We know it is a phrase you see in every sector, but for energy companies the need to future-proof business is a real and relevant challenge. Within the energy sector, recent global disruptions and external pressure for rapid climate change solutions are mounting. Businesses in the sector have no choice but to adopt future-proofing strategies if they are to navigate the uncertain and challenging times ahead. Here are 3 game-changing things energy companies can do to future-proof their business:
Adopt hybrid working models
Gartner dispels several myths that are deeply ingrained within our sector about hybrid working, including the idea that remote work causes a loss of productivity and innovation. In fact, research shows the opposite is true and that a rigid, physical working structure is more detrimental than having some employees work from home. Energy businesses no longer need to cling to the office structure to ensure success. As we strive for a greener future, adopting a forward-thinking mindset to achieve growth must start internally.
Implement the right tools for future success
If energy companies are to make a success of a working model of the future, they must implement the right tools. Cloud-based systems and work management solutions are ideal for the energy sector as they help streamline operations and offer the necessary visibility over projects to ensure maximum efficiency. With work management automation, companies can not only foster connectivity and control of assets but simplify, and enrich data into knowledge which benefits future business decisions.
A recent executive survey by McKinsey found the pandemic has sped up the adoption of digital technologies in business by several years. In the energy sector, we also need to cut back on our reliance on outdated systems and technologies to encourage innovation and ensure future growth, particularly around green energy solutions. The survey also found that remote working and cloud migration was identified as the top two digital changes that respondents found to have been more cost-effective than pre-crisis practices. It is essential that energy businesses demonstrate they are at the cutting edge of technology and embrace digital transformation as the key to future-proofing their work.