Digital unlocks hidden value for renewable energy
May 27, 2020
May 27, 2020
Industry X.0 is the digital reinvention of industry, where businesses use advanced digital technologies to transform their core operations, worker and customer experiences and, ultimately, their business models. In the renewable energy industry, digital is at the core of the struggle for sustainable, competitive advantage in the sector. The digital revolution for renewable energy is driven by what Accenture calls the “five Ds”:
The renewables industry has a limited legacy heritage and is highly innovative in both hardware and software. This allows for digitalization across every aspect of the life cycle.
Digital can unlock value across the renewables life cycle and can be applied in a variety of ways to improve safety, program management, design, quality, asset management and operations. It can also unlock human potential by enabling employees to work differently alongside intelligent technology. Consider the following four technologies and the business impact they provide throughout the project life cycle.
Estimated reduction in project spend, execution duration and lost production.
Estimated increase in maintenance flexibility and maintenance productivity and reduction in asset downtime.
Reduction in overall maintenance cost and maximized asset value.
Estimated increase in schedule attainment, increase in productivity from use of location data and increase in billing accuracy.
Many more technologies are applicable to the renewable energy industry today, with new ideas still to come. This is an exciting time for renewables, but it also raises challenges. Leaders may see the potential value and benefits of a technology but worry about high barriers to entry, expensive implementation and lengthy timelines. In response to this concern, Accenture recommends an agile method—identifying value areas of focus and rolling out implementation in a phased approach over time.