In this article we look at four ways in which technological innovation, democratization and data improve business in the energy industry today.
1. Achieving higher productivity
Using outdated technology affects our ability to perform our best at work. Advances in technology can improve labor productivity and lead to a happier workforce. Flexible working culture supported by mobile hardware and ever-accessible software provides individuals with the autonomy they need to produce better work.
What applies to an employee’s work also relates to industry, production and energy. Globally, we’re still too good at wasting things such as food, plastic, energy and heat.
- Technological innovation can reduce this wastage and maximize the value of original resources.
2. Increasing your sales
In a globalized world, customers have more varied needs than ever before and can acquire anything they want at the click of a button. It’s a chicken-and-egg scenario – demands are being met, increasing and diversifying product choice at a dizzying pace, whether it’s exotic fruits and vegetables, the latest gadgets from the world’s tech hubs or immediate access to news, films and music. Exorbitant access to a digital world facilitates this unprecedented supply and demand.
- With a proliferation of new energy-based products — home smart metering, asset management, EV charging counters – it’s up to businesses to identify what their customers want and deliver it promptly and conveniently. The customers are there, they just need to see the products.
3. Creating higher customer loyalty
Innovative employers encourage ambition and humility at the same time.
This is a game-changing approach in which contribution is required from the entire workforce and influence doesn’t result from traditional power structures. Giving every player a voice instils commonality, resulting in high retention rates and employee satisfaction. It’s easy to transfer these HR ideas to the energy world.
Customers expect more and more to have a say and an influence on how things are run and what products they need. They demand their preferences and requirements be met by their chosen provider.
- Now, it’s up to providers to understand and then meet those demands in an attractive, understandable and convenient way. Transparency and accessibility are key.
4. Growing your profits
Data science is a simple and dramatic tool for business transformation that is being adopted slowly and inconsequentially by the energy industry. Yet, efficiency, productivity and ultimately economic survival will depend on who best employs data insights to get into the mindset of end-users and create the products they will purchase.
- Gathering data enables the creation of relevant products and services, therefore boosting customer engagement. Using data cleverly can even allow you to respond to your customers’ concerns in a way that turns potential weaknesses into strengths.