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5 Insights for Energy Companies to Power Connected Commerce

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In case you haven't heard, digital transformation is a huge boon for energy companies. The right technologies can increase efficiency, reduce costs, and ultimately deliver more profits. Bloomberg New Energy Finance (BNEF) reported that the energy sector is predicted to invest $64 billion in digitalization technology by 2025. Several factors have driven the industry to embrace digital solutions, including changing business models and emerging technologies such as IoT. Don't panic if you feel you might be late to this game. 85% of respondents in the BNEF report believe that companies who've started their digital transformation journeys later than others still have a chance to beat their competitors in the long run. So, it isn't too late, but be mindful that seeing measurable ROI can take about a year (or longer), as the BNEF participants can attest: How long did it take to see measurable business results of your digital transformation? IDC predicts this industry will have invested $45 billion in 2019 alone on intelligent and predictive grid- management technology — and that's just one of the transformational initiatives they'll undertake. Digital transformation is the way of the future. Preparing for the inevitable connected commerce experience will help you meet (and exceed) customer expectations as those expectations continue to evolve in our digital-driven world. But companies won't see the benefits if they mishandle their digital deployments or neglect to implement cultural changes in tandem. Which begs the question: L E S S T H A N 6 M O N T H S | 1 4 % 6 TO 1 2 M O N T H S | 3 1 % 1 TO 3 Y E A R S | 5 4 % M O R E T H A N 3 Y E A R S | 1 % 2.

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