That’s according to a new poll of 50 energy suppliers conducted by Capgemini, which suggests 84% of these firms are already getting ahead in pursuing or planing to pursue these opportunities.
More than half are looking beyond the current value chain to find alternative revenue streams from new business models and innovative approaches to collaboration.
In the survey, all suppliers agreed the market will be shaken up by a host of digital transformations over the next five years, with 86% believing the smart meter rollout will be the main driver for this.
Around 78% say they feel well equipped to handle the influx of new data, with 70% having already implemented new measures and technologies to make the most of it.
Alain Bollack, Vice President at Capgemini, said: “Data is the lifeblood of today’s innovation, so the fact that the government has provided a mandatory stimulus to increase it within the energy market will prove a huge boon to the industry.
“It is paramount that energy providers take full advantage of this and while they will continue to improve customer experience and services with it, looking beyond their immediate boundaries for integration with other markets will also open new doors for both companies and customers alike.”