The energy world is changing. There is no doubt it’s going to be challenging.
While innovators are already benefiting from being early adopters, some businesses are sluggish and don’t know what to do. The clever players see change as an opportunity. They know that change is crucial for business to thrive.
The requirements for change
Succeeding in a digitizing and democratizing world requires:
- Investing in the latest productivity-increasing technology and training the workforce to reap its benefits
- Building the online and hardware infrastructures that support seamless product availability
- Capturing and understanding your customers’ needs, wishes and requests
- Developing products and services to perfectly meet the above
- Making services and products transparent and easily accessible
Making change happen
A new energy future will be hugely different to what we are used to; no less impactful than flying across the Atlantic in the 20th century. That was also a radical, difficult and daunting prospect, but also an exhilarating one. With the right mindset, team and technology it’s possible and doable.
The spirit of change
A hundred years ago people still mostly travelled by horse. Cars were seen as a ludicrous luxury, while passenger air travel was pure science fiction. But imagine if Ford’s first investors had preferred to stick with how things were, or if the Wright Brothers had listened to their contemporaries’ warnings and bemused comments and stayed grounded. The world wouldn’t be aware of two sets of iconic changemakers whose legacies have lasted to this day.
The risk of change
Fast forward to 2012, when Adobe Cloud (né Adobe Creative Suite) stopped selling a boxed-licensed software, replacing it with a monthly cloud-based subscription. Profits initially dropped and customers were left confused, but the positives have outweighed the negatives in the long-term.
It is now viewed as an industry posterchild for successfully changing your business model. Because of its subscription service, Adobe is now able to use customer data to create relevant products. It has also tapped into the largest creative community in the world, which acts as both the customer and the brand advocate. Additionally, Adobe’s market capitalization has increased by 87% since its transformation. None of this would have been possible without its dramatic business change.
The risk of not changing
Remember Blockbuster, the once popular video rental company with a respectable market share? Diversifying technology and impending change made their entire business model obsolete.