Disruptive innovation in the retail power sector
Widening the lens
By Duncan Barnes, Partner, Digital Customer Engagement, Deloitte Digital, Deloitte NWE:UK
As the energy industry becomes increasingly complex, companies turn to new business models to drive growth. In this blog, Duncan discusses one such model “Energy-as-a-Service” which is creating a paradigm shift. Aligned to consumer needs and sustainability goals, this framework transforms the way energy is produced and consumed.
Big-picture thinking on disruptive innovation in the retail power sector
By David Morgan, Corporate Finance Partner, Deloitte New Zealand
From technology to customer expectations, various factors are disrupting the retail power sector. However, the key question is: are companies responding to these changes with adequate urgency? To survive and compete in this dynamic environment, companies must innovate rapidly and efficiently. In this blog, David Morgan talks about how retail power companies need to innovate beyond their core operations in order to succeed.
From technology to customer expectations, various factors are accelerating the pace of disruption in the retail power sector, urging companies to innovate faster and more effectively. However, many retail power providers are not responding to these existential threats with the urgency one might expect, exposing them to the risk of being left behind.
Rather than innovating across the business, some companies are focusing on innovation in the core back office functions. How can retail power companies broaden their innovation programs and make them a strategic priority?
This report outlines three levels of innovation ambition and defines 10 key types of innovation. We also identify five common “blind spots” retail power companies may overlook on their innovation journey. Furthermore, we examine how companies can avoid these blind spots and more effectively seize the opportunities they present, by taking a more comprehensive approach to innovation. By highlighting inspiring examples from around the globe, we aim to show how some companies are disrupting the retail power sector by innovating across the business.
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