The old proverb “don’t work harder—work smarter” is taking on new significance as digitalization is evolving the world economy. In the present time, industries stand at the cliff of a global productivity revolution and the watchword of this is to “work smarter.”
FREMONT, CA: Digital applications in energy have shown considerable potential to change the sector by producing better efficiency throughout the entire supply chain and revolutionizing company relationships with their customers.
The initial digital breakthroughs are in predictive asset maintenance, enhanced forecasting and real-time monitoring, and digital tools that tend to attract and retain customers. The drones and UAVs for remote inspections, in addition to process mining and text mining help to improve effectiveness. AI helps to unlock the value almost everywhere; it is applied or implemented.
Predictive asset maintenance, even though a nascent skill, has become one of the more mature digital technologies in the energy sector and provides essential things regarding the changes to come. Predictive maintenance in the present day is at the cutting edge, but tomorrow it might be part of a much bigger system. The world is still at the cusp of what the Industrial Internet of Things (IIoT) can do.
Data, in the future, might turn into the guiding star for all industry 4.0 technologies. The data gathered by the IIoT sensors can enable companies to identify and resolve problems remotely as well as allow engineers to deploy their time efficiently. ML might help plants to automate simple engineering jobs and might also enable plant owners to gain insights into their operations and identify the productive usage of the asset. Energy companies are at an initial stage in exploiting digital technologies and streams, such as ML that can be applied to the rich data sources. To reach the point where techniques can be utilized entirely, companies need to know better access to clean, available data streams and identify where to focus their efforts.
One of the major issues is to develop digital solutions within a strategic plan so that data sources can be carefully consolidated, and synergies can be exploited appropriately. Companies should start to plan on becoming digital-first, which can help in weaving data into the fabric of what can be done. Traders have already started using AI-based forecasting and algorithmic trading to help them in energy markets, and the digital tools to help companies attract and retain customers.