Is Technology Disruption Reinventing Energy Sector?

Is Technology Disruption Reinventing Energy Sector?

Energy CIO Insights | Thursday, November 19, 2020

Energy companies face unprecedented challenges and customer expectations, which means these companies must operate, maintain, and modernize themselves with the help of technology to cope with the transformation.

FREMONT, CA: The energy business is constantly exposed to regulatory constraints, policy changes, changing economics, technology, and customer preferences. In this competitive market, energy firms need to facilitate uninterrupted energy supply with efficient load distribution and minimize downtime with timely maintenance. As a result, technological advancements are entering the power distribution business at a drastic pace. Technology disruptions are showing the promise of transforming the power business shortly. Here is more to it.

Technology and digital solutions in the energy sector are redefining customer expectations, preferences, and consumption patterns. Keeping pace, the energy industry must use advanced technologies to allow multiple channels of engagement and mitigate service costs. Automation, artificial intelligence, blockchain, and the Internet of Things (IoT) are some technologies that are finding a multitude of applications in the domain. Adopting cloud could also help the energy industry ensure agility in the billing and customer engagement platforms, thereby mitigating capital expenditure.

Besides enhanced and personalized service, new-age consumers are starting to focus on energy efficiency and smart infrastructure. Energy companies and technology giants are already investing in smart homes and smart offices. These connected spaces will offer a seamless lifestyle experience to the customers while empowering utilities to better manage and optimize energy resource distribution. A roll-out of smart metering, coupled with energy efficiency innovation in manufacturing electrical devices, equipment, and appliances, is furthering the energy efficiency program.

Regulatory authorities and governments worldwide are making policy changes to make sure energy efficiency and a greener environment, and the energy industry must adapt accordingly. Primarily in energy efficiency, carbon and greenhouse gas reduction, renewable adoption, and smart metering, these alterations will also force the industry to reframe itself through the large-scale deployment of advanced technology solutions. The advent of smart meters and IoT power appliances will enable consumers to track and monitor their energy consumption and save money on bills.

Check out: Top Energy Tech Solution Companies

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