The justification for a utility business to pursue an Internet of Things (IoT) strategy is strong. Examination of the soft or hard benefits support the case that a detailed investigation is warranted.
A great deal of investment of intellect and effort has been directed to IoT and we continue to see momentum gaining across the broad IoT ecosystem and its applications. Successful commercial IoT deployments that deliver true value to businesses are growing in number. In the context of a technology-driven digital transformation, advances in IoT present power and utility businesses with vast opportunities worthy of consideration. With this in mind, it makes sense for organisations to include IoT within their technology mix, and in a manner that considers IoT to be an enabler of innovation across the entire organisation.
In this article we look at the key benefits and challenges the IoT ecosystem presents for power and utility organisations, including: