Embracing Digital Transformation in the Power Industry

In a Public Utilities Fortnightly article, Guidehouse discusses how utilities can enable business resiliency amid disruptive technologies and the COVID-19 pandemic

The power industry has begun a massive digital transformation, creating a greater dependence on technology and data to drive value, manage the grid, and enable decision making. 

In an article for Public Utilities Fortnightly, Guidehouse experts Dan Hahn, partner and leader of the Energy Providers practice; Michelle Fay, partner; and Mackinnon Lawrence, director, discussed the current state of the power industry and the steps needed to successfully achieve decentralization, digitization, and decarbonization. 

Based on survey results from Guidehouse’s State and Future of the Power Industry report and its COVID-19 Executive Pulse Survey, the team said utilities need to continue operating with agility and relentlessly innovating. 

“COVID-19, climate change, and cyberattacks are anything but theoretical,” Fay said, adding that because utilities are in the beginning stages of the digital transformation, and are working through added complications from the coronavirus, they face multiple risks if not handled with caution. 

The trio outlined the following factors utilities should consider as they dive into the digital transformation:

  • Prepare for more complexity
  • Embrace gray rhinos and business continuity
  • Ready your organization for the Energy Cloud
  • Define a multipronged strategy
  • Invest for the future today
  • Build an orchestration-ready business

“For utilities, this means embracing a more diverse and dynamic competitive landscape to build infrastructure, operational, and business model resiliency in the post-COVID era,” Hahn said.

Read the Public Utilities Fortnightly Article

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