Smart Summit London, taking place on the 19th and 20th of September at the Business Design Centre, will attract over 1,500 for 2 days of discussions, real user case studies and a leading interactive exhibition.
Dagfinn Wage, one of the Smart Summit Speakers, is Head of Innovation for Lyse. Lyse is a Norwegian industrial group operating within the fields of energy production, energy distribution, supply, fibre-optic broadband with triple play services, as well as smart home and energy related services in the retail market. Wåge is responsible for Lyses part in the Horizon 2020 projects Triangulum (Smart Cities) and Invade (Smart Energy Storage).
Dagfinn, who will be talking about ‘How Is IoT Transforming Traditional Utility Business Models?’, completed our speaker Q&A:
How is IoT transforming your business?
We do not consider IoT as a standalone phenomenon, but rather as a very important part of a greater change involving other digital technologies like cloud computing, machine learning, Over the Top distribution and more which are absorbed by new typically platform and ecosystem based business models. We call these business models Disruptive Ecosystems, as they do not only disrupt competitors and products, but whole industries. Apples iTunes and Appstore is the first example we know, starting with disrupting the music industry. This describes the customer and competitive perspective. IoT as technology is also used to improve internal process efficiency and reducing risk in dangerous environments.
In which ways are you adapting business models to leverage IoT capability?
First of all we need to understand what these new business models look like, and how they work. Writing the book “Creating Disruptive Ecosystems” in 2016 (www.disruptiveecosystems.com ) was a part of this process. Then we are adapting existing business models to the new platform-based models. Typically, these new business models are two- or multi-sided, and now you will have to satisfy both your end customers as well as your ecosystem partners. In some cases your choice can be to become an ecosystem partner yourself.
Please can you share examples of utilities you have heard of, making maximum benefit of new technologies?
The German energy company RWE is using Ethereum based block chain technology for payments using EV-charging.
Another example is British Gas with their Hive-offering enabling smart homes. Our own company Smartly is doing some of the same.
What potential does new technology have to improve sustainability?
I believe that technology is crucial, and the potential is very high. However, it is important that we are also considering rebound effects, as well as more hidden effect when implementing the new technologies. Charging your electrical vehicle with electric power generated from brown coal is not an efficient way to reduce CO2 emissions.
Which new services and solutions are being offered to customers thanks to digital technology advances?
Well, we all know of the smart home and smart cities examples, but one of the most exciting effects of having an open platform and ecosystem based business models, is that anyone can innovate. Open innovation is a compulsory part of these ecosystems, and we will also see jaw dropping innovations as a result of combinatorial innovation coming out from these disruptive ecosystems. And the combinatorial effect will be seen at both the data and service level.
What is the impact of the smart grid on smart city developments?
Having a stable and secure supply of electric power is absolutely crucial for cities, and this no different in a smart city. However, I believe that the smart grid must have two-way data flow all the way to the end customers to truly have a significant impact on the smart city development. And even if this feature is a part of the smartgrid solution, we will see that many energy-centric services will be provided to cities and end customers where Internet is the preferred service channel.
What are your predictions for IoT transformations in the utilities industry over the next couple of years?
As I already said, I believe all utilities in some way or another will use IoT technology to improve internal processes, reduce cost and to reduce risk in dangerous operations. However, whether they will introduce new services and generate new revenues will depend on their understanding of the new platform and ecosystem based business models. If they don’t, new competitors will. And at this point, the most important part of your business, the customer relationship is at stake.
About Smart Summit London
Smart Summit is a 2 day conference and exhibition covering the Internet of Things (IoT) ecosystem and its impact on the digital society.
Now in its 3rd year, the event features Europe's leading Smart Home Summit and a further 5 tracks all designed to compliment each other.
With over 180 visionary speakers, gain a unique insight from industry heavyweights and hear case study examples from major contributors.
Make sure you are present in London on the 19th and 20th September for THE Smart IoT event of 2017.
