- The results of HFS’ Pulse study for 2H 2021 tell us a lot about the technology-averse energy and utilities sector. The 2H iteration of our seminal Pulse study surveyed 600 respondents from the Global 2000 across North America, Europe, and the Asia Pacific. Of these, 63 respondents hailed from the energy and utilities sector.
- In our 2H Pulse survey, we asked respondents about the major business strategies their organization is pursuing to meet the organizational goals for the next 12-18 months.
- Our energy and utilities respondents indicated one of the major business strategies in the next 12 – 18 months will be de-risking their supply chain and making it far more resilient (39.7%). These companies would prefer multi-level sourcing instead of single-source dependencies. The pandemic proved that depending on single vendors and suppliers is a significant risk.
- The immediate priority for energy and utilities firms is finding new markets or customer segments (38%). Such a quest can be met through the following three major strategies: overhauling products or services to become more relevant (33.3%), divesting or exiting parts of the underperforming business (33.3%), and focusing on virtual customer experiences for the new digital world (33.3%). As they say, there is only one boss – the customer.
The Bottom Line: Energy and Utilities companies have learned an important lesson from the pandemic – single-source dependencies can impact their business in a global emergency. A flexible and adaptable multi-level sourcing is key to the smooth functioning of the business. They must also endeavor to cover a large spectrum of markets and customer segments to be able to stay relevant. The quest for new markets or customer segments can be met through overhauling their products or services to become more relevant in the post-COVID-19 markets, divesting or exiting parts of their underperforming business, and focusing on virtual customer experiences for the new digital world.
For more insights, take a look at the HFS Pulse Dashboard here.
Explore the HFS Pulse Dashboard
Take a look at the breadth of data in our Pulse Dashboard, which showcases data about current and future demand trends for technology and business services and related emerging technologies. See more here.
