The advent of networking technology has created various possible ways for people to ease the process of interconnection among various devices. Enterprises now face the reality that the technological revolution would no longer be stopped as the Internet of Things (IoT) and new technologies like 5G promise to transform the utility business model. Many industries have taken advantages of this since a lot of use cases are being developed, resulting in service offerings and upgrading businesses, which are not feasible in the past.
The recent advance in smart technology and high-speed connectivity has shown a great deal of excitement, and at the same time, it increased the expectation. When it comes to urban areas, people are likely to switch for a renewable form of energy. At the same time, rural electric cooperatives and public power companies are dealing with business loss. But taking the initiative for smart utility offers a great possibility to build customer engagement. It also strengthens future viability by modifying business models to address some key trends in the industry.
The steps to build smart utility can take different directions, depends on the place where people were starting and how far you wished to travel. Despite the potential for a desirable outcome, embarking on new business model can be intimidating, yet with vision and goal, one can map out the plan. Becoming smart utility helps in many ways such as to make a better decision, improve productivity, enhance customer experience, and improve readability. With the evolution of the power industry, many utilities have initiated infrastructure modernization projects. Five building blocks (Sensing block, Network block, Data block, Cloud services block, Smart apps block) are acting as the key for enabling the utility to garner real-time intelligence via connected devices and sensors.
The combination of various trends is creating new business opportunities for electric utilities and rural cooperatives. Hence, utilities have a wide range of options available to improve the bottom line by adopting new smart technologies and leveraging existing assets.