A Digitized and Automated Ecosystem for Energy & Utilities Companies of the Future
trantorindia | Updated: September 20, 2021
The energy and utility sphere is highly dynamic. Companies have been facing, and as time passes, they are likely to face an even more unique set of challenges – including rising global demand, increasing market volatility and safety risks, and unexpected shutdowns that slow production.
The domain has evolved through the years, along with all the advancements in technology. Real-time analytics tools have helped E&U companies to some extent, especially with asset-intensive and field-force driven tasks. However, for CEOs and other stakeholders of E&U companies, now is the time to pay utmost attention to all the advancements.
The approach that has helped so far is soon going to need serious reforms. It’s time to extrapolate and automate this approach and make it cover a broader umbrella of problems. The forward-looking step for the E&U companies from this juncture is to look for an utterly digitized ecosystem – which includes the best of analytics, automation, and Business Intelligence.
Automation and Digitization – For a Thriving Future of E&U
A completely digitized ecosystem with automation capabilities can help E&U make better decisions, support essential processes, and even assist customers in managing their energy and utility lifestyles. All of this will help optimize business decisions, improve operations, and increase customer satisfaction of the E&U companies.
Intelligent automation and advanced digitization help companies make effective decisions based on data, especially in the following business areas:
- Analysis of historical data Historical data on energy consumption can be convenient in tracking and monitoring energy consumption over time and taking the necessary actions. It is also crucial for you to understand other significant consumption, production, and sales. With this information, you’ll know precisely when to max out on your efforts!
- Analysis of energy production A digitized ecosystem can offer comprehensive insights into power generation trends and power outages without any effort from your end. This is incredibly insightful information that you can use to solve problems in real-time.
- Real-time monitoring By constantly extracting data from different sources and continuously converting it into useful information, the digitized ecosystem will provide all the information you require about your E&U business. All of it is in real-time!
- Automated reporting An understated power of automation is its ability to provide comprehensive yet easy-to-understand reports about everything concerning your business. With these reports, you’ll be able to convey the information to other stakeholders and take necessary steps towards your business goals.
The E&U domain should strive towards the pointers mentioned above. Some of the companies have already started implementing such future-looking approaches. For instance:
- A US-based E&U company uses data from sensors that have been installed on wind turbines. Then, they apply predictive analytics and AI to this data to develop high-resolution wind forecasts. This has helped them reduce costs by $70 million and increase the efficiency of generation.
- A Russian E&U giant uses RPA (Robotic Process Automation) to automate the verification of meter readings. This approach has helped them save 10 hours of work per employee.
There are many other applications, too. Various E&U leaders are stepping up and embracing the power of digitization. It’s about time, after all!
Let’s Step Towards Digital Transformation!
E&U companies need to embrace digital transformation by investing in new technologies to grow and stay ahead of the curve. This needs to be done at the grassroots level – only then will it become a part of your organizational DNA.
Having worked with diverse energy and utility customers for decades, Trantor brings immense domain and technical expertise, along with a culture of futuristic thinking and innovation. Reach out to us, and let’s step towards the future of E&U companies.