Broad changes are underway in energy and utilities organizations, many influenced by trends from other sectors. These shifts are pushing companies in utilities and oil and gas to rethink their approaches, creating new cross-industry dependencies and consumer interactions.
Working to Accommodate Changing Consumer Behaviors
Energy companies are responding to evolving consumer behavior. In utilities, the shift from viewing customers as ratepayers to treating them as consumers with retail-like expectations is evident. Consumers now expect flexible payment options, including online payments, recurring billing, and credit card acceptance. Utilities are also offering smart devices, like mobile-controlled thermostats, while oil and gas companies are rolling out loyalty programs at fuel stations.
Additionally, both industries are taking on advisory roles, helping consumers manage energy use and conservation, and entering the renewable generation market. In this, they’re increasingly relying on capital markets to address grid demand and stability challenges.
How Energy Companies Flipped the Switch on Electrification
The interaction between the energy and automotive industries is accelerating due to electrification. Consumers want fast EV charging and solutions to ease range anxiety. Oil and gas companies are adding EV charging stations alongside gas pumps, while utilities balance offering charging services with maintaining grid reliability. This deepening interplay between industries has driven companies to seek talent with cross-industry expertise.
Engineering Experience No Longer Needed for Executive Roles
Traditional pathways to leadership in energy companies, which often required engineering experience, are changing. We’re seeing executives from the automotive and retail sectors take on leadership roles in utilities. The focus is now on bringing in fresh perspectives and solutions from outside industries to meet evolving consumer needs.
Cross-Industry Expertise Is Critical to Partnership
As the energy landscape transforms, partnerships with companies that bring expertise from industries like automotive, manufacturing, and retail are becoming critical. These cross-industry collaborations are key to navigating the complex challenges and opportunities ahead.
If you’d like to learn more about tapping into expertise from other industries to accelerate your transformation, explore our industry expertise.
To dive into how we’re using cross-industry solutions to optimize the utilities industry, explore our energy and utilities expertise.
