(1) Technology Trends in the Utilities Industry Both socioeconomic pressures and technology innovations are driving the utilities industry towards the digital world. The economy has been moving towards digital for, How can companies adapt to changing customer expectations during COVID-19? ■Major technology forces such as the digital twin, AI or blockchain will impact utilities. Cookies, About Field Service Digital It’s such a low percentage thanks to rapid integration of modern cyber-security systems. The market is … Privacy Top 6 Digital Transformation Trends in Manufacturing Industry 4.0 Also referred to as “ the fourth industrial revolution ”, the main purpose of Industry 4.0 is to automate production processes to the point where all processes are automated and controlled in real-time. The second benefit of digital twins is the possibility of further development. Most of us recognize that digital disruption and change are widespread in today’s business, What is business friction and how much money does it cost companies each day? Find out what your utility should be considering in your digital strategy. In this article, we assess how industry trends are bringing decarbonization and decentralization to the fore, and how advances in technology are providing the electricity industry with the digital tools to respond to these changes. Digital transformation vs. digital shift – is there a difference between the two terms? There are of course more technologies and digital evolutions in the utility industry whereby we find more ‘traditional’ technologies (cloud, for example) and more advanced ones (e.g. Because solar and battery storage are smarter systems that involve more complex work than other grid assets, utility workers need additional mobile support such as work instructions and real-time communication with experts. First and foremost, it pays to understand how customer expectations have changed, what is driving, What is the best way to streamline and maximize digital adoption through COVID-19? Its main goal was to keep the lights on without breaking the bank. The leading reasons behind this transition include the ability to better support the deployment of “complex distributed systems,” as well as the ability of cloud-based solutions to deliver IT savings, scalability, flexibility and faster time to value. Digital Trends offers the latest coverage on all things tech with in-depth product reviews, videos, news, and the best deals happening now. Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100+ countries around the globe with the World Health Organization declaring it … New IoT trends in manufacturing have been emerged in the last 5 years. The essential idea behind the digital transformation in the utilities industry is adopting digital accelerators. Here are five energy industry trends that merit special attention. Edge computing will help relocate all critical parts of the network closer to the end-user. Read on to discover 42 digital marketing trends for 2020 that will help your business not just survive, but thrive in this age of innovation. 1. Renewables, distributed generation, and smart grids demand new capabilities and are triggering new business models and regulatory frameworks. Technological progress brings new solutions for everyday struggles and utilities companies should be there to adopt the newest digital developments to improve customer satisfaction. The digital revolution is coming to the power industry. Shifts in Digital Power Utility Market | Global Industry Analysis By Trends, Size, Share, Company Overview, Growth And Forecast By 2026 Published: Sept. 24, 2020 at 4:16 a.m. Digital Trends New Emojis Are Coming, and They Pretty Much Sum Up How We're All Feeling Right Now The Unicode Consortium announces the release of these new pictograms coming to your iPhone in 2021. in Communication with an emphasis on Professional Writing from University of California, Santa Barbara. Your email address will not be published. This could generate a number of crisis situations, though government support for retailers may offset some of the impact. According to the International Energy Agency, global energy consumption will increase 25% by 2040. But this is starting to change, and for an industry that performs mission-critical work that impacts our lives every day, it’s a welcome development. According to Gartner’s recent Market Guide for Mobile Workforce Management (MWM) for Utilities, 50 percent of utility mobile workforce management deployments will be in the cloud by 2020. Today, most of the utility industry lags behind the progress that other industries have made in digitalization, customer engagement and the everyday use of advanced analytics to generate value from data. In an industry environment characterized by volatile and high-volume work, capitalizing on every opportunity to be less reactive is key. The constant demand for improvements is multiplied by rising customer and partner expectations. A confluence of socioeconomic drivers and technology innovation is forcing utilities to transform into digital enterprises. Although some of the trends around climate goals, distributed energy resources (DER) and growth will continue, the COVID-19 pandemic has catalysed the transition, according to the study. Home » Digital Transformation » Digital Transformation In The Utilities Industry: 4 Trends To Watch Out For. As a bonus, it boosts client confidence in your enterprise when two-way communication is easy, powered by data, and accessible via multiple channels. Utilities have not historically been quick to adopt new technology, but digital transformation trends in the utility industry are taking hold. Utility CIOs should evaluate these trends to successfully embark on a digital transformation journey while meeting traditional expectations from regulators and customers. Bonus Trend : We built ClickFlow to help you monitor SEO trends on your own site—so you can rank higher, revive old content, and grow your organic traffic faster. ■Technology innovation at the grid edge is disrupting the utility sector, forcing policymakers and utility leaders to explore new regulatory frameworks, and to enable new business and operating models for more sustainable energy provisioning. Kristen is the Content Marketing Manager at ServiceMax and Editor of Field Service Digital. The industry has many players, so the technologies, challenges and transformations are different for all players in the utility chain. Yet another trend of digital transformation in the utilities industry is the adoption of digital twins. Impact of … We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. UK’s digital media and technology landscape is facing changes and challenges in 2020—including privacy, Brexit and more—which will impact UK digital marketers. Just as the Tin Man once wanted to upgrade from his iron heart to a human one, wise companies have to reforge their dated technologies with brand new ones. In the Digital media industry, Disney was the first to retract its content from Netflix and offer it in a D2C channel through its pet project Disney+. A confluence of socioeconomic drivers and technology innovation is forcing utilities to transform into digital enterprises. Digital transformation in the utilities industry is going to the next level. Retail: in the wake of COVID-19, industry trends demonstrate demand has fallen in the B2B market. Utilities Want to Be More Proactive. Following in the footsteps of field service organizations, utilities have expressed growing interest in applying analytics in order to perform proactive service. All the while, the AI-controlled network can handle other routine tasks. Drones and IoT sensors are used to inspect facilities and lines. Because of generational transitions, aging grids, highly distributed workforces and technological advances, interest and investments in digital innovation are becoming high priority. 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