How Upgrading Utilities Can Aid a Digital Transformation
Utilities have always played a central role in shaping how we live and work. We depend on electricity, gas, the internet, and more for virtually everything these days. And this means that in order to meet the demands when it comes to upgrades and changes, utility services may have to work much harder.
The most prevalent venture taken by utilities is the focus on net-zero solutions, i.e., decreasing the use of coal, oil, and gas. This hard work and the associated initiatives are only possible if the utility sector moves towards a digital landscape and helps others do the same.
How Utility Services Aid Digital Transformation
The world needs a revamped cost curve to reach net-zero emissions and to promote an environment that makes the most out of what digitization has to offer. There are several unique challenges that utilities and utility services may face for this initiative, though.
Every industry and company is either undergoing digital transformation or is looking to begin the process of that transformation. This need for transformation began in light of the COVID-19, and with the widespread acceleration of digital investments and how companies started seeing marked improvements in their cost curve, the necessity became a trend, which is now turning into an industry norm.
It is no secret that companies that invested in digital transformation may have taken a hit during or before COVID. However, as the dust starts to settle in the new industrial order, these companies are reaping more rewards as well.
How It Helps Improve Financial Performance
Companies that managed to adopt the technology sooner are now leaders. According to research, 68% of companies suggest that the speed of digital transformation increased considerably because of COVID-19, while 29% suggested that the speed increased slightly. Only 3% suggested that there was little to no increase.
It is important to note that the global spending on digital transformation has increased from $1.18 billion in 2019 to $1.78 billion by 2022 within the US. A key player contributing to this increase is the focus on digitization, improvement, and increase in the utility service infrastructure.
Utilities create the base of how a business operates – even though they often don’t get much credit for it. Companies that focused on utility construction or upgrades saw much faster growth rates than those that didn’t.
The investment in utilities, particularly energy consumption models, enables companies to significantly reduce energy costs and opens companies up to new investment opportunities and revenue streams. According to Americom engineers, “By upgrading utilities and venturing on digital transformation ventures now, companies are able to build more sustainable systems for the future to improve their stance on tomorrow’s uncertainties.”
If you would like to learn more about how we can help you aid your digital transformation ventures or simply need some work done on a new line, we welcome you to give Americom utility services a call. Let us help you invest in the present to improve the future!