defined the now reformulated entertainment industry standards that have seen the largest media houses following suit in receding content and hitting third party applications right where it hurts the most. UK’s digital media and technology landscape is facing changes and challenges in 2020—including privacy, Brexit and more—which will impact UK digital marketers. Here are five energy industry trends that merit special attention. Contact Us, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), VP of global customer transformation & customer success, ServiceMax. Kristen holds a B.A. Digital Transformation In The Utilities Industry: 4 Trends To Watch Out For, Digital Transformation vs. Digital Shift: Why the Difference Matters, The Digital Shift Imperative: Transform or Fall Behind, How to Accelerate the Shift to Digital Channels: 3 Tips, How to Adapt to Changing Customer Expectations During COVID-19, 5 Tips to Help Ensure Full Digital Adoption Through COVID-19, 3 Ways to Improve Technology Acceptance in the Enterprise, Tips for Creating a Technology Acceptance Model Questionnaire, Digital Adoption Specialist 101: A Complete Job Profile, 5 Ways to Boost Digital Adoption Rates in the Workplace. Utilities are under pressure to decarbonize and decentralize; digital technologies can provide the energy industry with the tools to respond to these shifts. The leading reasons behind this transition include the ability to better support the deployment of “complex distributed systems,” as well as the ability of cloud-based solutions to deliver IT savings, scalability, flexibility and faster time to value. As a bonus, it boosts client confidence in your enterprise when two-way communication is easy, powered by data, and accessible via multiple channels. By the year 2020, the risk of cyber attacks will cost utilities companies around 1% of their annual turnover. Since everything went digital and the preferred access point for most customers is now through their smartphone or tablet, utilities companies are required to have a strong presence there. Renewables, distributed generation, and smart grids demand new capabilities and are triggering new business models and regulatory frameworks. There are of course more technologies and digital evolutions in the utility industry whereby we find more ‘traditional’ technologies (cloud, for example) and more advanced ones (e.g. Data collection and exchange are growing exponentially, creating digital threats but also valuable opportunities. Privacy When field crews are working on power systems that have been patched with repairs that reach back decades, being able to get instant support from experts is critical. A wonderful team of Digital Adoption, Digital Transformation & Change Management Experts. About Digital Trends Digital Trends, the largest independent premium technology publisher in the world, is an award-winning multimedia brand that guides consumers to … The simplicity of managing processes through apps and websites is key to high customer satisfaction. Their supply chains are also increasingly influenced by the digitalization, which positively affects related industries as well. Your email address will not be published. So a digital implementation for customer solutions is of primary concern to modern utility enterprises. Having a digital copy of the network will help you quickly react to unfortunate situations reducing time spent on maintenance. According to IDC’s predictions for the utilities industry, by the year 2020, 65% of power, water and gas companies will invest in edge analytics/computing in pursuit of greater optimization and operational excellence. Bain & Company recommends investing in smart-grid technology, self-repairing networks and burying lines underground to avoid unnecessary labor and redirect field forces to where they are most needed and can add the most value. 3 Digital Transformation Trends in the Utility Industry. In this article, we assess how industry trends are bringing decarbonization and decentralization to the fore, and how advances in technology are providing the electricity industry with the digital tools to respond to these changes. Drones and IoT sensors are used to inspect facilities and lines. https://t.co/7Arfk04aE2. The industry has many players, so the technologies, challenges and transformations are different for all players in the utility chain. This could generate a number of crisis situations, though government support for retailers may offset some of the impact. That is why it’s your duty to strategize your changes today, so customers continue to choose you as a trusted utilities provider of tomorrow. Getting senior leaders on board One challenge for many utilities will be persuading Edge computing will help relocate all critical parts of the network closer to the end-user. Press release from: ORION MARKET RESEARCH The global digital utility market is estimated to grow at a significant CAGR of XX% during the forecast period. It will also keep your data safe and sound, protecting it from malicious interventions through accounting systems. ET Comments You can rapidly inform customers about crucial news and events, as well as react to their feedback. Enable new We are revisiting the top digital transformation trends for education for 2020. Bonus Trend : We built ClickFlow to help you monitor SEO trends on your own site—so you can rank higher, revive old content, and grow your organic traffic faster. Utility CIOs should evaluate these trends as input to digital innovation and considerations for future digital business and operating models in the utility sector. ■Major technology forces such as the digital twin, AI or blockchain will impact utilities. 2018 is set to be a milestone year in the evolution of the electricity industry. According to the International Energy Agency, global energy consumption will increase 25% by 2040. Find out what your utility should be considering in your digital strategy. Top 6 Digital Transformation Trends in Manufacturing Industry 4.0 Also referred to as “ the fourth industrial revolution ”, the main purpose of Industry 4.0 is to automate production processes to the point where all processes are automated and controlled in real-time. Retail: in the wake of COVID-19, industry trends demonstrate demand has fallen in the B2B market. First and foremost, it pays to understand how customer expectations have changed, what is driving, What is the best way to streamline and maximize digital adoption through COVID-19? It includes both hardware and software changes so that most of it could be regulated from the cloud. Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100+ countries around the globe with the World Health Organization declaring it … In the Digital media industry, Disney was the first to retract its content from Netflix and offer it in a D2C channel through its pet project Disney+. And if there is a difference, which term is most useful, Why is a digital shift so necessary for the modern organization? Decarbonization and digital strategies to drive power and utilities industry convergence in 2021 In the coming year, the evolving energy industry landscape is expected to be characterized by five trends: consolidation, new economies, new battery business models, increased scale, and heightened disaster readiness. While solid and dependable, the sector wasn’t generally considered cutting-edge, innovative, or exciting by any stretch of the word. Digital transformation in the utilities industry is going to the next level. 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