IDC’s latest paper on the Framework for the Future of Power Enterprise in Asia Pacific says power companies and utilities must rapidly adapt and embrace renewables in their business, organisational and technology transformation.
The research company outlines three imperatives:
- To transform the business, enterprises must focus on the fundamental changes at the business level that will involve bringing together the future of customers, digital innovation, and industry ecosystems.
- To transform the organisation, changes must be made to enable digital capabilities and build a digital-centric platform that brings together operations and work.
- To transform the technology: means new technological capabilities and digitalisation across the business, bringing together the future of connectedness, intelligence, and infrastructure.
Jayesh Verma, senior research manager, IDC Asia Pacific Energy Insights said the future power enterprise will need to be agile, flexible, reliable, and resilient, and automation, AI and analytics capabilities will be crucial.
They will be distributed, more customer-centric, and will demand new products and services. Power enterprises will need to build capabilities to manage the complex and distributed environment.
Developing these capabilities will require intelligent connected infrastructure, a platform that enables integration and innovation across the business and ecosystem, and data-related capabilities to deliver agile innovation.
Benefits of sustainable investments
IDC said sustainable investments can help power companies: Manage the grid for reliability, resiliency, and safety; oversee data and its implications for customers, products/services, operations, and forward-looking business models; respond to new entrants in the market, and react to the demand for a business model and regulatory change.
"These changes will require power enterprises to look at their entire business, particularly to tackle the technology transformation with the grid as the foundation that will enable a connected, intelligent, and automated utility operation to be able to respond with agility to internal and market changes," Verma said.