Digital Transformation in Energy Sector Will Need a Cultural Shift: KPMG
The need for digital transformation was increasing in the sector even more due to increasing customer awareness. The 2018 survey delved deeper into insights and throws light on the forces that will drive this transformation.
KPMG in India, at its ninth annual energy conclave ‘ENRich 2018’, released the report titled - ‘The Power of Digital: An enabler and disrupter’. This report was released by Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Minister of Skill Development and Entrepreneurship. The report focusses on topical subjects like the digital imperative: The need to embrace digital wholeheartedly, the digital priorities: Emerging themes in digital adoption and the digital transformation journey: Need to wear a ‘holistic lens’. This report also includes findings from the ENRich survey 2018 on digital trends in the Power & Utility sector.
Anish De, Partner and Head - Energy & Natural Resources, KPMG in India, said that during our ENRich 2017 survey last year they realised that the need for digital transformation was increasing in the sector even more due to increasing customer awareness. The 2018 survey delved deeper into insights and throws light on the forces that will drive this transformation. The digital transformation in the energy sector will require a cultural shift, which involves openness, agility in response, nimble structures and thoughtfulness from the leaders in the industry. ENRich is an industry platform to converse on various topics and analyse solutions by taking into consideration various aspects that might interrupt the effectiveness of the industry, he said.
Santosh Kamath, Partner and Lead - Alternate Energies, KPMG in India, said that they are at a cusp of a paradigm shift in the power sector with the trinity of renewable energy, battery storage and digitalisation coming together. These will create new possibilities and could fundamentally change the structure of the industry and how they service customers in the coming decade.
The report highlights that digital is a key enabler for organisations to address imminent challenges as well as to leverage opportunities that may be around the corner. In India, many Power and Utility industry leaders interviewed by KPMG in India have indicated that they are currently either in the process of implementation or are planning their route to digital transformation.
The Harvey Nash/KPMG CIO Survey 2018 observed that Power Utility companies invested in smart meters even before the term Internet of Things (IoT) existed. Power & Utility companies also invested more heavily in the Internet of Things than any other industry (48 percent vs 21 percent for all industries). They have also made significant investments in artificial intelligence/machine learning (29 percent vs 24 percent).