Innovation in power and utilities
Utilities need to innovate and transform their businesses to handle the unprecedented disruption across the sector. Emerging technologies will play a crucial role, and utilities must harness their capabilities to seize the opportunities presented by the new energy world.
What EY can do for you
Utilities are on a countdown to reinvention because an irreversible change in the utility ecosystem is nearly upon us.
Technological advancements are driving sector convergence and transforming business and operating models in three key areas:
- Connectivity: The fusion of data, technology platforms and physical devices is unlocking new approaches to business models. Internet of things (IoT) has already enabled usage-based revenue models, while blockchain offers opportunities to develop decentralized business models.
- Automation: The automation of operations, along with developments in human-machine interface, is transforming customer and business processes and radically impacting how services are delivered and costs are incurred.
- Cognitive: The rise of artificial intelligence is driving breakthroughs in cognitive computing, from chatbots that streamline customer experiences to advanced analytics, image recognition and machine, or deep, learning for mass personalization and value chain optimization.
These advancements are blurring the lines between previously unrelated sectors by presenting new opportunities to deliver innovative services, interact with customers and markets, and determine how and what services to deliver.
In this transformative age, as convergence alters the rules and the energy marketplace becomes more demanding and dynamic, utilities need to ask themselves whether they are taking the bold steps needed to embrace change now. EY helps clients to manage their transformation through a technology-led innovation approach:
- Disrupt and create: Provide capability and the environment to rapidly ideate and test new business models, ideas and experiences in a situation unconstrained by day-to-day business
- Design test and iterate: Apply design thinking, rapid prototyping and in-market experimentation to quickly take new products and services to most viable product (MVP) , test, validate and iterate
- Deploy: Execute and scale new innovation through a variety of mechanisms, e.g., VC, helping you raise capital and execute in the most appropriate way, and understand potential people and organizational implications
Innovation is not a “one size fits all” approach. We combine the right skills and offerings into a unique formula to create a custom innovation solution for you by:
- Understanding the technology: Creating internal awareness around disruptive technology and fostering a culture of change around innovation
- Executing new ideas: Making a meaningful impact on business by enabling new ideas and business models centered on innovation
- Collaborating for successful implementation: Working together with other players across industry lines and beyond the corporate wall to make room for innovation
We can help you embrace the innovation you need to reinvent, introduce new products and services to the market, and ultimately seize the opportunities presented by the new energy world.
Our latest thinking
Like what you’ve seen? Get in touch to learn more.