Building a Digital Business Case in the Energy Industry | SPONSORED
Solutions like artificial intelligence (AI), machine learning (ML) and the Industrial Internet of Things (IIoT) are doing what engineers have always aimed for – delivering improved ways to do things cost-effectively. They are tools to help people work more efficiently and make quicker and better decisions. The key challenge facing many owners and operators is knowing how to get value out of digital in the energy industry, amongst the buzzwords and promises.
Energy Industry: 5 Steps to Build a Digital Business Case
Step 1 – Create Your Vision and Mission
One size doesn’t fit all in the world’s diverse and evolving energy markets. Working out what digitalization means for you is key to a successful digitalization journey. What is your corporate strategy and how does digital link to it? Your vision defines your long-term goal as a company, and your mission defines how you’ll get there. Together, they define your role in the market. How do you fit into your country’s energy transition?
Step 2 – Analyze the Risks and Benefits
The energy transition means many companies are navigating uncharted waters so it’s essential to understand the technical and commercial risks. At market level, what are your country’s policies on renewables and emissions, and wider socio-economic drivers? Are there market mechanisms you need to be aware of? At plant level, you’ll need a clear picture of your assets to analyze the risks and opportunities of different operating scenarios.
Step 3 – Identify Your Priorities
Digitalization is about turning data into value for your business and is one of the key enablers for improving performance, managing risks, reducing costs and delivering flexible operation. But there isn’t a silver bullet – a solution that can simply automate everything for you. In our experience, we recommend taking baby steps towards your vision and focusing on 3 to 5 key areas relevant to your plant, and then building on the success of each implementation.
Digitalization is one of the themes of IIoT World’s Energy Day on August 12, 2021 in addition to decentralization and decarbonization. The first 500 tickets are free, so register today: