How Utilities Can Leverage Innovation to Achieve Technology Breakthroughs
The energy transition is ushering in a wave of innovation at an unprecedented pace. In this era, utilities are facing both incredible opportunities and complex challenges. To navigate this unknown territory, innovation is key. That’s why Kim Getgen, Founder and CEO of InnovationForce, recently joined Energy Transitions podcast host Pamela Largue to discuss how utilities can harness innovation to achieve transformative breakthroughs.
In the latest episode, Kim offers strategic insights on creating value through innovation while addressing some of the biggest hurdles utilities face, such as overcoming bureaucratic slowdowns, ensuring leadership alignment, and balancing risk. The conversation dives deep into the intersection of technology, business processes, and the future of work, showcasing how a well-built innovation ecosystem can modernize utilities and empower them to stay ahead of the curve.
Here are the top takeaways from Kim’s discussion:
Navigating Bureaucracy and Mitigating Innovation Risk: Utilities often get bogged down by internal processes and regulatory concerns. Kim explains how utilities can develop the agility needed to overcome these hurdles while managing risks associated with introducing new technologies.
Avoiding the Trap of Continuous Improvement: Innovation should be transformative, not incremental. Kim encourages utilities to think beyond small-scale improvements and aim for disruptive change that can shift the industry.
Maximizing Available Budgets: With tight budgets, utilities need to be strategic. Kim shares tips on how to make the most out of limited financial resources by prioritizing high-impact initiatives.
Establishing Innovation Mindsets: At the heart of utility transformation is the need for an innovation-driven culture. Kim emphasizes the importance of cultivating a mindset that embraces creativity and challenges status quo thinking.
Strategic Alignment with Leadership: Achieving buy-in from the top is crucial for innovation success. Kim highlights how utilities can align their innovation goals with leadership’s strategic vision to drive meaningful progress.
The Missed Opportunity Between the US and Europe: A lack of collaboration between the US and Europe on energy innovations has resulted in a missed opportunity. Kim calls for greater transatlantic partnerships to accelerate global progress in the energy transition.
One of the standout quotes from the episode:
"When we ask utilities to innovate, it’s like putting on a new set of clothes. It’s going to feel uncomfortable because most utilities don’t know how to take in the new and get it through an approval process." – Kim Getgen
This episode is a must-listen for utility leaders, innovators, and energy professionals looking to drive technological breakthroughs in their organizations. Tune in to hear Kim’s full discussion on how utilities can turn innovation into a strategic advantage in the ever-evolving energy landscape.