AI-enabled renewable asset management solutions prepare a single platform to manage diverse energy sector data.
FREMONT, CA: Electricity generation is transforming the world. Because climate change offers a fundamental threat to world ecosystems and businesses, organizations that can consistently and profitably produce energy from low or no carbon sources will have a bright future and a brighter present.
Challenges that energy producers face
Energy manufacturing companies face numerous challenges across the world. Data management and boosting power production are not easy for producers to handle. But with the rise in cyber threats and high market competition, companies seek technological solutions to deal with the problems.
Let us understand the critical hurdles that come in the way of energy manufacturers.
Enormous data management: Renewable energy asset management involves massive data collection. But managing this huge information through conventional methods is difficult and non-scalable.
Breaking out of data silos: Information from diverse segments of energy asset management such as SCADA, event, condition monitoring system, production, budget, maintenance, weather and production forecast, and marketing tools are gathered for research and production. Managing vast data from diverse sections through traditional methods and tools is extremely expensive and time-consuming.
Balancing a diverse mix of assets: Efficient management of OEMs and equipment is a complex task for renewable energy operators. There are additional challenges due to the involvement of storage and OEM performance.
A competitive generation landscape: Increasing market competition plays an essential role in operators' performance. Only the efficient operator can thrive in the energy market.
Cybersecurity threats: Although digitalization brings several benefits to the renewable energy asset management sector, the increasing cyber threats pose a severe challenge to the operators.
How energy producers can win the renewable energy revolution
With the numerous issues that today's energy producers face, a holistic, scalable platform strategy must include the following critical features.
Harnessing the power of cloud computing combined with advanced AI: Continuous monitoring of operational data and informing about vulnerabilities is controlled through automation, which reduces human effort efficiently.
Combining multiple data streams into a single platform of record: Creating a single platform for a detailed view of project data involving SCADA, event, maintenance, production, budget, weather, CMS, and unstructured data sources through NLP.
Managing diverse asset types from a single platform: Data from all sources such as wind, solar, hydro, and storage assets must be handled through a single platform with minimum tools.
Increasing energy production and reducing cost: In case of any failures of assets, immediate notification related to issue and risk is recommended to enable predictive diagnosis and prompt response.
Companies that rise to face the demands of the new paradigm will continue to expand and thrive, while their competitors will displace those that cling to old methods of doing things.