Contrary to some popular beliefs, the energy sector is among the earliest adopters of different digital innovations. The big energy companies began to employ several contemporary technologies that facilitated their management and expanded the functionality of their networks as early as the 1970s. Leading oil and gas magnates have long relied on digital decisions in their decision-making, research, and production processes, including the design of new tanks and pipelines.
Actually, digital solutions have improved the safety, reliability, and efficiency of the energy industry for decades now. And yet, nowadays, the pace of energy digitization is accelerating even more. In 2016, global investment in digital electrical infrastructure and software reached $ 47 billion, which nearly doubled until 2020.
Some of the significant operations of energy and utilities currently being optimized through the continuing digitalization process include the following:
- Fault control and dynamic maintenance. Technologies such as AI and machine learning enable energy operators to predict equipment breakdowns using sensor data from various devices. Thus, they have the chance to significantly reduce their costs for ongoing administration and maintenance of the installation.
- Energy efficiency. The digitalization of energy production and energy consumption can reduce losses along the route significantly and create conditions for more reasonable, more sustainable, and more responsible energy use by both the trader and the end-user.
- Investment optimization. The use of methodical software can match seismic images and geological models to increase the chances of success in drilling wells. Currently, the US Department of Energy uses machine learning on satellite imagery and operational databases to identify vulnerabilities in the network and then work to improve their resilience.
- Reduction of electricity bills. The opportunity of remote interaction of the customer with his home or industrial thermostat generates a more personalized customer profile, which reduces the bills of the end-user and helps the energy supplier to project the consumption more accurately.
- Improving customer experience. Many wholesalers and retailers are now taking advantage of specially created algorithms that serve customer inquiries, respond to customer requests, and offer solutions to widespread problems in real time.
- Energy trade. Intelligent software operating with massive databases can reflect the essence of global market changes to help retailers be as adequate as possible in pricing their services, as well as to support informed long-term business decision making.
Georgi Toshev and the partners in Toshev and Boteva law firm are actively dealing with the digital economy's legal dimensions, trying to create a common regulatory framework that will facilitate the entrepreneurs who are currently walking the inevitable path of digitalization.
We are here to discuss your case and offer you solutions that will turn this rather unsettled endeavor into the safest and wisest investment you have ever made in your business, in your future, in your dreams.
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