As the smart home market heats up, digitalization, changing customer demand, and innovation in home energy management technology has opened the door for electric utilities to get in on the game. While technology companies’ access to the home remains limited to the device level, utilities have made their way deep in the territory of homes.
FREMONT, CA: Utilities possess the missing piece of the smart home puzzle with their capacity of producing real-time data. Along with the faith of the customers and vast capital resources, utilities provide everything necessary to make a smart home. One of the greatest innovations of the 20th century, electrification, was brought by electric utilities. Although, once electricity made its way into every aspect of human lives, utilities shifted from a driver of improvement to a provider of an essential requirement that is required to be maintained.
The Missing Piece of the Smart Home—Energy Data:
Utilities can lead the way for innovations in newer energy management solutions. The degree of division in the sector minimizes the development intensity. Every utility sector wants to test a technology on its own, develop its unique perspective on value-added services, and then run its third-party verification. Five factors that give the utility sector an edge over the technology giants include:
1. Financial Power:
The market capital of the utility industry is considerably higher than in technology companies. The summation of the technology space market capital is indeed an enormous number, but usually, all the vendors are contending with each other for the same clientele, unlike the bulk of the utility space.
2. Focus and Knowledge:
Utilities usually have a relatively slender center of attention on energy, effective grid operation, and energy management. On the opposite, technology firms possess a wide range of focus, solve many problems, and hurry to outpace other participants.
One of the greatest strengths of dispersed utilities is that they are the only ones who can disengage whole home data and get unregulated access to real-time energy. Utilities have placed themselves as the most favorable options to manage data for their customers.
4. Customer Journey:
Utilities can generate influential services in and around energy points according to their choices and preferences. There are accepted extensions of energy data that can assist in keeping customers occupied. Apart from billing, outage, and energy organization returns, utilities can also generate services based on their exclusive customer perspective that no other sector can easily replicate.