improves efficiency and accelerates decarbonization. Leveraging real-time customer data can improve ticket volume, customer interaction, service order management, and overall customer satisfaction. What is digital transformation? This deal will reduce costs and help Exelon balance electricity generation. One thing’s for certain: digital transformation in government and the public sector won’t happen on its own. Megawatts). Home » Blog » Part 2: The power of digital to transform the sector. 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. Tech innovation is no longer associated only with replacement … Delivering outcomes to the ever-increasing power market requires three things: knowledge, operational systems, and a scalable platform. Yet much of it is never used. Investing to improve and advance Mobile Workforce Management is on the list of high priorities for utilities. Its first goal was to create a single digital identity to enable citizens to access government services via one digital portal: myGov. Technology has been increasingly adopted by all major industry sectors over the last several years—and the energy industry is no exception. “Reprinted with permission, original blog was posted here”. Here are 3 countries doing exactly that. Digitalizing doesn’t mean that roads, factories, and that the digital power plants of the future will turn into ones and zeroes. 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. 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. 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? Twitter. Is digital transformation a hot topic in the energy sector? From the perspective of the power industry, the benefits appear both comprehensive and viable. 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. On the left side of the continuum are organizations that are still dabbling with traditional technologies in the “exploring digital” phase. In Australia, the Digital Transformation Office was launched in 2015. 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. Australia. 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. 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. Digital transformation is something that has become a common trend, and it is one that has reached the Power & Utilities sector moving rather quickly. 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. Digital tools also enhance operation throughout the electricity … The power sector is currently undergoing a digital transformation (DX) that will continue to play out for the next several years. 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. 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. You may also visit here for more such insights on the digital transformation … 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. “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. Power and Utility Sector Digital Transformation Trends in 2018 and Beyond. Linked In. 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. The hardworking town, which lies between the Vosges and Jura mountains, has made railway locomotives for nearly 150 years. The intermittent nature of distributed energy resources and renewable energy has increased the need for greater visibility, predictability and control of these assets. DX in utilities has the opportunity to improve and integrate operational technologies and informational technologies across the entire electricity value chain. At GE Power, we promise to deliver all three. 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. What’s in Store for the Digital Transformation of the Energy Sector? What does digital transformation mean for the power industry and how does the industry perceive it? 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. That ache in your elbow has been there ever since you pitched for your high school team so many years ago. In 2003, Mother Nature turned off the lights on the East Coast. Copyright © 2020 CIOReview. 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. 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. 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. 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. 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. Modern power plants generate gigabytes of vital information each day. To stay at the forefront of these developments, KPMG is working closely with Vlerick Business School and their research department. This article will highlight some of the core areas where DX initiatives are happening in the power and utility space. 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. Although slower than many industries, the power and utility sector are making digital advancements in many segments of their business. Staying Connected to Organizational Priorities is Vital... By Alberto Ruocco, CIO, American Electric Power. By undergoing and embracing a digital transformation, companies – regardless of sector – can apply unpreceded insight, new capabilities, innovative business models and lucrative opportunities. The city of Belfort in northeastern France knows all about speed and power. The power and utility sector is digitally transforming albeit slower than many industries. 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 digitalization of energy is no exception. The power sector is currently undergoing a digital transformation (DX) that will continue to play out for the next several years. Abu Dhabi energy sector enters digital transformation era Details Created: Wednesday, 09 September 2020 06:06 . Future figures speak for themselves. 1. 0. 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. All rights reserved. Poland - Atomic Law – Regulatory Record (PL). 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. DIGITAL TRANSFORMATION REFERS TO CONVERTING PROCESSES, ACTIVITIES AND MODELS TO MEET DIGITAL ECONOMY REQUIREMENTS UNTIL THE COMPANY IS A FULLY NETWORKED DIGITAL ORGANIZATION. 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. DERs and renewables have created the requisite to share time sensitive data in order to make strategic decisions on how to manage the sporadic output DERs in a reliable manner in order to efficiently balance electric supply and demand on the power grid. “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. Our analysis points to significant opportunity in the electricity sector for digitalization to create jobs. Generation owners and operators investing in APM are striving for greater reliability, operational efficiencies and increased output and revenues from their generating units. The IIoT promises to digitalize much of the world’s industrial processes, including underlying physical infrastructure such as power generation, transmission and distribution. Renewables, distributed generation, and smart grids demand new capabilities and are triggering new business models and regulatory frameworks. Customer Engagement: Utilities traditionally have not been on the bleeding edge when it comes to customer engagement. As the utility sector digitally transforms the commodity that is becoming most valuable to the industry is data. 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. Digital technologies have tremendous potential to contribute to growth in the sector and help deliver exceptional shareholder, customer and environmental value. Contact         |         Subscribe         |         Advertise with us        |         Sitemap         Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy       |       Disclaimer. By clicking any link on this page you are giving your consent for us to set cookies. As utilities are making the switch from analog to digital, the grid is becoming beautifully efficient. GE is changing that for the New York Power Authority, and helping to leverage their gold mine of data. 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