Energy suppliers are often slow to innovate. While they control most costly fixed capital, funding usually comes from local government bodies. This makes change a lengthy, complex process.

As a result, energy suppliers typically avoid change unless infrastructure can’t be repaired or maintained. Yet, this reactive rather than proactive stance must change.

Pressures Are Building

Users and government acknowledge climate change is a very real threat. Consequently, the push is on to reduce dependence on non-renewable sources. Energy suppliers must improve efficiency, become more responsive, and introduce environmentally-friendly procedures very quickly.

Disruptive Technologies

The role of the consumer has changed in recent years. They have taken control of more of their energy consumption choices and track their energy consumption in new ways.

Consequently, in some cases at least part of their energy infrastructure rests outside of the supplier’s control. Examples include solar generation systems that create electricity. In this case, the user moves from a passive consumer role to that of a micro supplier. They produce and store electricity and, in most cases, want compensation if they produce more than they use.

Consumers have also embraced electric vehicles. Ten million are already on the road, but EV sales are predicted to reach 60% of the market, or 300 million, by 2030.

As a result, energy usage is quickly moving away from fossil fuels towards electric consumption. Battery producers are also striving to make more energy-dense solid-state cells that will cost more and take drivers further on less power.

Increased Consumer Demands

Additionally, savvy consumers now use disruptive technologies through the Internet of Things to monitor and control their energy consumption. They expect mobility, responsiveness, and a digital relationship with their energy provider.

Increasingly, consumers also have multiple choices for energy suppliers. They are willing to change providers if the company doesn’t offer a positive experience. This is especially true with solar as consumer expectations often include compensation for excess energy produced.

However, this trend will probably extend to reduced energy consumption too. Users want to be incentivized for their power saving efforts. This often means energy suppliers must create tiered consumption levels with significant reductions for those that consume less.

Often, these efforts extend to government programs. Tax credits, subsidies, and rebate schemes may filter through energy suppliers. These often rest on big data from the energy supplier and connect through the latest technologies.

Energy Supplier Innovation Creates Opportunities

Change is coming quickly, but it needn’t be a burden. Instead, energy suppliers can use innovation to reduce costs and save resources.

New business models can create new markets and ecosystems and improve agility. It can also spur new partnerships and revenue streams.

Fortunately, digitalization offers one of the most cost-effective ways to proactively engage with customers and drive better outcomes throughout the customer lifecycle.

Improving Customer Relationship

Internet-of-Things (IoT) technologies can move energy consumption into the hands of the consumer. Providers can create services that allow them to monitor and control every aspect of consumption, not just the final amount of their utility bill.

Reducing Costs & Transforming Processes

Energy suppliers must provide safe, reliable, cost-effective, and sustainable service, despite these challenges. Fortunately, they can innovate to transform processes and reduce costs in their core business areas.

Smart grids attract customers who want to reduce their carbon footprint. They also use energy more efficiently by routing it to where it is most needed. Smart grids can also integrate with solar systems and offer appropriate discounts or rebates.

Green energy also reveals countless opportunities for new ventures. Energy suppliers can research, produce, and transmit energy in new ways. Wind power, geothermal, clean hydrogen and other alternative energy sources can change the way energy suppliers operate. They can reduce emissions and work in conjunction with other processes while the company transitions.

Innovation Requires Planning

Clearly, energy suppliers face complex challenges. Fortunately, they needn’t face these challenges alone.

EarlyBirds offers Subject Matter Experts and an expansive marketplace of new and disruptive technologies. We also offer unique programs for ad hoc or supplementary needs, as well as ongoing transformational support.

These resources can help your organisation create a roadmap to the best possible solutions, without wasting valuable resources. Let us help you achieve your innovation goals easily and quickly.

EarlyBirds Innovation Ecosystem

The EarlyBirds Innovation Ecosystem is a Business-to-Business portal connecting Innovators, Early Adopters, and Subject Matter Experts. Early Adopters are leaders or influencers in an organisation eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.

The Ecosystem has a data pool of over 4 million global innovations that may already address your carbon emission challenges. Alternatively, energy suppliers can list their challenges and request solutions from innovators.

EarlyBirds Explorer Program

The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.

EarlyBirds Challenger Program

The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.

The program is run by an EarlyBirds Subject Matter Expert who collects organisational requirements. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.

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EarlyBirds can provide direction and expertise if your organisation needs to innovate. We can find business solutions and connect your organisation to appropriate disruptive technology.

We help organisations find direction and accelerate their innovation, both within their silo and through external collaboration. Our expertise in the Energy Sector makes us perfectly-situated and capable.

Register at https://earlybirds.io/, or contact us to discuss your needs.

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