We're in the middle of an energy transition. The energy system is being disrupted, driven by shifting consumer preferences, regulatory changes – including the consumer data right (CDR) opening up energy data – and technology-enabled innovation.
CDR is set to radically reshape the energy industry by the end of this year. Introducing CDR will allow consumers to authorise third parties to access their energy data. This creates the potential for a whole range of new customer focused services. It will no longer be a case of comparing apples with oranges — consumers will be able to easily compare energy offers and switch quickly. Switching providers will likely be as simple as clicking a button on a website, email or app.
With the power of energy data in the hands of consumers, energy retailers will need to work harder for their customers with competitive offers and services or risk losing them. Retailers must take the opportunity to move closer to their customers by using this data exchange to create value and drive growth.
By opening up their data, energy retailers will enter a new era in compliance, innovation and competition in the market.
For those who are ready to move beyond compliance and compete and grow, there will be immense opportunity to revolutionise the market with innovative retail products, dynamic pricing models and delivery of services.
Energy retailers will need to quickly respond to potential collaborators and competitors in the market. For the first movers, there will be an opportunity to further expand into multi-sector collaboration and alliances. Energy players will be able to leverage their platforms and offerings to create new customer value in other industries including telecommunications, financial services, and smart cities. Collaboration and competition will not be limited to traditional organisations from the energy sector.
Are you ready to take advantage of the changes that are coming?
Get in touch to understand how Deloitte can help your organisation unlock the value of CDR.