Marketing: The unexpected leader in the gen AI revolution?
Our recent research demonstrates a surprising shift: It’s creative teams, not just technical teams, that are driving transformation through tools like generative AI.
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September 16, 2022
By fully integrating technology and making continual improvements in talent management, the sector will be set to thrive.
Utilities face a whirlwind of change, including shifting regulations and evolving consumer demands. But it is energy transition—the ongoing process of replacing fossil fuels with low-carbon sources—that continues to drive the industry, with fully modernized smart grids on the supply side and retailers rapidly digitizing customer touchpoints.
Moreover, the rise in distributed energy resources (DERs)—energy generation units often owned by consumers, such as rooftop solar panels—will fundamentally transform energy markets and utility operations. In some cases, this presents an existential threat to utility companies that fail to keep pace if consumers elect to self-generate electricity and bypass utility companies entirely.
Experimenting with and deploying advanced and emerging technologies can be risky for an industry whose top goal is to keep power on everywhere. But it’s only by keeping up with or staying ahead of this evolving market trend that utilities, regulators and customers can reap the full range of benefits available through a more distributed energy system.
Economist Impact Group research supported by Cognizant identifies the pain points the utilities industry is experiencing in a tumultuous and competitive market. Future-readiness lies in the connection points between the major investments now taking place: renewable and distributed energy sources, digital technology and the customer experience.
It’s vital, then, for the utilities industry to proactively plan and invest in digital systems, an effective workforce and the business processes needed to accommodate a large amount of new distributed energy resources. This shift brings new challenges to the traditional pace and approach of the sector.
Within the industry, leaders have begun to develop new skillsets and disciplines across their companies. Installing leaders from other industries to modernize workspaces is one indicator of the subtle cultural change taking hold.
Leaders are also looking to create future success by harnessing data to make informed decisions, capturing and leveraging institutional knowledge, adopting business model innovation, and investing in the employee experience—in some cases looking to monetize data where feasible.
Respondents were asked to identify the technologies and methodologies their business has adopted or is planning to adopt in the next two years. (Percent of respondents who have adopted or plan to adopt)
Response base: 250 senior utilities executives
Source: Economist Impact Survey 2022
Fig 1
Respondents were asked in which areas their company is leveraging data. (Percent of respondents using data in each area)
Response base: 250 senior utilities executives
Source: Economist Impact Survey 2022
Fig 2
Respondents were asked which of the following initiatives to support talent cultivation they have implemented in their company. (Percent of respondents taking action in each area)
Response base: 250 senior utilities executives
Source: Economist Impact Survey 2022
Fig 3
The future for the utilities industry is full of opportunity. To capitalize on these opportunities, senior leaders must take steps toward updating mindset, culture and values—with a focus on how work gets done and who completes it.
While the vision for the utility of the future varies in different regions and regulatory jurisdictions, it’s clear digital technology plays a pivotal role, whether through investment in advanced distributed-system automation and smart-grid technologies, or by modernizing customer engagement by deploying front-end CRM systems.
Savvy leaders, then, will work to build proactive digital transformation strategies that make the most of their existing and planned investment in technology.
To learn more, visit the Modern Business section of our website or contact us.
The views and opinions expressed in this report are those of Cognizant and do not necessarily reflect the view and policies of Economist Impact. Data presented is from an Economist Impact executive survey, commissioned by Cognizant, conducted in early 2022.
This article was written by David Cox, AVP, Head of North America, and Maciej Panszczyk, Senior Director, in Cognizant’s Energy & Utilities Consulting practice.
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