January 05, 2024
In today's rapidly evolving world, digitalization is transforming the power and utility sector, driving unprecedented efficiency, improving reliability, and advancing sustainability. As these industries face ongoing change, adopting innovative technologies is essential for staying ahead in the competitive landscape.
According to KPMG’s 2020 CIO Survey for Power and Utilities, boosting operational efficiency is a key priority for management boards. When it comes to technological investments, CIOs are prioritizing areas such as security and privacy, operations and production, cloud infrastructure, and advanced systems of insight.
Leading organizations are evolving their business models, focusing on data-driven intelligence and leveraging breakthrough technologies like cloud computing, big data analytics, artificial intelligence (AI), and machine learning (ML). These powerful tools enhance operational efficiency, optimize asset utilization, and reduce costs, providing a significant edge in a competitive marketplace.
Power plants that embrace digital solutions can expect substantial cost reductions, including fuel expenses by 28%, maintenance costs by 20%, and operational costs by 19.5%. These savings help organizations boost profitability, reinvest in innovation, and maintain a competitive edge.
Digitalization’s impact on the power industry is vast and varied. For example, big data analytics is key to accelerating the shift toward renewables and reducing emissions. These advancements enable companies to make more sustainable, data-driven decisions at every stage of their operations.
One of the most exciting innovations is the concept of digital twins—virtual replicas of physical assets. These digital models provide a real-time, plant performance through a software. Digital twins offer remarkable possibilities in training by immersing workers in realistic simulations of their plants, mimicking real-world operations and processes. This immersive training approach enhances safety, reduces risks, and lowers training time and costs, ensuring that the workforce is both highly skilled and prepared to respond to challenges swiftly.
While digital transformation offers tremendous benefits, it also brings challenges. New technologies must be integrated, and companies must ensure their workforce embraces these changes. A successful digital evolution requires leadership that drives innovation, cultivates a culture of change, and focuses on delivering value across every level of the organization. Without this mindset, companies may not achieve the full benefits of their digital investments.
ENI has long been at the forefront of helping power and utility companies navigate their digital transformation journeys. With a comprehensive suite of solutions—ranging from Digital Twin and PNAO to Asset Performance Management—ENI empowers companies to enhance workforce safety, optimize plant reliability, reduce risks, and ultimately improve overall business performance.
As the power and utility industries continue their digital journey, ENI is dedicated to helping businesses unlock the full potential of advanced technologies. By leveraging our expertise and cutting-edge solutions, companies can improve operations, boost productivity, and ensure long-term sustainability, all while staying ahead of the curve in this fast-evolving industry.
Visit ENI’s to discover how we’re empowering power companies to thrive in the digital age—delivering efficiency, reliability, and sustainability at every stage of the asset lifecycle.
Find out more at ENI Power and Utilities.