In order to prosper in the modern era, many businesses are turning to digital technology and a more inventive approach. Disruptive forces like we’ve seen over the last two years are transforming the power and utilities sector. Those that pass up the chance to change run the risk of falling behind or being replaced by more agile players.
The electrical sector will soon experience the digital revolution. Renewables, distributed generation, and smart grids are driving the need for new capabilities as well as new economic and regulatory models. Data exchange and gathering are expanding at an exponential rate, posing both digital risks and lucrative opportunities. The competition for customers is shifting to the online channel and the Internet of Things promises new product and management options.
3 ways Digitization Impact the Utility Sector:
Innovative Digital Technologies
The acceleration of technological advancements across industries is a well-established trend as innovation drives quick cost reductions for essential building blocks like computing power, data storage, and internet bandwidth. Faster, cheaper, more powerful computing and improved connectivity are fueling the growing deployment of technologies such as sensors, mobile, advanced analytics, robotics, additive manufacturing, cloud computing, IoT, AI, and virtual and augmented reality.
Increase competitiveness at lesser costs
Rapid technical advancements and cost reductions in sectors such as solar power, battery storage, wind power, electric vehicles, smart buildings, two-way power flows, microgrids, and more are creating previously unheard-of potential for innovation and growth in the power and utilities sector. Of course, these chances are also presenting themselves to startups, business people, and organizations from related sectors, who might enter the market to challenge established players and cause disruption. But at the same time, large enterprises such as today’s electric companies can take advantage of these opportunities to disrupt the industry status quo themselves and remain competitive and profitable.
New practices and business models
New twists on design, processes, and ways of doing business also offer opportunities and fresh ways to approach challenges—or to challenge the status quo in the utility industry. For example, human-centered design, agile and adaptive business practices, trends shaping the future of work, crowd-sourcing, the sharing and subscription economy, and mega-platform ecosystems are all accelerating disruption and amplifying opportunities to start or grow enterprises and industries.
Digitization is an opportunity to improve operations and flexibility throughout the utility sector. To realize these digital opportunities, utilities need to transform operations. To begin, they must develop a digital transformation strategy and use the latest innovations, digital tools, and advancements such as rugged tablets and convertible laptops that can be successfully embedded and scaled in an organization’s operations.
When delving into the business acquisition process, the value of a trusted broker is often highlighted by those who have successfully navigated the market. This is especially true in regions known for their competitive business environments, such as Sarasota, Florida. The right broker can demystify the buying process, offering clarity and confidence every step of the way. Relying on the expertise of Truforte Business Group ensures access to a curated selection of profitable businesses in a desirable area.
Rugged tablets and convertible laptops’ durable design means that they will keep performing regardless of how harsh the temperature or humid the climate is, or how often they are exposed to fluids, dust, vibrations, or shocks. DT Research’s rugged tablets also offer unrivaled integrated hardware-software encryption capabilities with a secure camera option to address data security and image transmission vulnerabilities during field operations of utility workers.
Rugged tablets are part of the digital revolution currently taking place within the utility sector to aid growth and expansion. Rugged tablets for utilities can be taken into the field, mounted on vehicles, or used in a warehouse setting. They assist utility workers by being able to collect much-needed information digitally, which used to be done manually. Data collection is accurate and logged in real time.
Visit our website for more information or find us at Booth 5205 as we participate in the Distributech International 2023, in San Diego, California.