Predictive Analytics

Digital in Utilities – Hype or Hope!!!

Digital is one of the common buzzwords in the market. It combines capabilities of the latest and greatest technology stack, like social, mobile, analytics and the Cloud (SMAC), the Internet of Things (IoT), artificial intelligence and virtual reality and, most importantly, amplifies them by encompassing a seamlessly connected enterprise experience.

With latest reports showing 4.7 billion mobile users, 3 billion people on the Internet, 1.7 billion Facebook users and 1 billion WhatsApp users, digital undoubtedly has already been incorporated into our daily life and work routines.

Digital is changing the world and enterprises all over the world have been gearing up to embrace this new way of doing things. Utilities, too, cannot afford to be unaffected by the digital evolution. However, with utilities carrying a tag of being late adopters of the latest technology changes, it would be thought-provoking to evaluate the impact of digital on them.

This article delves into this phenomenon of digital and its impact on utilities.

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Internet of Utilities Asset Management

With the advancement of new technologies, the world is moving toward intelligent devices and assets. Although sensors have been around for a long time, they have always been local to a machine and do a specific job, without much communication to the outside world. But if these sensors can communicate with other sensors, machines and human beings over the Internet, then this setup can form an Internet of intelligent devices.

This interconnected intelligent device setup can further be augment-ed by software, simulation techniques and algorithms to bridge the gap between information technology (IT) and operational technology (OT), and thus help machine operators and supervisors to quickly find a problem area, make quick decisions and act to reduce machine failure.

This point of view delves into this phenomena of smart connected de-vices and assets, their real-time interactions and overall impact on utilities.

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Improve Asset Health and Productivity by Leveraging Predictive Analytics

Exploring and producing Oil and Gas involves huge risk, uncertainty, and capital investment. Assets involved in exploration and production are very complex and expensive to design, build, operate and maintain. Hence, maximizing the performance of these assets throughout their life cycle along with controlling the costs is a pressurizing factor for oil and gas companies. Oil & Gas sector also has a responsibility of strictly adhering to Health, Safety and Environmental (HSE) standards along with regulatory compliance. These regulations along with past asset failures force these companies to find ways to proactively predict and prevent asset failures. Majority of asset management software implementations focus mainly on reactive and preventive maintenance only, and haven’t leveraged the capabilities of control systems like SCADA (Supervisory Control and Data Acquisition Systems), Historian, statistical tools along with failure history for predicting the asset health.

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