The challenges energy sector companies have been facing over recent years have created multiple uncertainties for those working and running businesses in the industry. The World Energy Outlook 2021 report suggests renewables are set to account for almost 95% of the increase in global power capacity through to 2026. Despite this commodity, transport prices remain high and are limiting growth. These represent some of the broadest challenges the industry faces today. In addition, if we focus our attention on the day to day work involved in running energy businesses, we can see the profound impact made by new business models and ways of working. Some of the top challenges energy sector companies need to overcome today are:
The Challenge of Digital Transformation
According to the IEA, despite the speed of change within the energy industry, there is still much stubbornness to stick with the status quo, although this will be costly. Those that do not take steps towards digital transformation today will find themselves falling behind the competition in operational efficiency, costs and recruitment. Adopting the right digital tools will help integrate otherwise siloed software and functions and will serve as the glue that ties together the digital infrastructure, team and internal processes.
The Challenge of Managing Distributed Teams
Collaboration is key to any successful team, yet with the rise of remote working, keeping distributed teams focused is difficult, particularly in a project-based industry like the energy sector. The solution here is to deploy the best internal systems to support your team’s work, no matter where they are in the world. Adopting agile work management software can be the difference between a chaotic and disjointed work structure, and a smooth-running, efficient team. These tools go beyond traditional enterprise resource management, project management software and job boards. Digital is creating a new paradigm in ‘Software as a Service’ (SaaS) for companies that are building the infrastructure of tomorrow.
The Challenge of Performance Evaluation
Within the energy sector, project works are large, multi-faceted and complex, particularly those that involve designing and building the infrastructure of tomorrow. Capturing multi-dimensional project data needs detailed performance management and evaluation at every stage of the process. Without this data and the tools to analyse it, valuable insights are lost with which energy business could make crucial adjustments. However, any performance management tool is useless if it can not integrate with existing tools that businesses use to manage the day-to-day. Adopting agile cloud-based solutions that include easy-to-use integrations and regular updates ensures crucial project evaluation and data analysis remains accessible.