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Energy companies look outside of the industry for new revenue streams

As the UK’s energy sector continues to undergo significant transformation, research commissioned by Capgemini has found that data influx affords huge opportunity for innovation and business evolution – and collaboration with adjacent industries is the key to unlocking this.

UK energy suppliers say that the market will be completely turned on its head by a host of digital transformations over the next 5 years and most cite the government’s smart meter target as the pivotal driver for this. Majority of energy players are working on identifying new business opportunities related to the increasing amount of data being produced, prompting significant shifts in business models and approaches to innovation and collaboration.

Smart metering emerged as the number one area of collaboration for the industry according to the research, however, not even half of larger suppliers collaborate with companies from adjacent markets. Why? Collaboration is not easy – misaligned business models and cultural fits are cited as the top barriers.

“Data economy” requires a culture of collaboration and it is paramount that energy providers take full advantage of the opportunities it offers. Looking beyond their immediate boundaries for integration with other markets will also open new doors for both companies and customers. Perhaps signifying the first step towards this, almost three quarters of the market stated that they are at least open to sharing their data with third parties.

You can also read our Experts’ insights related to cloud, innovation and collaboration, talent management strategies, as well as AI and automation.

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