Over the years I have seen many technologies, trends and buzz words evaporate as quickly as they were conceived. Some were before their time, others marketing vapor or they simply did not work as advertised.
One of the questions that I get all the time is ‘what next for the asset intensive industry’?
The area where I am seeing organisations make the biggest (real) gains, is through process digitisation.
What is process digitisation?
For many digitisation is a vague or elastic term. When I use it, I am talking about end-to-end process optimisation. IoT sensors delivering real time data, integrated with artificial intelligence platforms, and asset registers to enable intelligent decision making, predictive and preventative maintenance.
One of the key revolutions that is enabling this, is the proliferation of data streams available from a slew of enterprise grade sensors.
Almost everyone is getting on board with IoT, or at least trying to work out how to use it effectively. In fact, the latest estimates from IDC say 97% of utility companies in the Asia Pacific region (excluding Japan) are already dabbling with IoT to create differentiation in their markets.
Imagine production facilities that can self-diagnose mechanical problems based on changes in the audio pitch of their internal workings. Or a drone capable of taking photographs of remote structures. Artificial intelligence systems can then automatically compare the images or audio to a reference file, identifying potential problems and points of failure before they manifest.
A.I. in visual / acoustic processing is not science fiction.
These processes are fast becoming standard practice and something we should all be looking to leverage, as we build out our operational models and seek to maximise the investments made in our revenue-producing assets.
And it’s not just utilities, these technologies are directly applicable and actively used in a range of industries including; transport, agriculture, mining, manufacture, facilities, solar and water.
With the anticipated increase in activity and IoT investments, it is critical that utility organisations use the right approach to connect different elements of their operation. Building a roadmap, accommodating changes in governance structure, digitally enabling the operational workforce and managing change effectively, is crucial.
If you want to join the discussion about how IoT, A.I. and visual & acoustic processing can transform your industry, attend our upcoming free events:
- Wellington 15 August
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