Digital transformation in energy asset management: Lessons for building the future of energy infrastructure
Year: 2024
Type: article
Abstract: Digital transformation is revolutionizing energy asset management by integrating advanced technologies such as Internet of Things (IoT), artificial intelligence (AI), big data analytics, and cloud computing into traditional practices. This paper explores the lessons learned from implementing digital transformation strategies in energy infrastructure, focusing on enhancing operational efficiency, safety, and sustainability. By adopting digital tools, energy companies can achieve real-time monitoring and predictive maintenance, which significantly reduce downtime and maintenance costs. The paper discusses the importance of data-driven decision-making in optimizing asset performance and extending asset lifecycles. It highlights case studies demonstrating how leading energy firms have successfully utilized digital transformation to streamline operations, improve workforce management, and enhance stakeholder engagement. Key challenges in the digital transformation journey are also examined, including cybersecurity risks, the need for skilled labor, and the integration of legacy systems with new technologies. Addressing these challenges requires a strategic approach, emphasizing the importance of change management and continuous improvement. The paper also delves into the role of digital twins in creating virtual representations of physical assets, enabling scenario planning and performance optimization. This capability allows organizations to simulate various operational conditions and predict potential failures before they occur. Furthermore, the adoption of blockchain technology for secure and transparent transactions is explored as a means to enhance trust among stakeholders and streamline supply chains. As the energy sector continues to face pressures from climate change and the transition to renewable sources, the lessons derived from digital transformation efforts will be crucial for building resilient and sustainable energy infrastructures. The findings underscore the necessity for energy companies to embrace digital transformation as a fundamental aspect of their asset management strategies, ensuring they remain competitive and aligned with future energy demands.
Authors: Ovie Vincent Erhueh, Chukwuebuka Nwakile, Oluwaseyi Ayotunde Akano, Andrew Emuobosa Esiri, Enobong Hanson
Language: English
Subfield: Industrial and Manufacturing Engineering
Field: Engineering
Domain: Physical Sciences
Open Access status: hybrid
OpenAlex ID: W4403745353