Figure 8 illustrates four phases of the digital transformation journey and highlights a common sticking point. Our “see, think, do” approach to transformation means we can help you identify needs and opportunities, visualize your future state, thoughtfully design processes and strategies to support your “to be” vision, and perform the hands-on work for turning that vision into a reality. A distribution system operator (DSO) in Europe uses an asset analytics platform that enables risk-based asset management and investment planning. The future power company has real-time situational awareness of its generation, transmission, and distribution assets.
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Real Gross Domestic Product, Chained Dollars and US Energy Information Administration, Electricity Data Browser, accessed March 18, 2019.
Taking these steps can set your organization on a sound path to becoming, and one day being, digital. A less obvious solution comes from community solar, he said. Construct minimum viable changes (MVCs) that will help infuse the needed digital DNA into your organizational DNA. But to thrive in this bright future, power and utility companies will need to develop new capabilities and transform their working environment.
The company also uses 3D printing to save costs by producing needed parts such as spare parts for turbines in house.
Its main goal was to keep the lights on without breaking the bank. Disruptive forces are transforming the electric power sector, and many power company leaders are planning their digital journeys based on the impact of these forces (figure 1). And we handle that because we have an infrastructure that acts like a battery. Please see www.deloitte.com/about to learn more about our global network of member firms.
Most processes are automated, freeing employees from routine, and sometimes dangerous, tasks and enabling them to focus on performing highly complex, customized, and unpredictable work.8 From recruitment to succession planning, the employee’s work is enabled by digital experiences, and their performance is measured in real time, as is learning and development. For more on ecosystems, see Mike Armstrong et al., “Business ecosystems come of age,” Deloitte University Press, 2015. But at the same time, large enterprises such as today’s electric companies can take advantage of these opportunities to disrupt the industry status quo themselves and remain competitive and profitable. Why? The “being digital” category is still quite small, populated by some of today’s most recognized technology companies, industrial enterprises, and others. has been saved, Digital innovation To understand how companies are investing in the connected web of digital and physical technologies that enables digital transformation, known as Industry 4.0, Deloitte fielded a survey of 361 executives in 11 countries in the Americas, Asia, and Europe. Inspections can be cut from 5 hours to 30 minutes, while reducing labor and equipment costs and eliminating the safety hazards associated with manual inspections at that height.13 In addition, drone inspections can improve efficiency and reduce asset downtime and potential revenue loss. Ideally, both productivity and innovation goals would top the list of priorities (figure 6) and desired outcomes (figure 7). This requires developing processes to encourage experimentation and innovation in a continuous feedback loop. Key opportunities, trends, and challenges. I think the West is going to undertake an interesting … experiment of an energy and balance market.
All power and utilities executives represented organizations with revenue of US$500 million or more, with more than half (51 percent) from organizations with more than US$1 billion in revenue.
She has more than 20 years of experience in research, analysis, marketing, communications, and program management in the power and utilities, oil and gas, and renewable energy sectors. New market entrants, increasingly frequent cyberattacks, and natural disasters are also high on the list of impactful events and concerns. Below is a model for digital innovation being applied within a power company in its digital foundry. As the system smoothly integrates rising volumes of variable wind and solar power and customer-sited energy resources, it seamlessly manages two-way power flows and complex demand management and response algorithms. And that future could be bright. View in article, For more on human-centered design, see Jim Guszcza, “Smarter together: Why artificial intelligence needs human-centered design,” Deloitte Review, Issue 22, January 22, 2018. View in article, Heather Stockton, Mariya Filipova, and Kelly Monahan, The evolution of work: New realities facing today’s leaders, Deloitte Insights, 2018. That’s possible, even if they have to change the way they approach the marketplace, because improving the lives of their customers has been the legacy of utilities for over 125 years, he added. View in article, Deloitte Ireland, “Automated cognitive asset inspections—Drone-enabled,” Deloitte Ireland video, 4:32; https://www.youtube.com/watch?v=-LOPGn7UFpk, posted May 16, 2017. “And since then, of course, through a number of [Federal Energy Regulatory Commission (FERC)] orders and a variety of other pieces of legislation, we have seen … the transmission sector also torn asunder with the development in some markets, at least of [independent system operators (ISOs)] and [transmission system operators (TSOs)].” But the traditional modes of utility distribution were now “also coming under assault under the rubric of distributed generation,” he said. Not a subscriber or a registered user yet? Figure 3 also indicates some of the digital technologies and other requirements necessary before these services can be offered, though the list is not comprehensive. Technologies such as artificial intelligence (AI), Internet of Things (IoT), cloud, and blockchain can catalyze new business or operating models, help new entrants disrupt the sector, and enable incumbents to reach new levels of performance. Ltd., for her research, editorial, and design contributions, and Rithu Thomas, assistant manager, Deloitte Support Services India Pvt. View in article, BloombergNEF, New energy outlook 2018. Phase 4: The products are prioritized and usually implemented in a limited release, tested with customers, and the process is reiterated. During his 25 year career as an oil and gas leader, he occupied senior roles in both major oil, gas, and chemicals companies and consulting/advisory firms. Invest in a digital foundry: This will be the hub of your digital activities—a dedicated function that can continuously ideate and carry concepts through implementation. Digital utilities stand to reap big rewards by improving processes, increasing understanding of the customer, empowering employees, boosting security, and mitigating risks.
How digital do we need to become? Sources: US Bureau of Economic Analysis, National Income and Product Accounts, Table 1.1.6.
Nearly as many (46 percent) chose the influx of solar energy, which may reflect in part the impact of competition from distributed solar, and in part the impact of solar power’s variability on the grid. Continuing what they’ve been doing for the last century is likely not going to work. View in article, Deloitte Digital, Digital DNA 2018, accessed March 15, 2019.
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