Top 5 Technology Trends For The Energy & Utilities Sector
As the digital transformation reaches more and more industries, companies constantly implement new technologies to become more effective, secure and efficient. Energy & utilities are no different. The digital transformation in those two industries is gaining traction as more businesses realize the potential technology offers. So, here’s the top 5 technology trends in energy & utilities right now:
1. Predictive Analytics
Predictive analytics are based on rapid data analysis and provide quick insights and future predictions. Companies who use this technology gain an advantage of being able to react and adapt much quicker to change and problems. It enables them to make smarter investments and manage their resources better. Some example uses include predicting the power usage within certain area or predicting machinery failures.
2. Big Data
Innovations like the smart grid, advanced metering infrastructure (AMI), synchrophasors, smart appliances, microgrids, advanced distribution management, remote asset monitoring, event avoidance and self-healing networks have a significant impact on the amount of data we have. The increase in this data amount is what makes this trend so strong. More and more companies are investing in Big Data technologies to make the most out of their data and not be drowned in the amount of information they have.
3. Cloud Computing
We’ve mentioned cloud several times before on our blog. There’s several reasons why a business might want to move into the cloud. Cloud services provide a wide range of excellent tools to improve security, business processes and overall efficiency. They also prove to be very cost effective and scalable. This trend is mostly for companies who want to develop quick-to-market solutions and need to digitize their assets.
4. Sensor Technology
Sensors are being applied extensively throughout the entire supply, transmission and distribution domains of utilities. This is a way for utilities to enhance their applications and get more data. What is more, this is also a great way to improve customer experience and satisfaction.
5. Communication Technology
Utilities are distributed by nature and, therefore, require excellent communication, asset and labor management. Mobility and communication are something that companies in the energy and utilities sector need to invest in. Things like machine-to-machine (M2M) monitoring systems that are similar in function to low bandwidth SCADA, but use different communication technologies and approaches (such as personal-area networks (PANs), HANs, FANs, substation, control center and enterprise LANs and shared wide-area networks (WAN) are being implemented to improve operations and management productivity.
If you’re interested in implementing any of these trends in your business — contact us to get expert opinion on which solutions will be best for your company.
