In a perfect world, we could all have cutting-edge, “smart” machinery, all of which would be connected for perfectly streamlined processes. In reality, the most cost-effective solution is often to keep legacy machinery in service. But that doesn’t mean we shouldn’t update the way we use and maintain these machines.
Much has been written about the growth of connected devices. A 2019 IDC IoT and data forecast predicts 41.6B connected IoT devices will produce 79.4 zettabytes (which is 79.4 billion terabytes) of data in 2025 and most of that growth is coming from the automotive and industrial industries. That data combined with computing power well over one trillion times greater than what was available in the 1950s means the days of managing factories with people, paper and clipboards will soon be over – right? Unfortunately, that doesn’t seem to be the case.
The time is now to start taking advantage of Internet of Things (IoT) technology.
"Adoption of IoT is happening across industries, in governments, and in consumers' daily lives. We are increasingly observing how data generated by connected devices is helping businesses run more efficiently, gain insight into business processes, and make real-time decisions," said Carrie MacGillivray, Vice President, Internet of Things at IDC.
For businesses that have successfully adopted IoT technology, proved return on investment and are continuing to scale projects and increase initiatives across all aspects of their organizations. Implementing IoT projects is a given, but with 620 IoT platforms and counting, deciding the right approach for your company can be challenging. This blog post breaks down IoT projects into three categories:
- IoT Retrofits
- Custom Implementations
- New Connected Equipment
We’ll highlight a few of the pros and cons of each type of project and help you make an informed decision on where to start or possibly reconsider your next project.
Much has been written about why utilities have been slower to adopt new technologies but there are good reasons utility leadership has employed a measured and reliable pace of new IoT project implementation and IoT adoption. Regulatory pressures to keep rates low, unproven technologies, staffing shortages and the costs to implement wide-scale projects have all contributed to slower adoption rates across the industry. However, the utility industry is poised to increase IoT adoption by 20% by 2025 - and these investments are now able to be quantified and thoroughly vetted to ensure a positive return for utilities undertaking these projects. This post explores the top motivators driving the growth of IoT adoption in utilities.
As discussed in our earlier post, A Smarter Approach to Digital Transformation in the Utility Industry, the utility industry is falling behind other industries when it comes to digitization. This affects day-to-day operations on multiple levels, including personnel. In this post, we’ll walk through a few of these opportunities and provide a few strategies to help utilities consider different ways to make incremental forward progress in their own transformation process.
The utility industry is in a state of upheaval. With demand for electricity falling after 100+ years of steady growth, companies are in the hot seat about how to cover grid costs and deliver returns for shareholders. Digital transformation looks to be the path forward. In fact, 70% of utility executives say their companies need to become digital leaders in order to succeed in the current climate.