The mirrored world these next-generation twins create is fueling change by unlocking the currently trapped value of data and allowing utilities to simulate, predict, and automate by seamlessly bridging the divide between digital and physical. Mirrored worldĪs utility leaders thread technology through all aspects of the business, the data generated is used to build massive networks of intelligent digital twins. An adaptive, reusable approach to technology and a fresh strategy to application development will create an architecture that allows the business to travel in new directions – at pace. For many this will mean shifting to a modular, vertical landscape built on micro-services. For the new utility leadership, mastering change means mastering technology selection and integration.
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Selecting the right technologies to support changing future needs is required, including how to adopt new cloud-native business models. In our Technology Vision research, 83% of utilities executives agree that their organizations’ business and technology strategies are becoming inseparable – even indistinguishable. Stack strategicallyīy stacking strategically, utilities will maximize the benefits from advances in technology by architecting a better future. The five trends called out in our Technology Vision 2021 show how they can do this. To ride out these disruptions and turn them to their advantage, utilities should harness technology innovation. And cloud-native start-ups will threaten incumbents with Amazon-like customer-centric business models.
Oil majors will increase their investments in renewables and storage, while telcos in deregulated markets will increasingly bundle power with other services. Why? Because utilities are not alone in their pursuit of these new opportunities. Utilities also face new and significant competitive forces that will reshape the electricity value chain. This infrastructure was designed for a stable, predictable environment – not to support prosumers, EV charging, flexibility markets, or the rapid development and deployment of new business models. Why must utility infrastructure be replaced? The stark answer is that legacy architecture will be pushed well beyond its limits. And a new leadership mindset is needed to power a new era of transformation. A new technology infrastructure is needed to support this rapid innovation. As competitive pressures intensify, new business models will be developed at a faster pace than many utilities are used to.
A new leadership mindset is needed to drive success in the energy transitionĪs the energy transition gathers pace, it’s forcing a reinvention of how to deliver sustainable, affordable, reliable power. Already, a majority (59%) of utilities executives report the pace of digital transformation is accelerating. Many countries will accelerate their decarbonization policies as part of COVID recovery programs, further intensifying disruption over the coming decade. While the world is now looking to move beyond the pandemic, the energy industry will feel its impact for years to come. Technology Vision 2021: Utilities perspective learn more
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