To seize new opportunities, energy providers need to be bold in building up their capabilities. This means they will need new technologies; the right skills; and productive, collaborative relationships.
New platforms, powered by the cloud, will allow them to integrate customer data across businesses; learn more about those customers’ requirements; and expand their use of AI and machine learning to derive valuable, actionable insights.
But technology is of little use without the right people. The battle for digital talent is fierce. Energy providers need to make sure their employee experience attracts and retains people with critical skills in areas such as AI, data science, and customer experience; setting out a clear purpose can also help to draw in new talent. Learning and development opportunities to upskill and progress the existing workforce are also critical to adjusting to the pace of the market.
Partnerships are another piece of the puzzle. These will allow energy providers to focus on the strategic imperative to build strong positions in new markets—electric vehicles (EVs), for example, and other low-carbon initiatives—and they can be complemented by acquisitions and investment in in-house innovation.