Meeting New Challenges
Earl Simpkins advises companies in the energy industry at Strategy&, PwC’s strategy consulting business. Based in Dallas, he is a principal with PwC U.S.
Jagoron Mukherjee advises companies in the power and utilities industry at Strategy&. Based in Washington, D.C., he is a director with PwC U.S.
The growing consensus among power and utility executives is that digital technologies and "digitization" are becoming a strategic and risk mitigation imperative. Faced with rapid, far-reaching and unprecedented changes, many leaders are rethinking how they can tackle new issues in new ways.
If companies haven't already brought a chief digital officer into the fold, a rising number of executives are asking if they should. More and more, the answer is yes, as digitization is fast becoming one of the key ways in which utilities can improve earnings, redefine business models, and compete in the market.
This new digital landscape includes sensors enabling power machinery to operate more efficiently; software and apps integrating generation, trading, and the functions of power system control; algorithms and big data helping utilities keep their plants and grids in balance and more flexible; and apps and bots vastly improving the customer experience.
In most utilities today, the chief information officer is the obvious candidate to assume responsibility for the extension and enhancement of the people, process and governance requirements related to emerging technologies.