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How to avoid the fate of Kodak in the energy transition?
Kodak didn’t fail because it didn’t know about digital cameras. In fact, it developed one of the first consumer digital cameras and in 2005 was the largest seller of digital cameras in the US. But in 2011 its share price fell by 80%, and in 2012 it filed for Chapter 11 bankruptcy.
Delta-ee may have been early to the conversation. We started talking 10-15 years ago about decentralised energy, customers not meter points; who has needs, wants and preferences, services beyond commodity. These dynamics have now firmly moved from being on the periphery of the debate to front and centre. Most companies now recognise the direction in which the market is heading, and it seems like we are approaching the cusp of change.
Developing the right strategy and tactics is however challenging – exciting, but challenging.
The German football team is out of the World Cup. Was it what you expected? Unlikely. Had you predicted this would happen based on the players selected, Joachim Löw’s ability to coach, or the huge investments made to secure a top-tier national squad? Probably not.
As we published the ‘New Energy’ Business Model Service’s latest report, this got me thinking about who is investing in what within ‘New Energy’ and if how much you invest in something is really an indication of future success?
Some of the novel ‘New Energy’ customer propositions we are seeing coming to market feel more like the stuff of sci-fi – better suited to futuristic superhero films than your energy bill:
Those of you following our ‘New Energy’ research work will be familiar with these business models, and a multitude more, and how fast they are becoming reality – it is only a matter of time before many transition from early adopter to mass market. See our recent whitepaper.
I think I’ll get broad agreement in saying most energy companies are racing to re-invent themselves from supply to service; centralised to decentralised; volume to value. As such, new and innovative business models are emerging - challenging the very way in which transactions across the space are carried out, and revolutionising customers’ access to not only information but the range of products & services available to them.
The need to provide customers with energy, reliably and economically, has not altered. But an ever-changing mix of drivers; from the rise of inexpensive, customer-facing technology, especially the internet and the smartphone, are at the beginning of transforming our industry forever.
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