The ability to innovate is key for businesses to stay afloat in an ever changing world. Where do you see the energy sector needing to put more effort to be innovative?
The energy sector is sitting on a lot of data and therefore they have key insights in how our lives work, how cities can become smarter and how societies develop. This is an essential business advantage. But are they aware of it and do they know of all the options data holds for them? Not always. Therefore, it is important for them to strive to be more hands-on, experimental and inquisitive. They need to develop the right data strategy and implement the data that they own. As this is a big task, I recommend breaking it down into steps. By starting with achievable goals and clearly defined tasks, the desired outcomes and achievements will become more visible and will drive necessary changes more efficiently.
Where do you see the biggest challenge for the industry today?
I see a challenge in the volatility of the energy companies’ user bases. We are facing a time where digital disrupters and anti-monopolization regulations create an environment where churn is inevitable. Creating sticky, value-added digital services around the base product of creating and delivering energy, will support a steady stream of revenue. To keep a competitive advantage in a fast developing market it is vital to continuously invest in innovation.
How big do you see the role of customer centricity in the energy business?
There is no way around it, customer centricity ís the way to go for the energy sector. We are working with several energy companies on a diverse range of digital platforms. When we co-create a consistent customer centric approach we see, often unexpected and overlooked, service ideas arising.
How do digital platforms play a part in this?
They play a very exciting role in this. Especially when companies are working in the B2B2C field and all involved players in the internal and external ecosystems continuously review and iterate their needs and contribution. Intelligent digital platforms will hold these various needs together and allow all stakeholders to act faster, be more aligned and eventually generate more revenue.
How can data help scale this shift?
By knowing and utilising their data, energy companies can keep track of what is generating value in the innovation process in real time. Data can also help them understand which value added services that have led to good customer experiences.
Looking at the future of the energy business - What is next?
My hope for the future is that innovators and product owners at energy companies will have a lot more chances to work in an innovative way. I foresee them having exciting exchanges in the realms of mobility, urbanization and entertainment forming symbiotic relationships and building ecosystems of scale defined by central user demand pull.
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