SOURCE: Chief Digital Officer

Chief Digital Officer

December 17, 2015 11:56 ET

New White Paper Lays Out Role of Chief Digital Officer for Electric Utilities

Heavily Regulated Industries Are Next Sector of the Economy to Be Disrupted by Digital Transformation

BOSTON, MA--(Marketwired - December 17, 2015) - ChiefDigitalOfficer.net released a white paper today detailing why electric utility companies need a Chief Digital Officer. This white paper explores how digital transformation is disrupting highly-regulated industries.

"Consumer expectations are changing dramatically in the wake of digital disruption and evolving technologies are shaking up industries previously deemed impervious to change," said Tim Bourgeois, Founder & Executive Editor of ChiefDigitalOfficer.net. "Electric utilities can get ahead of disruptive forces by hiring a Chief Digital Officer to help them adapt and thrive during the upcoming transformation of their industry."

"Changes in technologies, both in front of and behind the meter, mean that a utility needs to change at a faster pace than any time in the last hundred years. This white paper lays out seven possible new business models where a Chief Digital Officer is the key executive," explained Mike Kruger, author of the work.

In a recent Nielsen survey, when consumers were asked how their utility should use a grant to improve some aspect of their business, almost half of all consumers say they would want more products and services to help them cut their energy use. Another 26 percent said they would want their utilities to use the money for generating clean energy. These consumer demands are a direct threat to the traditional utility business model.

To address changing customer expectations, ChiefDigitalOfficer.net suggests that electric utilities hire a Chief Digital Officer to help them establish a new business models for the 21st century.

The new business models conceive the digitally-enabled utility as a:

  • Platform to deliver and integrate "smart" home devices
  • Service provider for administration services (billing, sign up/termination) for third-party providers
  • Manager of Demand Response
  • Driver of Community Renewable and Commercial Installations
  • Seller of consumer data to third parties
  • Leader in reliability and climate change adaption
  • Financier of "grid edge" technologies

As many companies in more competitive industries are finding, these responsibilities will require a new senior executive to implement these new business models. Over the past ten months new chief digital officer appointments have been announced at a steady, if not accelerated, pace. And the total amount of global revenues that CDOs now influence surpasses $1 trillion.

To download this white paper, please visit ChiefDigitalOfficer.net.

Tim Bourgeois is Founder & Executive Editor of ChiefDigitalOfficer.net

Mike Kruger is the Deputy Director of Public Affairs and Director of Digital Engagement at the U.S. Department of Commerce.

ChiefDigitalOfficer.net is a growing community of senior professionals whose responsibilities intersect strategy, marketing, technology and innovation.

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