Changes in the Energy Sector
“The energy industry is experiencing a double transformation. In addition to digitalization, the shift in energy supply is changing the basis of our previous value chain. Both developments are directly intertwined.” -Stefan Kapferer, Chairman of the Executive Board BDEW Bundesverband der Energie- und Wasserwirtschaft e. V.
Change is in the air for the energy sector. We’re currently experiencing a shift in energy supply, competitive pressure, increasing customer demands, and digitalization. With the liberalization, German legislators opened the electricity and gas markets to free competition, putting the business models of most energy providers to a test. As a result, leading companies are now, more than ever, working on their digital transformation and putting internal processes to the test.
The good news is that there’s a high potential for robotic process automation (RPA) to provide value in this area. Most energy suppliers still handle a variety of back-office processes. This includes meter management, account management, customer billing, and consumption management, all independently, as well as others.
Energy trading calls for a considerable number of workers in order to manage the flow of data within the organization. These processes usually require enormous manual effort and can take a great deal of time.
To meet the rising energy consumption and process volumes, energy organization are increasingly investing in this technology. Most of the companies anticipate growing investments in RPA over the next two years. A study by HFS states that the entire RPA service and software market is expected to grow by about 40 percent annually and reach $4.3 billion by 2022. Navigant Research estimates that the energy and utilities industry’s RPA investments alone are expected to reach approximately $470 million by 2027.
It seems that energy experts are aware of the benefits of RPA and how technology can save organizations time and money.