2020 Trends in Utilities - How utilities organizations can be 1 step ahead of the upcoming technology
- Jan 27, 2020 6:00 pm GMT
This item is part of the Special Issue - 2020-01 - Predictions & Trends, click here for more
Digital transformation is the buzz word that we often hear these days. The Utilities industry is slowly but surely catching up.
Technological advancements such as AI, Cloud Computing, Autonomous Data Warehouses, Big Data, Mobile Applications and Internet of Things, IoT, have already proven to be the be-all and end-all for companies across all industries to adopt sooner, rather than later.
How utilities organizations can be 1 step ahead of the upcoming technology?
Let me jump right in to share with you 3 important trends I see from the utilities industry.
1. Digital Twins, a step up from AI
Think of it as a robotic replica of yourself only that this twin exists in the digital world. This digital replica can simulate itself by integrating IoT, AI, and analytics and continuously updates and upgrades itself in the changing environment.
That being said, utilities assets such as power plants can be digitally duplicated to improve operational and maintenance efficiencies. Different simulations can be tested by the utilities companies to maximize all the insights from the simulated data, to enhance the assets' values. This is a step up from the current AI models, where only the available data is used for preventive maintenance.
2. Grid Cybersecurity
With utilities undergoing digital transformation to be a Smart Grid, there is an unavoidable risk of cyber-attacks. A well-orchestrated attack on any utilities assets, power plants, cable lines, pipes, can disrupt the entire power of city or even a country. If these loopholes are not guarded, and the attacks falls in the wrong pair of hands, we can only imagine what catastrophe it will result in. A strong and robust solution will be required to manage this.
3. Ascending the transition with Electric Vehicles (EV)
For electric utilities, the surge (pun intended) in electric vehicles across the globe can be both a boon and a bane. The global number EVs has increased exponentially over the past few years. This number is set to rise further.
Why is this a problem?
When there are many EV charging stations across the country, and many other domestic charging points, there will be a spike in the grid. Utilities which are not prepared for these sudden electricity peaks will have problems balancing the grid. A rigorous Data Analytics solution like Oracle Utilities Analytics will provide more valuable insights on the utilities’ customer behavior, to better manage the grid. As an example, utilities can advise customers on when and where to charge their EVs that will cost lesser for the consumers and inadvertently save the grid’s overall health including peak load.
The early adopters of technologies will always have an upper hand when it comes to managing expectations and changing trends from people and the surrounding environment. Although some regulations will take time to formulate, keeping abreast with the technological advancements and being well informed on industry proven solutions will keep utilities thriving.
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If you want to have a thorough discussion on any of the above or any topics related to Utilities, do not hesitate to reach out to me !
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*Disclaimer: Views expressed are my own and do not necessarily reflect those of Oracle*
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