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Digital transformation of electric utilities

Explore the WEF and Accenture report, Electricity: Uncovering value through digital transformation

Overview

According to new research by Accenture Strategy and the World Economic Forum (WEF), the electricity sector is ripe for realizing staggering value from rapid digital transformation.


The advent of the cloud, social technology, big data and analytics are driving a number of technology trends that have immense potential for the electricity industry. Over the coming years, these technologies will combine to deliver a new layer of connected intelligence. It will revolutionize the ability of electricity companies to improve the efficiency of the electricity system and better meet their customers’ diverse needs.


Yet the maturity of digital initiatives in the industry is varied. So what are the next steps for electricity companies looking for a digital edge today to capture a very large prize?


Discover why now is the time to embrace digitization.

READ THE FULL REPORT, "ELECTRICITY: UNCOVERING VALUE THROUGH DIGITAL TRANSFORMATION" [PDF]


"There is immense opportunity for the electricity industry to unlock new value from digital initiatives. We estimate that from 2016 to 2025, there is $1.3 trillion of value to be captured globally."

45 Percent Callout Icon

45%

The percentage of electricity industry profits at stake from digital transformation over the next decade.

FOUR DIGITAL THEMES FOR VALUE

Asset life-cycle management

Asset life-cycle management

Technology solutions can enable real-time, remote-control or predictive maintenance to extend the life cycle or operating efficiency of the generation, transmission or distribution of assets and infrastructure.

Grid Optimization Icon

Grid optimization and aggregation

Grid optimization is possible through real-time load balancing, network controls and end-to-end connected markets, enabled by connected assets, machines, devices and advanced monitoring capability.

Integrated Customer Service Icon

Integrated customer services

Innovative, digitally enabled products and services relating to energy generation and energy management are bundled into an integrated customer service.

Beyond the Electron Icon

Beyond the electron

Hyper-personalized connected services beyond the electricity value chain that adapt to the consumer. Electricity moves from being a commodity to becoming an experience.

ABOUT THE DTI INITIATIVE

Digital Transformation of Industries (DTI) is a project launched by the World Economic Forum in 2015, in collaboration with Accenture, as part of the Future of the Internet Global Challenge Initiative. This ongoing initiative serves as the focal point for new opportunities arising from the latest developments and trends from the digitalization of business and society. A key component of the DTI project has been the quantification of the value at stake for both business and society over the next decade from the digital transformation of six industries. The “compass” for these industry sectors is being set and it is imperative that all stakeholders collaborate to maximize benefits for both society and industry. Digitalization is one of the most fundamental drivers of transformation ever and, at the same time, a unique chance to shape our future.


Through 2016, the DTI initiative will focus on the impact of digital transformation on an additional 10 industries, further deep-dives into industries from this year’s project, as well as examine a number of cross-industry topics such as platform governance, societal impact, and policy and regulation.


VISIT THE WORLD ECONOMIC FORUM DTI WEBSITE

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