Utilities are pursuing new business models in order to respond to changing consumer demands, tougher regulations and renewable energy growth.
While these new business models can be diverse, they share common objectives including faster time-to-market, getting closer to customers, increasing focus on value-added services and collaborating more dynamically with a wider range of potential partners. The Internet of Things (IoT) allows utilities to experiment with new business models at a rapid rate and with relatively minor investments compared to traditional infrastructure investment costs and timelines.
IoT’s open systems and interoperability help utilities create a greatly expanded universe of potential partners for alternative energy sources, distribution, devices and more. This universe is often referred to as the IoT ecosystem. Compared to the traditional view of a supply chain, each utility company’s IoT ecosystem can be far more expansive and dynamic.
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