The energy sector is one of the most important worldwide as it is a fundamental part of the operation of industries and companies and supplying energy to users and public entities. But what is the digital transformation of the energy sector that is taking place?
Technological advances affect all areas of society. New technologies like big data, artificial intelligence, and the Internet of Things have made significant changes possible in the energy sector. The energy sector's digital transformation is optimizing the operation of all related companies, making the service offered much more efficient and with a lower cost and impact on the environment.
Knowing how to use big data is essential for companies in the energy sector to compete in a market that is increasingly digitized, globalized, and dependent on new technologies
Energy consumption has been increasing in developing countries in recent years. But the energy from advanced countries such as the US or those belonging to Europe, which together represents 40% of global demand, has been drastically reduced.
As confirmed by a study by the International Energy Agency (IEA) last December, world energy demand in 2020 will have fallen by around 2%. This is the most significant annual decline since the mid-20th century, and it's not just due to the pandemic.
Climate change brings us milder temperatures throughout the year. The growth of decarbonized electrification and renewable energies is a consequence of the common responsibility to rationalize energy and the decentralization of alternative energies.
Electric power has been the engine of industrial and social transformation worldwide for more than a century and has become an essential good for society. In the fight against climate change, electricity is positioning itself as the primary energy vector since it facilitates efficient use compared to other renewable energy sources.
Digitization and innovation can be fundamental to establishing competitive advantages within a changing and increasingly computerized sector. The digital revolution is already a reality in the energy sector, where competition is beginning to be differentiated by each energy agent's technological and digital development. Companies in the sector are immersed in a growing digital transformation as a transition method toward a completely disruptive and digitized reality.
The energy sector's digital transformation began years ago when electricity companies began to change the classic analog meters for digital meters. This simple action was a complete reality change with which energy use efficiency was improved and increased. Since then, new technologies and digitization have been a fundamental part of the energy management improvement process, assuming a significant lever of change in the sector.
Thus, thanks to digitization, energy generation processes have been optimized, and consequently, emissions of polluting gases have also been considerably reduced.
But to comply with the transformation of buildings, cities, and productive or industrial processes, the sector has to change forcefully, relying on digital technologies to ensure maximum efficiency in energy use.
Digital transformation is a new challenge for energy sector companies due to the pandemic. The growing technological developments, the reduction in the cost of digitization, and the growing popularity of interconnected devices make the energy sector another of the sectors highly influenced by the technological opportunities offered today.
Digitization begins to be a fundamental part of the development and optimization of processes and services, thus producing an increase in innovation in a sector as essential in society as energy. As a consequence of this new reality, the policies and programs developed in recent years to regularize and optimize the digital transformation in the energy sector are different, also becoming an essential boost for renewable energies.
Of course, the situation experienced with the arrival of Covid-19 is a reality that has been noticed within the energy sector and has left new challenges to meet. Energy companies continue to adopt new measures to reinforce their digital transformation processes that have been accelerated in the new post-covid era:
The arrival of digitization has brought many advantages and benefits to the energy sector, particularly renewable energy. Thanks to digitization's multiple options and opportunities, integrating renewable energies into people's daily lives can be much simpler, more agile, and more efficient. In addition, through structured plans and projects, it is possible to develop efficient and transparent renewable energy policies with which to achieve a greater connection with the user and provide the following benefits:
Although we usually look at the energy sector as large companies that handle large volumes of information and business, the reality is that the sector is also made up of countless smaller companies that consistently offer services related to the sector.
In this highly competitive environment, betting on new technologies is necessary to grow and compete. For example, many new technologies directly influence companies that work in the energy sector.
Internet of things: The application of intelligent devices interconnected by the Internet has various applications in companies in the energy sector, such as the use of drones and sensors for monitoring, helping to carry out predictive models, or to carry out tasks in places that are difficult to access or dangerous for humans, for example.
Blockchain: To carry out energy monitoring or traceability, the blockchain is presented as a great alternative to achieve precise and unalterable results (transparency, security, and clarity on the information related to the energy market).
Artificial intelligence: AI has many applications within the energy industry such as creating predictive energy models (predict breakdowns or incidents that affect supply), predictive climate models (to optimize solar or wind systems, for example), or offering personalized services according to the needs of each client.
Digital Twins: Digital twins allow large-scale simulations of real situations to assess the implementation of new energy generation technologies.
Big data: If there is a technology that is truly transforming the energy sector, it is big data. Controlling the large amount of information handled by companies related to the energy sector has become a priority to extract useful information from all this unstructured data.
Big data consists of the intelligent analysis of large volumes of data to extract useful information for companies to improve their products and services, thus achieving more satisfied customers and enjoying a better user experience.
Companies in the energy sector are characterized by handling enormous amounts of data from their clients, other collaborating companies, or their energy generation systems. For example, numerous data obtained by sensors and other measurement devices are generated in a solar plant that generates electricity through the photovoltaic effect. Collecting, storing, organizing, and analyzing all this information allows us to obtain valuable knowledge to optimize the plant and get the most out of it.
But not only the companies that generate energy improving their processes thanks to big data, but also the marketers make use of the analysis of large volumes of data to optimize their results. This type of marketer in the energy sector uses extensive data systems to optimize energy purchase and sale processes in the market, which makes it possible to offer better offer to customers (adapted to their energy consumption habits).
Among the innumerable benefits that big data offers to companies in the energy sector, we can highlight the following:
The enormous amount of data handled by companies in the energy sector makes it necessary to use extensive data systems to take advantage of it. Big data is changing how all companies and industries in this sector act and work, from power generation plants to marketers operating in the market.
The energy sector can optimize its processes and reduce costs thanks to big data. In addition, it is critical to identify market opportunities, make better decisions, and select energies that offer the best performance with the most negligible impact on the environment.
The current reality is that energy companies are immersed in different digitization processes that lead them to face new realities in which they can operate more competitively and develop new customer approach models.
In this transition period where energy companies find themselves, countless advantages can serve as a springboard towards a new scenario where they can lead in a market as competitive as energy. A new scenario where digitization and sustainable management will dramatically improve the energy sector's competitiveness.
Modern societies need resilient energy systems where energy security is guaranteed. Of course, the commitment to plans and models based on clean and renewable energy is essential for a transition and correct evolution of the energy sector.
The energy and utilities sector is experiencing unprecedented disruption from a variety of factors, including increasing energy demands, a shift towards sustainable and clean energy, new competition, and technological advancements. Rejolut helps energy and utility companies capitalize on strategic opportunities and overcome operational challenges through our effective and results-driven frameworks, methods, and solutions along the entire value chain. By utilizing our extensive experience and expertise in delivering the appropriate solution and technology, you can achieve your vision for a future smart ecosystem.
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