New Research: 88% of Power Generation Companies Say Digital Will Increase Their Revenue
AVEVA's new report on digtalisation in the power sector benchmarks industry executives' views on how digital tools are boosting efficiency in power plants.
According to the World Economic Forum, digitalisation will create $1.3 trillion in new value for the electricity sector alone by 2025. If you work in Power, you have to ask yourself what you can do right now to ensure that your own organization reaps its fair share of this dramatic upside. And when you do, it’s important to know what’s working for others in your industry.
A new report from AVEVA, “Digitalisation in Power Generation: The State of the Industry,” aims to benchmark current activities and attitudes related to digital among senior executives in the power sector. The data and insights in this report are culled from broader findings about digitalisation across five process plant industries, as gleaned from surveys conducted in partnership with research firm Vanson Bourne.
I had the honour of providing analysis and writing the conclusions for the report, and found the results of the research to be compelling for Power Generation:
The vast majority of power industry leaders see digitalisation as an urgent focus for the business. They’re optimistic about its ability to improve efficiency and generate growth. To reap these rewards, power companies must strengthen their digital vision, fill digital skill gaps, and use data to move their business forward.
In this report, you will learn where your peers stand on all of these points, see the challenges organisations like yours face on the road to digital transformation, and understand how your industry is investing in key technologies. Armed with these insights, you will be better prepared to put your own company on the path to digital value creation.
Key findings for the Power Generation industry include:
- 46% believe plant digitalisation is a rapidly growing focus of attention across the industry and 28% say it is here and happening now. For power companies, there is an urgency to act on digital, a priority on making digital a core component of the business, and a belief that a strong digital vision provides the basis for success.
- 88% of respondents say adopting digitalisation will increase revenues for their organisation. Digital opens to door to new areas of opportunity and maximizes the revenue potential for your existing assets and lines of business.
- On average, respondents believe digitalisation can boost production capacity by over 29% and cut operating costs by over 27%. At a time when it is increasingly important to get the most out of existing assets, digital provides a path to increased productivity and efficiency.
- 40% feel increasing competition is influencing plant digitalisation. As the competition approaches digital with ‘now-term’ urgency, your own digital strategy ensures your company is not left behind.
- 44% are currently investing in intelligent information management and a further 50% are planning to in the future. Like anything else in power, digitalisation isn’t cheap—but smart, strategic investment in technology is key to success. To help ensure that they get the most out of these technology investments, many companies also see the value in tapping into outside experts who can deliver effective implementation and ongoing optimization.
GET THE REPORT
You can download the complete report on Digitalisation in Power Generation here.
For perspectives on digitalisation across all process plant industries or to compare your sector to other industries (including Chemicals and Mining), visit www.aveva.com/digitalisation and view AVEVA’s full series of digitalisation white papers.
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