What’s in Store for the Digital Transformation of the Energy Sector? According to IDC’s top 10 worldwide utilities predictions 2019, by 2020, 65% of power, gas, ... World 2013, Jonathan D. Loretto and Michel van Zupthen, both from Capgemini, made a presentation of the emergence and transformation of digital utilities in the “smart” era. Utilities are investing replacing or upgrading their Customer Information Systems (CISs) which is resulting in improved call center operations. In the power sector the traditional commodity has always been the physical delivery of power (i.e. Australia. Most utilities historically have considered their customers as “rate payers” and had little or no significant interaction with their customers. That said, utilities are looking closer at other verticals as they evaluate best practices and lessons learned as they digitally transform. Evolving Role of the CIO - Enabling Business Execution... By Greg Tacchetti, CIO, State Auto Insurance, I agree We use cookies on this website to enhance your user experience. As the utility sector digitally transforms the commodity that is becoming most valuable to the industry is data. Digital tools also enhance operation throughout the electricity … Customer Engagement: Utilities traditionally have not been on the bleeding edge when it comes to customer engagement. Quality CISs can provide utility call centers with predictable customer issues; decreased call volumes, proactive customer outreach, and a streamlined process that can help achieve customer resolutions more effectively. We are on the cusp of a similar transformation in the digitalization of energy systems with the rise of the Industrial Internet of Things (IIoT). A strategic digital approach to APM can optimize a generator or a fleet of generators performance by applying in-depth analytics on real-time and historical operational data which can provide actionable intelligence to organizations on new and improved ways to profitably operate their generation. Energy 4.0: Digital Transformation In Energy & Utilities Industry. Home » Blog » Part 2: The power of digital to transform the sector. Data collection and exchange are growing exponentially, creating digital threats but also valuable opportunities. From the perspective of the power industry, the benefits appear both comprehensive and viable. Its first goal was to create a single digital identity to enable citizens to access government services via one digital portal: myGov. Yet much of it is never used. The reason: a short circuit a hot summer day caused on by a chance encounter between an overgrown tree branch and a sagging power line. GE Power and the Digital Energy Transformation. The big traditional companies that dominate the European energy market are not quick to adapt to change. The DX taking place in the utilities space is changing that. A2A Group will modernize its power assets by deploying GE’s services, hardware and software solutions at four of its facilities in Piemonte, Lombardia and Friuli Venezia Giulia, Italy. Neil's talk gives a broad and personal overview of digital transformation in power. Leveraging real-time customer data can improve ticket volume, customer interaction, service order management, and overall customer satisfaction. Digitalisation is helping improve the safety, productivity, accessibility and sustainability of energy systems around the world. For example, the digital transformation of utilities can improve the efficiency of power generation and the transmission and distribution of electricity, all while providing consumers with more capabilities and choices around their energy use. The hardworking town, which lies between the Vosges and Jura mountains, has made railway locomotives for nearly 150 years. Digital has helped many organizations generate greater efficiencies across their operational business units, significantly improve customer experience, and accelerate innovation to allow them to stay ahead of the competition in rapidly changing markets. 5. Our analysis points to significant opportunity in the electricity sector for digitalization to create jobs. Email. Contact | Subscribe | Advertise with us | Sitemap Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy | Disclaimer. The examples above are in core areas where digital transformation is taking place and making a positive impact on the way the power industry and utilities are improving their business by analyzing and acting on operational and customer data in order to become more reliable, efficient and profitable while improving customer experiences. The productivity boom from email and other information technology has resulted in unprecedented wealth gains in the last four decades. Copyright © 2020 CIOReview. The IIoT promises to digitalize much of the world’s industrial processes, including underlying physical infrastructure such as power generation, transmission and distribution. But it does mean that our physical infrastructure will become increasingly integrated with our digital infrastructure. Today, the U.S. postal system processes about 500 million pieces of mail per day, while about 205 billion email messages are exchanged in the US every day. More info, Copyright © 2020 CIOReview. Digital technologies are everywhere, affecting the way we live, work, travel and play. These types of real-time data sets can impact various groups within an organization which include but are not limited to, operations, finance, trading, and risk management. In recent years, Oracle has been observing and has been involved in the digital transformation initiatives that are taking place in the fnancial services sector and has seen some effective strategies being implemented by banks. For more in-depth analysis on the transformation, read this whitepaper on our vision for how the energy industry will continue to embrace emerging technologies. Solar in particular, being the fasting growing source of renewable energy being installed is changing the ways utilities approach balancing their generating supply and electric demand on the power grid. Poland - Atomic Law – Regulatory Record (PL). “Powering the future” Leading the digital transformation of the power industry 7 Reliable access to power is essential to improve the living conditions of populations across the world. This in turn willlead to minimizing down time of a utility’s assets. 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Abu Dhabi energy sector enters digital transformation era Details Created: Wednesday, 09 September 2020 06:06 . The digital revolution is coming to the power industry. The competition for customers is shifting to the online channel; the Internet of Things … Five initiatives are worth more than $100 billion over the next 10 years and should be prioritized for … The electricity sector is ripe for realizing value from rapid digital transformation; we estimate that there is $1.3 trillion of value to be captured globally from 2016-2025. However, if you would like to share the information in this article, you may use the link below: https://datacenter.cioreview.com/cxoinsight/2018-digital-transformation-trends-in-the-power-sector-nid-26114-cid-18.html, Larry Buttelwerth, VP-IT & CIO, NewPage Corporation, Jerry Irvine, EVP, CIO, Prescient Solutions, 2018 Digital Transformation Trends in the Power Sector. Renewables, distributed generation, and smart grids demand new capabilities and are triggering new business models and regulatory frameworks. Earlier this year, GE Power delivered a major upgrade for India’s power grid: a Wide Area Monitoring System (WAMS) which allows engineers to track power flow across 110 substations in the country’s Northern Grid. Founded in 1891, the firm is a global leader in power and energy with expertise in grid modernization, renewable energy, energy storage, nuclear power, and fossil fuels. You may also visit here for more such insights on the digital transformation … Traditional fossil fuel generators are struggling to compete in this new competitive world with plenty of clean, low cost, distributed and renewable generation coming on line in combination with decreased electric demand and less price volatility in wholesale power markets. These … Digital transformation is something that has become a common trend, and it is one that has reached the Power & Utilities sector moving rather quickly. Asset Performance Management: In a time where energy commodity prices continue to stay low and generating profit margins are tight, investment in asset performance management (APM) will be a key area for power companies and utilities to invest. Digital Transformation In Energy Industry. I’ve pondered this question over the last few weeks and months, moving between meetings with brilliant pioneers in digital technology, and events and articles on its role in the social sector. Twitter. Now, thanks to new technology, field service engineers like Nicolas can be armed with smart helmets, tablets displaying real-time information and more. What is digital transformation? Linked In. Here are 3 countries doing exactly that. The city of Belfort in northeastern France knows all about speed and power. Below are some of the core areas within the power and utility sector which are creating positive changes in the way utilities operate as the industry takes on digital transformation. The utility industry’s new approach to customer engagement has put an emphasis and importance on customer centric data such as energy use, billing data, outage information, and rate options which is changing the way that customers and utilities interact with one another. In 2003, Mother Nature turned off the lights on the East Coast. Although slower than many industries, the power and utility sector are making digital advancements in many segments of their business. Generation owners and operators investing in APM are striving for greater reliability, operational efficiencies and increased output and revenues from their generating units. The high penetration of DERs and renewables has increased the collection of data and analytics on items such as electric demand, temperatures, sunlight, wind speed and generation output. This article will highlight some of the core areas where DX initiatives are happening in the power and utility space. “Digital transformation impacts all aspects of the power industry: Supply (generation and operations); Network (transmission and distribution) and Retail (customers),” said Scott Affelt, president of XLMPR Energy and chair of the POWERGEN International Digital Transformation track. Digital Transformation in Power & Utilities BCG’s Center for Digital in Power & Utilities uses deep utility experience combined with a structured approach to help companies define the digital vision, build new offerings, transform core businesses, and establish a solid foundation for full-scale digital transformation. The result will be an improvement in economic, environmental, and social outcomes across humanity’s fundamental systems, none of which is more vital than the digitalization of the energy sector, the spark that drives economic and human progress. GE is changing that for the New York Power Authority, and helping to leverage their gold mine of data. What does digital transformation mean for the power industry and how does the industry perceive it? By Pascal Becotte, MD-Global Supply Chain Practice for the... By Stephen Caulfield, Executive Director, Global Field... Carmax, the Automobile Business with IT at the Core. Power and Utility Sector Digital Transformation Trends in 2018 and Beyond. We are all familiar with what happens to a product as it digitizes: it becomes more accessible and it moves faster. DX in utilities has the opportunity to improve and integrate operational technologies and informational technologies across the entire electricity value chain. On 28 Feb and 2 Mar 2017, Dr Neil Williams joins Nodes Agency in a seminar about mobile transformation for the utilities sector. By clicking any link on this page you are giving your consent for us to set cookies. 0. Is digital transformation a hot topic in the energy sector? Distributed Energy Resource Management: The continued global growth of distributed energy resources (DERs) such as solar power, energy storage, microgrids, and wind generation is changing the power supply make up for many utilities, globally. As all aspects of the global energy system become more digital, we are already seeing better outcomes for electricity producers, end consumers, the economy, and the environment. Traditional and emerging, physical and digital, large and small, are all converging to create a new twenty-first century power network. In Deloitte’s survey, 95 percent of power sector respondents agreed with the statement “Digital transformation is a top strategic priority at my organization.”14But how can they approach this transformation and what are the pitfalls to avoid? Although slower than many industries, the power and utility sector are making digital advancements in many segments of their business. Disruption in the end is a shift in power in relationships (Charlene Li) ... Often used interchangeably with digitization as mentioned (and with digital transformation too), digitalization is really something else. The intermittent nature of distributed energy resources and renewable energy has increased the need for greater visibility, predictability and control of these assets. Take mail, which, starting in the 1980s, was transformed into email. This deal will reduce costs and help Exelon balance electricity generation. All of this accelerates decarbonization because less fuel is needed to produce the same amount of power. For GE Power, digitalization means that we no longer sell only machines, software, or services. APM investments in generation will be necessary for many mid-merit fossil fuel units in order for them to remain relevant in many regional power markets giving such generation the ability to compete. With GE sensors, Georgia Power is gathering more data about how its transformers operate and it's helping them become a utility of the future. Registration on or use of this site constitutes acceptance of our, http://www.usalistingdirectory.com/index.php?list=latest. Digitization and consequently digitalization of enterprises is impacting both the technical and business environments of organizations. Digital technologies have tremendous potential to contribute to growth in the sector and help deliver exceptional shareholder, customer and environmental value. The power and utility sector is digitally transforming albeit slower than many industries. Digitalization of energy is the only path forward—here’s why. Operating older large fossil fuel generation units at the highest efficiencies possible is a must in many competitive wholesale power market environments. Electrical substations aren’t much to look at. That ache in your elbow has been there ever since you pitched for your high school team so many years ago. It is also essential to enable the development of stronger manufacturing industries that can fuel economic growth and support the rise of a middle class. Figure 8 illustrates four phases of the digital transformation journey and highlights a common sticking point. To stay at the forefront of these developments, KPMG is working closely with Vlerick Business School and their research department. 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