Smart regions were concepts that many strategists dreamed of achieving. With the latest influx of technologies the concepts that once were just theoretical are taking shape and the utility sector is spear-heading the movement.
FREMONT, CA: With the arrival of technologies like IoT, AI, 5G, and data analytics, the present day’s cities are all set to transform into advanced smart cities. The utility sector, especially electric utility companies, are equipped with critical infrastructure and essential services to position the industry in a pivotal point of transformation. Although smart cities depict significant business development, the building of a smart region is of more significance for the public services.
Utilities are Prepared to Enable the Smart Region:
The optimal choice for the construction of smart regions is utilities, as the sector is well acclimatized to working in large geographic areas and has a deep understanding of customer knowledge. With connections from several countries and innumerable cities, the enterprises have the infrastructure, personnel, and the amenities to build a new smart region speedily and economically.
While cities are focused on internal needs, the utility sector is concentrating on a regional scale and execution capabilities. The systems like operational processes and policies are flexible and diverse, supporting necessities in cities of all scales.
Smart Region Entry Points towards Utilities:
With the definition of smart region evolving, the business development for the public services sector is emerging. Each market depending on its scale, presents a unique and new requirement. Small cities and regions are backlogging in the area as they lack the amenities and capacities when compared to large cities. These markets avail a one entry point opportunity for the utility enterprises by providing the permissions to leverage the existing assets and infrastructure of the city to implement “smart city-as-a-service” offering. For an example of this, many cities have streetlights, poles, and traffic lights that are owned by a utility company.
Now is the Time to Strategize for the Future:
The digital transformation at the scale of regions, even cities is still at its early stages and developing in snail’s pace. With private and government utility enterprises playing a strategic role within their areas, the infrastructure, presence, and capabilities are not just on paper anymore. Casual business does not exist anymore as the firms need to concentrate and streamline all capacities at the development of the new vision. The companies are set to lead and thrive in the latest era with renewed skill sets, updated business models, optimized operational processes, and stronger partnerships.