Benefits of Energy Industry Digitalization
Digital technologies are improving all aspects of industries like never before. Continuing advances are making systems across the globe more efficient, reliable, sustainable, intelligent and connected. Nowhere is this truer than in the energy industry, where the benefits of industry digitalization are being felt by all parties involved, from producers and suppliers to the end consumer. Advances such as shared mobility, smart meters, real-time monitoring of pipelines and other transportation systems are helping to reduce costs, improve safety and increase the sustainability of all systems within the energy industry. By gathering, and subsequently analyzing the masses of data constantly produced, and moving into Industry 4.0, we are turning this data into predictive information, suggesting future trends, highlighting current problems and potential anomalies, as well as increasing efficiency through predictive maintenance. The increased digitalization of the energy industry will have many positive benefits for all, and we look forward to keeping our business at the forefront of these dynamic changes:
1. Reduction of costs for all parties
Digitalisation will help to cut costs throughout the industry. Logistics will become more efficient, problems in supply will be noticed in real time (so they will be solved before they can escalate), and there will be a far more accurate prediction of energy surges and downtime, allowing companies to only produce the energy that is needed. Software services will also be improved and integrated where possible. All of these will help energy firms’ attempts at reducing operating costs and ultimately save them money, as well as allowing some of these savings to be passed onto end users.
2. The increased operational lifetime of infrastructure and services
One of the most well-documented effects of increased digitization will be the increased operational lifetimes of Energy infrastructure. This will be achieved through greater predictive maintenance, combined with less physical stress on production equipment and machinery. Many asset management activities, such as managing contracts, tasks and expenses, can be digitalized, reducing the time spent by people doing the job. Also, invoices, bills, and reports can be greatly automated, thus bringing huge efficiency gains to the whole organization.
3. Increased customer interaction
Greater digitalization will also allow for greater customer interaction with energy suppliers. By allowing for easier customer feedback, problems can be addressed quickly, giving end users a better quality of service. It is also likely to be used to inform end users of the consequences of using too much energy, both for their own finances and for the environment, and can help users to make more informed choices regarding their energy habits.
The digital transformation of the energy industry is happening now and will be occurring at a rapid pace. This is just one of the current trends in the market, combined with various changing patterns of consumption, industries finding new ways to optimize access and the continued integration of different industries with technology.
Energy is one of the key industries we work with (along with healthcare, consulting & HR), and has been our focus while taking into account Digital Transformation of Industries, and we have been tracking the dynamic changes with interest.