Like all industries, the energy and utilities industry too has been witnessing rapid transformation. PwC’s annual Power & Utilities Disruption Index, which is based on survey respondents’ assessment of disruption in five key areas – policy and regulation, customer behavior, competition, the production service model, and distribution channels found a whopping 42% rise in the disruption index on a global level, between 2015 and 2020. And technology has been one of the major facilitators of this change. The arrival of the smart grid has heralded an era of sustainable energy usage catering to the rising demand, while simultaneously enhancing energy efficiency and enabling the integration of newer technologies, such as cloud, analytics and the internet of things.
Smart Energy and Utilities companies have started on a concerted drive towards technology led future proofing, especially by investing in solid infrastructure built for the smart devices and IoT. The advent of the SMAC stack is changing the way energy is supplied and consumed, resulting in more reliable supply, reduced operational costs, reduced CO2 emission and lower cost of consumption for consumers. Smart metering is providing optimum grid management , supporting distributed energy sources and storage elements. The industry is rapidly shifting towards adopting a more user centric system approach. To cite an example, one of our esteemed clients, a Danish manufacturer and supplier of wind turbines, connected its wind turbines to a remote Smart Machines server. The data collected was used to calculate key performance indicators such as grid parameters, wind measurements, energy produced, etc. Uptime and productivity was ensured through monitoring real time parameters, alarms and KPIs.
Organizations that embrace innovative technologies definitely gain a first-mover advantage in the long run. We truly believe that the nexus of smart devices, technologies such as advanced connectivity, e-commerce, and machine-to-machine (M2M) communication is enabling the industry to optimize efficiency and develop new and efficient business models.
Given the massive impact of technologies such as big data, analytics and IoT in the Energy & Utilities sector, both from supply and demand perspective, it is encouraging to see that the European Utility Week 2015(EUW) , one of the most important events for this sector, has scheduled dedicated sessions on topic such as the digital transformation of utilities, building the future smart utility through IT-OT integration. The event, which is to be held between 3rd-5th of November in Vienna, Austria, brings together energy and utilities companies along with leading technology companies and creates an ideal platform for interchange of ideas , thought leadership and for identifying synergies to enable disruptive technologies create positive impact in the energy utilities businesses. As a global Leader in IoT Services Market (recognized by HfS research in 2015) coupled with rich experience in the Energy domain, we at HARMAN will be attending this event to engage with top enterprises and product companies across the world to discuss our perspective on disruptive technology trends and how it can create a sustainable impact to your business.