The path to Net Zero
When looking to start their Digital journey, many within the industry may not know the best place to start.
A sense of urgency is building in the market as companies race to achieve the ambitious Net Zero targets set out by the UK government. Energy players should take their first step – even the approach is not ‘perfect’, it can be improved over time. We identify four steps that businesses can take today as they look to pivot their business towards Net Zero goals.
01 Find your 'North star'
When aligning business strategy to reach Net Zero goals, those operating in the energy industry must set their vision for a digital and low-carbon future, and pivot their business model with this goal in sight. Successful energy players will be those that are guided by such a ‘North star’ when looking to reach their targets – committing to a long-term strategy while not losing sight of short-term goals.
03 Unlock the value of data
The energy industry should no longer make excuses for poor data quality or outdated legacy systems. Companies need to aggregate the wealth of data at their disposal and build this into the foundations of their Net Zero journey. Once the process has been implemented, businesses must learn to establish trust in quality data to deliver business value.
02 Lead from the top
Having a strategic voice on the board will give the energy transition the weight it deserves. Energy companies should align the leadership team’s objectives to their Net Zero ambitions. In addition, there needs to be a clear owner for the digital evolution of the business alongside education on the role and capability of Digital, and what it means to lead digitally mature businesses.
04 Don’t be afraid to make mistakes
The road to Net Zero will be set with challenges. The energy industry must embrace the challenge – adopting a ‘test and learn’ attitude while being prepared to take risks where necessary. By experimenting and making mistakes early in the process, they will be ready to pivot their business when the time comes. Only by adopting such an attitude will energy companies learn from their mistakes and secure value in the long-term.