Nowadays, it seems like the metaverse is on everyone’s mind. What was once a concept relegated to science fiction is now a real technology with the power to dramatically reshape our world, how we live our lives and the way companies operate. Despite lingering uncertainties people may have and the debate surrounding adoption, I believe the metaverse will alter and improve the utilities industry’s performance and relationships with consumers and business customers.
So what exactly is the metaverse, and how will it significantly change utilities? In June, Accenture published its annual Technology Vision report, which provided key insights into the future of this next wave of digital change. In previous years, this research took a near-term view of changes utilities are most likely to experience. In this latest Tech Vision report, we looked further ahead to determine how the metaverse will revolutionize business models and provide forward-looking companies with new opportunities.
The results of our survey were revealing: 94% of utilities executives agree that leading organizations will push the boundaries of the virtual world to make it more real, increasing the need for persistence, seamless navigation between the digital and physical worlds. In addition, 42% believe it will have a breakthrough or transformational impact on their organizations—and almost all of this group expects it will happen within the next four years.
To envision some metaverse benefits, let’s fast forward to an average day in 2030, when a power line worker is repairing a damaged line. As the worker and crew talk, they direct a drone to inspect the line section being repaired. Suddenly, an artificial intelligence (AI) assistant appears as a hologram on the site, signaling the need to confirm the work summary of the day and reminding the worker that it’s time to meet with the work scheduler for the next assignments.
Walking over to the truck, the worker dons a virtual reality (VR) headset, and enters the lobby of the utility’s maintenance work scheduling department. The AI assistant reappears, directing the worker to the virtual conference room where the meeting will be held. The worker enters the room, which transforms into the view of a recently built substation, using a real-time feed from an onsite drone.
For some, this scene may be hard to imagine—more reminiscent of something out of a movie. But soon, this reality of multiple technologies can bring a range of experiences from purely virtual to a blend of virtual and physical.
For customers, the key to this new world will be to create new consumer spaces in the metaverse, enabling utilities to engage with their customers in more meaningful ways and helping them navigate a far more complex energy system as it evolves. It will mean developing an immersive approach to enhance the nuances of a transformed utility-customer relationship, involving energy-efficient technologies, local energy markets, EV route planning and charging, and much more.
What’s more, new data-focused business models built around billions of sensors and automation software are likely, and local-level network balancing can be fully automated by algorithms in real time. The profusion of new network data sources combined with high-performance computing will help utilities to build a “no-failure” world. For example, self-healing grid technologies can dramatically improve reliability.
In short, the metaverse is set to become an integral part of how workers, consumers and all stakeholders interact with utilities.
However, with these new opportunities, the metaverse will bring new challenges for businesses to address. As we have seen with attacks on the electric grid, bad actors are already finding ways to use technology to deceive and harm others including deep fakes, bots and more.
Utilities will be responsible for protecting their assets and customers, especially those who may not be prepared for the new energy system. Uncertainty, mistrust, and a lack of knowledge of the new market are weaknesses that could be exploited by AI and other technologies, so rethinking security and safety in the metaverse will be critical.
Despite the challenges ahead, I have never been more excited about the future of utilities. I believe the metaverse continuum – harnessed appropriately – has the power to reshape the industry for business, customers, workers, and other stakeholders, as the energy transition accelerates. What’s even more encouraging: there is still time to get ahead of the curve and make decisive technology investments to create the metaverse that works for you and your business.
At a minimum, utilities must build on a digital foundation and the stronger the foundation, the greater will be their ability to participate in or build new environments and worlds. But that action needs to begin today. The next few years will pass in a blink, and your competitors are just as eager to take advantage of all the benefits a metaverse future holds.