Themes for 2018
Tom Flaherty is a partner with Strategy&, part of the PwC network, with over forty years of consulting experience. Most recently, he has led assignments related to standing up innovation programs and capabilities within utilities.
Utility innovation is no longer the 'next big thing' capturing headline attention in press releases. It's moved from formation and tentative adoption to active engagement and sustained commitment.
Innovation has evolved from new language to permanent vernacular throughout the industry as companies position themselves for success in a market they are still trying to grasp.
The largest or most highly regarded companies are not the sole practitioners of innovation. Most companies are comfortable engaging in public dialogue about their innovation focus and market actions.
The innovation focus of the last two years is slowly shifting from exploration to deployment. And some companies seek to position themselves as the sector's bold pioneers in innovation.
In 2018 the utilities industry is poised to accelerate its innovation efforts across multiple fronts. Small bets and cautious engagement will shift to expanded risk tolerance, and insular focus will reshape itself to a market-centered perspective.
Looking Forward
To achieve this sought-after market positioning, management teams need to adopt a mind-set that focuses on advancement, acceleration and accountability.
Even though much has been accomplished in the last twenty-four to thirty months, a steep climb to success still awaits the industry. Numerous competitors exist and move at a pace that utilities envy.