The energy industry is being transformed by new technology — and these are the lessons and trends other industries should look out for.
Trends in technology have the potential to disrupt and radically transform industries. These developments fuel a push toward innovation and force companies to move quickly to avoid complacency. The energy industry provides an excellent example, with established utilities and new energy start-ups alike looking for ways to leverage new forms of technology. From investment in cloud computing to the advancement of machine learning, there are opportunities and lessons to be learned and applied across industries, using energy as a blueprint.
The IoT: Data Collection & Organization
Why it’s trending: Data collection by sensors in connected devices, working in tandem with new machine-to-machine communications networks, has the potential to radically streamline existing workflow structures. Improved acquisition, new methods of data integration, and advanced analytics offer numerous possibilities to rethink, streamline and improve.
In the energy space: Data is a commodity, particularly in energy. Companies across the industry are using thermal imaging and sensors to collect data, organize and place it on IoT platforms. When in place, data is valuable in supporting analytics — ultimately cutting costs and improving efficiency.
Further implications: Seamless data connection and analysis allow companies to use machine learning and artificial intelligence. This means asset operators can take predictive measures, preemptively solving problems before they arise. For example, being able to anticipate and schedule maintenance and repairs leads to fewer failures and less downtime.
Cloud Computing
Why it’s trending: When information is stored in the cloud, companies can cut down on infrastructure and centralize important data. By using less hardware, cost of ownership declines and businesses benefit from no longer needing to manage their own data centers. In the energy space: When utilities can limit their need for on-premise hardware, they’re able to harness greater processing power and more advanced analytics, ultimately evolving their business and becoming more cost-effective. However, industrials need to trust new cybersecurity methods for protecting machine data before they move wholesale to the cloud. Further implications: Cloud computing brings connectivity, scalability, and mobility to a variety of businesses. Investing in the cloud allows a move to a more dynamic business model, and most digital IoT platforms rely on the cloud. However, nascent edge-computing techniques may be set to disrupt cloud computing’s dominance.
Robotics/Drones
Why it’s trending: Automation, particularly the kind that robotics and drones can provide, is already widely adopted across industries to improve a variety of processes. Now, when used in conjunction with newer technologies, robotics and drones can work smarter and add more value than ever before. In the energy space: Automated mapping software is being used in environments like mines and oil rigs, contributing to machine learning and forecasting how systems will behave when exposed to different stresses. Drones are also being developed for tasks deemed too dangerous for human workers, like cleaning boilers. Further implications: As automated technologies become more advanced, and machine vision commercializes, businesses will be able to deploy intelligent robotics and drones to greater effect, performing tasks that don’t require human engagement and eliminating unnecessary steps altogether. Optimizing workflows and prioritizing more complex tasks will add enormous value.
Blockchain
Why it’s trending: Aside from Bitcoin and the rise of cryptocurrencies, blockchain has other valuable applications. The use of digital ledgers allows for secure processing of real-time transactions and automated trading. In the energy space: The digital ledgers that make up blockchains will make trading in energy more liquid, as well as enabling developers to raise capital for projects. Blockchain could be instrumental in developing peer-to-peer electricity sales. Further implications: Customers are more concerned about data security than ever, and, given the decentralized nature of blockchain, it could be how corporates and consumers get comfortable with sharing their private data for use in large AI algorithm development.
Virtual Reality & Augmented Reality
Why it’s trending: Although VR and AR may be most famous for their use in gaming, adoption has also been quick in the energy and industrials sector — particularly for employee training and other HR applications. In the energy space: Many utilities are using AR to equip field workers with more information and context. VR’s use in training employees for difficult or dangerous tasks is now widespread across many leading utilities. Further implications: Both virtual reality and augmented reality can be leveraged for a variety of uses, from mock interviews and conflict resolution to worker automation for improved productivity and safety.
