New roles in a changing world: How energy and utilities organizations can reinvent themselves for the future
In our recent Canadian CEO Survey, we found that slightly more than one-third (35%) of Canadian energy, utilities, mining and industrial manufacturing (EUMI) respondents don’t think their organization will be viable after ten years if they continue on their current path. This is compared to 32% of Canadian respondents overall and 31% of Canadian EUMI respondents last year.
In the face of challenging megatrends like climate change, there will be winners and losers in the Canadian energy and utilities sectors.
To be successful, energy providers and utilities must reinvent themselves through collaboration, in large part because the energy sector’s biggest headwind—climate change—is the utilities sector’s tailwind. The utilities sector will need to adopt more innovative approaches like those in the technology and energy sectors to meet accelerating demand. And energy providers must continue to decarbonize their operations while still providing the hydrocarbons we need to fuel society today.
Canada is one of the leading thinkers globally in terms of artificial intelligence (AI), and our survey results show us AI will be another key piece in the reinvention puzzle. Nearly half (46%) of Canadian EUMI respondents agree generative AI (GenAI) will significantly change the way their company creates, delivers and captures value in the next three years.
GenAI and other automation tools will be critical to helping organizations quickly and cost-effectively add value to their business, in part by giving time back to their people. One of the most exciting opportunities is the ability to remove inefficient activities and then use GenAI to automate non-core work in ways that were previously impossible.
Energy providers and utilities need to be transparent and articulate their reinvention imperative—whatever it is—to take first-mover advantage, create demand for what they’re selling and get shareholder support.
To achieve energy transition, we’ll need multiple identities and collaborations. There will be roles for organizations ready to think critically and creatively about what they can contribute to the ecosystem.
Want to continue the conversation about how to transition to a more sustainable world? Reach out to me or leave a comment below.