Roger Goodwin, VP of Industry Solutions Group at SpaceTime Insight, joins Engerati to review what’s new in IoT for grid flexibility, asset management and predictive analytics in the webinar “How the Internet of Things is Transforming Energy”.
The internet of things (IoT) in the energy sector represents a new reality that will reach all aspects of the value chain, with a new digital foundation enabled by the rapid adoption of internet-connected devices.
IoT and Asset Intelligence
Asset management and maintenance is an obvious use case of IoT, given the costly and distributed nature of utility assets – and especially so in an environment of ageing assets on the one hand and growing numbers of new and more complex assets on the other.
It’s about improving reliability and customer satisfaction while reducing the operating costs and optimising the capital expenditure, says Roger Goodwin, VP, Industry Solutions Group at SpaceTime Insight.
He comments that IoT solutions provide “a new source of data” for asset maintenance and advanced analytics are the key to unlocking its business value. But there are several levels of analytics and not all are the same.
“The greatest business benefit comes from prescriptive analytics, which tell us not only what is likely to happen but how the event should be handled,” Goodwin says. “That is the value IoT can provide and we see early adopters reporting savings of $4m to $6m a year.”
VIEW THE WEBINAR REPLAY (links to Engerati.com).