Digital and Innovation for Public Utility Businesses Business Landscape
We are in an era where digital technology-enablement has become a new normal. Early adopters in the Utilities sector continue to see positive impacts and a whole spectrum of opportunities for business growth and lower operational costs. There is a change looming large on the way traditional operations are carried out. To stay in business every company needs to change because their customers have changed the way they interact with them. Public utility businesses have to turn towards technologies that provide insights & intelligence, and digital innovation techniques to foster business growth.
Evolution of data analytics has its profound significance on utilities businesses. Digital technologies have enabled significant productivity increase through technologies such as IOT, cloud computing, Blockchain, and various other ways of computing real-time data. Case in point that we could discuss here is a pipeline network monitoring system that enables a single view of the complete pipeline network, with features like one-click work order creation, voice navigation and image analytics. The solution can bring about process optimization to the order of 10% to 15% by reducing the time to analyze faults in the network and identifying the geo locations of the faults accurately.
Early adopters of business intelligence and other cutting-edge technologies have moved away from traditional business process automation to intelligent automation enabled by internet of things, Artificial Intelligence (AI) powered automation and cloud business models.
Machine learning has arrived
Artificial Intelligence (AI) is currently dominating as a game changer for utilities businesses. Cognitive science and AI are paving way for organizations, large and small, in their business value creation efforts. Now the industry is moving to the next stage where Machines are continuously learning through AI capabilities applied on Big Data. Business process automation can be taken a few notches higher if you can apply Machine Learning in to the existing technology landscape. It could completely avoid inefficiencies in the production system that usually increases the cost. That would be your next big opportunity for capital optimization.
Does digital transformation guarantee faster and accurate business decisions in real-time?
In my view, the most favorable outcome of digital transformation is the positive impact on business growth through innovation, cost control, synergy between stakeholders and better user experience. These are obvious results of collaboration and better business insights making it a win-win for all stake holders involved. Customers are bound to receive better value for their digital investment, through enhanced efficiency of the value chain.