ABB survey shows utilities see IoT as key to asset management

ABB Thames

A global survey of over 200 executives at electricity, gas and water utilities increasingly believe that information technology and operational technology integration is a key component of any effective asset management strategy, according to ABB.

Some 80 percent held IT-OT integration for asset management as valuable. 58 percent of respondents either have, or are planning to have, a strategy leveraging the Internet of things for asset management and 55 percent reported the importance of asset management has increased over the past 12 months.

Interconnecting things, services and people via the Internet improves data analysis, boosts productivity, enhances reliability, saves energy and costs, and generates new revenue opportunities through innovative business models. The industrial internet and cloud services also offer the benefit of bringing world-class analytics within reach of smaller production facilities.

For over a decade ABB has been developing and enhancing process control systems, communication solutions, sensors and software that support the concept of the Internet of things, services and people (IoTSP).

“Now more than ever, utilities see the need to bring together once disparate technologies and systems to better understand their increasingly complex asset base and share those insights with the people across the organization, in order to improve planning, productivity and safety,” said Massimo Danieli, Managing Director of the Grid Automation business unit within the company’s Power Grids division. “This is very much in line with ABB’s focus on IoTSP, as part of our Next Level strategy, and our comprehensive portfolio puts us in an ideal position to support our customers in integrating the worlds of information and operational technology.”

Respondents to the survey see numerous benefits in this integration. On a scale of 1-5, they ranked better long-term planning (4.86) as the highest priority. Increased staff productivity (4.43), improved safety (3.98) and better use of capital (3.68) rounded out the top five.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>