Trends that are Transforming the Utilities Industry
The utilities industry has seen a wide range of innovation from within and outside the traditional IT organization. Understanding business trends is a crucial requirement for energy and utility organizations to create a successful IT strategy in today’s competitive market. Following are some of the trends that are transforming the sector:
Edge computing: With the inclusion of the edge computing utilities companies will have their technologies, next to their equipment. It can be used for image analysis and recognition that can identify problems as quality issues or security threats. For an instance, a water company installs a camera at the edge to observe the aeration bubble patterns to see when the pipes are getting clogged up. They can be alerted and fix the problem.
Energy harvesting: Companies want to reduce the cost of deploying and harvesting data, and move away from the need of batteries and mains power. Companies want to harvest and store energy through power sensors, using thermal or physical movement to generate power and save costs.
Open data: Companies move from asset-intensive businesses to data and information-intensive businesses. It let them use more open data in the industry, sharing information in the ecosystem and third parties. This new realm of open data encourages companies to work together. Also, enables them to view satellite imagery more easily, build new applications, and empower them.
Moving beyond AI and to digital twins: Companies build digital models of the physical world, creating a digital replica or ‘twin’. Digital Twins allow utilities companies to run simulations of their equipment, as pumps and harness insights of these simulations. Here utilities companies move beyond AI.
Security: A denial of service attack when a business is a service provider, is denying the business to function. Security is one of the trends that need to be built and embedded in all systems, products, devices, and technology. It should be incorporated in organizations’ core as it plays a fundamental part of the processes and policies to protect the systems and data.