Extended Market Presence
Tom Flaherty is a Senior Advisor to companies in the global power and utilities industry for Strategy&.
Pursuing high value innovation is causing utilities to think differently about how to rapidly advance understanding evolving market dynamics. From the outset, companies recognized that shortcomings existed in emerging energy solutions, market awareness, and specific technology use cases.
To shore up these knowledge gaps, utilities focused on creating internal innovation teams charged with rapidly absorbing the vast landscape of markets, technologies, policies, providers, and offerings. These teams emphasized developing a broad working knowledge of market dimensions, but also market participants and strategies.
Leveraging traditional internal approaches of identification, synthesis, assessment, and development to enhance awareness of market direction are too narrow to obtain the deep perspectives necessary to be effective in the market. Developing valuable market understanding is further constrained when pursued from an isolated corporate tower.
As a result, utilities are adopting more aggressive means to expand market scanning activities and increase technical awareness and knowledge.