The power and utility sector is digitally transforming albeit slower than many industries. That said, utilities are looking closer at other verticals as they evaluate best practices and lessons learned as they digitally transform. The digital revolution is coming to the power industry. The intermittent nature of distributed energy resources and renewable energy has increased the need for greater visibility, predictability and control of these assets. Here are 3 countries doing exactly that. Delivering outcomes to the ever-increasing power market requires three things: knowledge, operational systems, and a scalable platform. In short, our energy infrastructure is getting smarter and the main beneficiaries are people and the planet. The competition for customers is shifting to the online channel; the Internet of Things … In 2003, Mother Nature turned off the lights on the East Coast. One of the slower runners in the digital transformation race is the energy and utilities industry. “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. 0. Copyright © 2020 CIOReview. Operating older large fossil fuel generation units at the highest efficiencies possible is a must in many competitive wholesale power market environments. 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. As DX continues its momentum in the power and utility sector expectations are that utilities will continue to adapt to—or drive—positive disruptive changes among their customers and within their markets by leveraging digital competencies to innovate new business models, products, and services which will improve operational and organizational performance while increasing customer satisfaction. In the wake of the several devastating hurricane events in the Atlantic last fall, efficient field work management is under the microscope for many utilities. By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive... Digital Innovation Giving Rise to New Capabilities, By Gregory Morrison, SVP & CIO, Cox Enterprises. Mobile Workforce Management: The ability to react to real-time operations data remotely is becoming more critical to workers in the field as it relates to asset management. Modern power plants generate gigabytes of vital information each day. Staying Connected to Organizational Priorities is Vital... By Alberto Ruocco, CIO, American Electric Power. In the power sector the traditional commodity has always been the physical delivery of power (i.e. Although slower than many industries, the power and utility sector are making digital advancements in many segments of their business. That ache in your elbow has been there ever since you pitched for your high school team so many years ago. Digitalisation is helping improve the safety, productivity, accessibility and sustainability of energy systems around the world. Poland - Atomic Law – Regulatory Record (PL). 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). Exelon has signed a deal with GE Power to implement Predix, GE’s software platform for the Industrial Internet. 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. Digital Transformation In Energy Industry. 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. The big traditional companies that dominate the European energy market are not quick to adapt to change. Digital transformation has immense potential to unlock $1.3 trillion of value for the electricity sector; the industry must now embrace digitization. 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. All rights reserved. Investing to improve and advance Mobile Workforce Management is on the list of high priorities for utilities. By clicking any link on this page you are giving your consent for us to set cookies. The world is transitioning from an electricity system based primarily upon large, centralized generation, transmission and distribution (T&D) technologies, to one that also embraces distributed, digitally-enhanced, and low-carbon technologies. The hardworking town, which lies between the Vosges and Jura mountains, has made railway locomotives for nearly 150 years. What is digital transformation? Digital tools also enhance operation throughout the electricity value network. What’s in Store for the Digital Transformation of the Energy Sector? Peter Peters, Partner addresses how power and utility clients can bring digital transformation to the heart of their organizations. Traditional and emerging, physical and digital, large and small, are all converging to create a new twenty-first century power network. Now, thanks to new technology, field service engineers like Nicolas can be armed with smart helmets, tablets displaying real-time information and more. Digital technologies are everywhere, affecting the way we live, work, travel and play. “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. Utilities are investing replacing or upgrading their Customer Information Systems (CISs) which is resulting in improved call center operations. This in turn willlead to minimizing down time of a utility’s assets. The power sector is currently undergoing a digital transformation (DX) that will continue to play out for the next several years. 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. All rights reserved. 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. Digitalizing doesn’t mean that roads, factories, and that the digital power plants of the future will turn into ones and zeroes. Digitization and consequently digitalization of enterprises is impacting both the technical and business environments of organizations. 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. By undergoing and embracing a digital transformation, companies – regardless of sector – can apply unpreceded insight, new capabilities, innovative business models and lucrative opportunities. 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. improves efficiency and accelerates decarbonization. “Reprinted with permission, original blog was posted here”. These … Leveraging real-time customer data can improve ticket volume, customer interaction, service order management, and overall customer satisfaction. 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. On 28 Feb and 2 Mar 2017, Dr Neil Williams joins Nodes Agency in a seminar about mobile transformation for the utilities sector. Digital transformation is something that has become a common trend, and it is one that has reached the Power & Utilities sector moving rather quickly. Its first goal was to create a single digital identity to enable citizens to access government services via one digital portal: myGov. The power sector is currently undergoing a digital transformation (DX) that will continue to play out for the next several years. For the assets themselves, machine learning from dispersed sets operational data being collected and analyzed allow for effective predictive, preventative and prescriptive maintenance of utility assets such as generators, substations and transmission lines. Email. In the meantime, new regulations, a shift towards green energy, decentralized energy and stronger digitalised competitors, such as China, are creating challenges for the European players. The collection, analytics and use of operational and customer data is being harnessed to make better informed and quicker business decisions, which is driving many of the DX trends in the utility industry. Take mail, which, starting in the 1980s, was transformed into email. 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. Current estimates of global job losses due to digitalization range as high as 2 billion by 2030, but there is considerable variation in these projections. This deal will reduce costs and help Exelon balance electricity generation. 1. All of this accelerates decarbonization because less fuel is needed to produce the same amount of power. These outcomes are possible because digital technologies can help physical systems to be more productive and autonomous. Technology has been increasingly adopted by all major industry sectors over the last several years—and the energy industry is no exception. Utilities are creating new business models, products, and services seamlessly in an effort to blend both digital and physical experiences related to their business and customers while improving … 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. Facebook. One thing’s for certain: digital transformation in government and the public sector won’t happen on its own. But that persistence of the pain is something of an illusion. Job creation potential is highest in the consumer renewables sector, with energy storage integration creating up to 1.07 million n… But like an iceberg, there is a lot of the substation that you cannot see. As the sector continues to adapt to the various transformations taking place, digitization must be a key priority, and indeed, can support development of new business models to respond to these industry shifts. This article will highlight some of the core areas where DX initiatives are happening in the power and utility space. Twitter. To stay at the forefront of these developments, KPMG is working closely with Vlerick Business School and their research department. 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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. 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 city of Belfort in northeastern France knows all about speed and power. Megawatts). Electrical substations aren’t much to look at. Digital transformation is about bringing together people, data, and processes—disrupting technology to transform your company and create value for your customers. Although slower than many industries, the power and utility sector are making digital advancements in many segments of their business. 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. Effective Mobile Work Force Management provides utility workers tools that can improve safety, reliability, create cost savings and improve efficiencies while working out in the field. The CIO's role in rethinking the scope of EPM for... By Ronald Seymore, Managing Director, Enterprise Performance... Driving Insurance Agent Productivity with Mobile and Big... By Brad Bodell, SVP and CIO, CNO Financial Group, Inc. Transformative Impact On The IT Landscape. GE is leading this transformation and co-creating the future of energy with our customers across the globe. As utilities are making the switch from analog to digital, the grid is becoming beautifully efficient. John Villali, Research Director, IDC Energy Insights. 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. For GE Power, digitalization means that we no longer sell only machines, software, or services. We are all familiar with what happens to a product as it digitizes: it becomes more accessible and it moves faster. Essential Technology Elements Necessary To Enable... By Leni Kaufman, VP & CIO, Newport News Shipbuilding, By George Evans, CIO, Singing River Health System, Monitoring Technologies Without Human Intervention, By John Kamin, EVP and CIO, Old National Bancorp. Digital Transformation Maturity can be attained with organisation moving more and more into an algorithmic business state. But it does mean that our physical infrastructure will become increasingly integrated with our digital infrastructure. From the perspective of the power industry, the benefits appear both comprehensive and viable. 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? More info, Copyright © 2020 CIOReview. Neil's talk gives a broad and personal overview of digital transformation in power. We deliver outcomes—whether they are well-lit classrooms in places that have never had them before, or stable power to hospitals, factories, and businesses, which accelerates progress and creates wealth across the globe—from the developed to the developing world. In Australia, the Digital Transformation Office was launched in 2015. Data collection and exchange are growing exponentially, creating digital threats but also valuable opportunities. Tech innovation is no longer associated only with replacement … You may also visit here for more such insights on the digital transformation … 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. But it is also raising new security and privacy risks, while … 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. 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. DX in utilities has the opportunity to improve and integrate operational technologies and informational technologies across the entire electricity value chain. Abu Dhabi energy sector enters digital transformation era Details Created: Wednesday, 09 September 2020 06:06 . GE Power and the Digital Energy Transformation. Generation owners and operators investing in APM are striving for greater reliability, operational efficiencies and increased output and revenues from their generating units. 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. GE is changing that for the New York Power Authority, and helping to leverage their gold mine of data. 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. Australia. This increases grid reliability and security, and reduces the cost to generate, transmit, and deliver electricity. From generation, energy trading, transmission and distribution systems down to energy management and customer engagement, utilities are expected to continue to change and enhance their digital capabilities across all functional areas of their business. Asset performance management not only improves a generator’s performance, it is also a strategy to minimize an asset’s down time which can create sizable savings on maintenance, labor and equipment cost. 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. 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. Registration on or use of this site constitutes acceptance of our, http://www.usalistingdirectory.com/index.php?list=latest. Digital initiatives will create up to 3.45 million new jobs between 2016 and 2025 – translating to 10.7% job growth in the electricity industry. Future figures speak for themselves. The Current Focus is On Comprehensive Solutions, Big Data Analytics and Its Impact on the Supply Chain. Is digital transformation a hot topic in the energy sector? 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. 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. It required strategic and proactive planning. Customer Engagement: Utilities traditionally have not been on the bleeding edge when it comes to customer engagement. Application of advanced analytics, Artificial Intelligence of things on this data for business excellence is probably one of the biggest opportunities to power the digital transformation in the Energy & Power Sector. The productivity boom from email and other information technology has resulted in unprecedented wealth gains in the last four decades. Digitalization of energy is the only path forward—here’s why. Home » Blog » Part 2: The power of digital to transform the sector. 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. The digitalization of energy is no exception. This transformation is enhancing the way energy is produced, delivered, and consumed. The IIoT promises to digitalize much of the world’s industrial processes, including underlying physical infrastructure such as power generation, transmission and distribution. Power and Utility Sector Digital Transformation Trends in 2018 and Beyond. At GE Power, we promise to deliver all three. 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. Digital tools also enhance operation throughout the electricity … Renewables, distributed generation, and smart grids demand new capabilities and are triggering new business models and regulatory frameworks. Utilities are finding that their customers are demanding that they need to keep up with other industries in regards to digital capabilities as it relates to customer satisfaction. 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. Digital technologies have tremendous potential to contribute to growth in the sector and help deliver exceptional shareholder, customer and environmental value. 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. Help exelon balance electricity generation generate gigabytes of Vital information each day forward—here ’ s certain. 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