My previous blog in this series explored how forward-leaning energy and utilities providers embrace digital technologies to improve the experiences of the constituents that they serve. But in addition to turning outward to meet the growing expectations of external constituents, these firms face increasing pressure to turn inward to improve their own operational efficiency.
The need to improve capital efficiencies
Increased price volatility due to geopolitical instability as well as unpredictable regulatory environments have created more uncertainty within the energy and utilities industries than ever before. The guarantee of stable profit margins is at the will of the energy markets, and with new political leadership comes varying approaches to environmental policies and regulations. For example, since 2017, the Trump administration has rolled back more than 80 environmental rules and regulations in a bid to loosen federal oversight within the industry.
On the other hand, a majority of the European Union member states are working toward a 2050 target to reduce all carbon emissions to net zero. In response to this increasing economic and political uncertainty, business leadership is looking to technology and IT teams to improve employee productivity as a measure to boost operational efficiency.
How digital improves energy and utility employee productivity
Within the energy industry, projects that encompass this initiative include providing field teams with mobile devices that contain interactive dashboards and tools, allowing them to easily access essential operational data from multiple systems. Rig workers can also benefit from mobile access to essential data to continuously monitor resource output, implement preventive maintenance, and ensure optimal operational efficiency.
Similarly, within the utilities industry, contractors and field teams can utilize mobile access to data to optimize routes, ensure rapid delivery of critical parts, and provide live updates regarding maintenance and repairs to affected consumers.
By transforming the way their bottom line operates, companies will be prepared to address increasing unpredictability within the economic and political landscape. For more on how energy and utilities firms are leveraging technology to remain competitive and profitable, download our energy and utilities digital transformation whitepaper.
