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As digital transformation takes over the energy industry, driving technology innovation across the value chain has become the top priority for CIOs. However, as energy and utility companies embrace emerging technologies such as the Internet of Things (IoT), Data Science and Data Analytics, Digital Twin, Renewable Energy Software, and Cloud Computing, they are faced with an array of challenges.
Managing and maintaining these new systems while staying at the leading edge of new trends, regulatory requirements, and sustainability concerns doesn’t come easy. Moreover, energy and utility companies struggle with a lack of standardization across technologies, operational disruptions, change management, and more — all of these hinder operational efficiency and productivity.
The Need for Digital Transformation in the Energy and Utility Industry
The energy industry is facing several headwinds due to high oil prices and worsening fiscal rules. To keep up with rising customer, regulatory, and sustainability expectations, the digital revolution in the energy industry is picking up an immense pace. As companies rush to accomplish their carbon-neutral goals, investments in modern technology are breaking all records.
With renewable energy forecast to produce 35% of the world’s electricity by 2025, there is a collective race to leverage the latest technology innovations to build smart grids, decentralize power distribution, and address evolving sustainability concerns. However, this sudden and widespread implementation of modern technology is making the IT ecosystem extremely difficult to manage and monitor. Energy companies are struggling to:
- Have visibility into the availability, performance, and security of grids and take corrective action based on critical metrics.
- Get their hands on actionable insights to optimize supply chains and boost operational efficiency.
- Navigate the complex web of existing and evolving regulations and ensure compliance with necessary safety and environmental laws.
- Predict consumption patterns and optimize energy distribution accordingly to minimize wastage.
- Enable real-time monitoring and predictive maintenance to minimize costly downtime.
The Need for Optimizing Efficiency and Productivity
From legacy infrastructure to issues related to data management, there’s a lot to consider as the energy sector modernizes. The sector needs to double down on lowering maintenance costs, amplifying production yields, making the processes more reliable and resilient, and increasing system uptime. This is critical since the energy industry has to deliver sustainable solutions while also keeping up with the rapidly rising consumer and regulatory expectations.
But how can this be achieved? There are two pertinent ways to go about optimizing efficiency and productivity in the industry.
Relying on In-House IT Teams
Energy and utility companies can go the in-house route to manage the complex web of IT systems. This bodes well when we consider that the in-house teams will have a profound understanding of the organization’s objectives and the specific challenges that they have been facing.
However, this approach might have a few drawbacks in terms of not having the most skilled resources to manage the changing technology landscape. Moreover, the dearth of adequate technological infrastructure and the high costs of acquiring competent talent may put some organizations off this strategy.
Going for Managed IT Services
The energy and utility industry is on the road to transformation. Swelled utilization of renewables, versatility issues, and sustainability concerns are just a few drivers driving this collective change. As new technology innovations lay the foundation of smart grids, organizations must steer all their focus to:
- Respond to shifts in user preferences
- Comply with regulations
- Mitigate the risks of today to stay relevant (and sustainable) tomorrow
But most of their time is spent in the day-to-day management of new IT systems. Limited in-house expertise and a growing list of business priorities put energy and utility companies at extreme risk. If you want to make the most of technology innovations while focusing on your core business objectives, you need to embrace the world of Managed IT Services.
Tailored IT Solutions
A partner can bring extensive experience working with leading utilities and energy customers and build tailored, cost-effective solutions that address the most pressing challenges. From IoT to digital twins, cloud to AI – a partner can help make the most of modern technology and ensure the highest return on investment.
End-to-End IT Management
A qualified and competent Managed IT Services provider can take end-to-end responsibility of managing, maintaining, and optimizing the IT ecosystem – so you can focus on things that matter to your business. With a 24/7 helpdesk, dedicated service professionals can offer instant support to issues and maintain production levels.
As energy grids become more and more complex, a Managed Services partner can enable much-needed real-time monitoring and asset failure prediction. Using advanced energy management tools and processes, a partner can analyze all aspects of energy production to identify consumption patterns, optimize production, and improve distribution.
Robust Disaster Recovery
High availability and uptime are critical requirements for energy companies. A Managed Services partner can craft a robust disaster recovery strategy to ensure business operations bounce back to normal – after an outage. Through periodic risk assessment and business impact analysis, a partner can establish the right business continuity practices and ensure zero downtime.
As the cloud becomes core to energy and utility success, a Managed IT Services partner can help you take a cloud-first approach to running your business. Through proper implementation of cloud technology, a partner, with its comprehensive portfolio of cloud computing services, can help you realize strategic business outcomes from their digital transformation initiatives.
Streamline Energy Distribution and Management
As digital transformation becomes widespread in the energy sector, companies, big and small, are making the most of technology advancements to become more agile at managing production and supply.
Adoption of the right tools and systems can result in substantial improvements in both energy distribution and management, leading to improved end-user consumption. However, managing this growing ecosystem of new applications is not easy for in-house teams. With several other critical priorities that need their attention, energy and utility companies must engage with an experienced and expert Managed IT Services provider.
A partner can work hand in hand with your teams to understand the unique challenges facing your energy company. They can then craft customized strategies and solutions that fit your use case and align with your business goals.
At Pratiti Tech, we lie at the forefront of technological innovation. Learn how our capabilities for and commitment to the energy industry can enable your company to tackle emerging challenges and stay ahead of the curve!