Powered by collaboration: How real-time data sharing energizes the power industry

Posted: September 18, 2023

In today's rapidly evolving landscape, the power industry faces a unique set of challenges. Organizations must navigate market fluctuations, economic pressures, and the lasting impacts of the COVID-19 pandemic. Amid these challenges, power companies must still continue to drive growth. Real-time data sharing has emerged as a critical component for power companies to find success in an uncertain world.

Power organizations that can capitalize on data-driven insights will be the ones to thrive over the next decade. However, that journey toward success requires an alliance of minds, a network of stakeholders, and a commitment to sharing information in real time. While power companies have traditionally relied on internal resources, many are now recognizing the potential of collaborative data ecosystems that transcend organizational boundaries. The shift toward real-time data sharing is not merely a choice—it's a necessity for harnessing the full potential of digital transformation and securing a prosperous future.

Missed connections

Power organizations are often complex, asset-intensive entities reliant on a blend of internal expertise and external partnerships. Within this complex web of processes, data sharing emerges as a transformative force. External partners, equipped with relevant, real-time data, can enhance their efficacy, enabling them to undertake specialized tasks that fall beyond the realm of internal capabilities. The result: optimized operations and processes, improved asset management, and the discovery of new growth opportunities.

However, the transition to real-time data sharing is not without its challenges. Often, concerns about security, governance, and the role of IT departments can hinder the adoption of this crucial practice. The fear of high costs, complex network setups, and the potential risks of unauthorized data access can lead organizations not to pursue a viable solution.

Modern solutions, designed in collaboration with IT departments, can address these concerns while paving the way for efficient, secure, real-time data ecosystems. These ecosystems empower stakeholders with accurate information, allowing equipment vendors to monitor critical assets, service providers to offer specialized services, and analytics companies to uncover valuable insights.

Powered by collaboration

The benefits of a real-time data ecosystem extend beyond mere data sharing. Collaborative ecosystems foster deeper understanding, allowing stakeholders to contribute their unique analyses and interpretations to the shared data pool. This interactive exchange eliminates data silos, enhances collaboration, and cultivates a shared repository of information that fuels continuous growth and innovation.

Implementing real-time data ecosystems demands the right technological foundation. Power entities need solutions that enable secure access, efficient data processing, bidirectional data flow, and scalability. The power sector's unique requirements are best served by a hybrid architecture—a blend of on-premises and cloud-native infrastructure. This approach ensures secure data sharing, self-service access, scalability, and streamlined integration with emerging technologies like artificial intelligence (AI) and machine learning (ML).

Power data ecosystem

Are you ready to create your connected data communities?

The journey to real-time data-sharing excellence isn't solely about technology—it's about a mindset shift. Organizations must recognize the value of information exchange not just within their walls, but throughout the industry. The ability to adapt to this connected ecosystem will differentiate the trailblazers from the rest.

The power industry is at a crossroads, and data sharing can redefine its trajectory. Through collaborative ecosystems, real-time data sharing opens doors to efficiency, innovation, and sustainable growth. Embracing this shift optimizes operations, strengthens relationships, builds trust, and enhances transparency. The power sector's resilience lies in its ability to embrace the power of data and forge a future that's brighter, more efficient, and thoroughly connected.

CONNECT data services is the gateway to a new interconnected ecosystem. The industrial SaaS supports a seamless transition to the cloud, allowing trusted stakeholders to access select data without requiring development assistance. Natively built on Microsoft Azure, it is the data management layer within CONNECT. It aggregates, contextualizes and facilitates secure sharing of IoT edge and plant operations data from OT to IT, enabling remote monitoring, analysis, and advanced analytics at scale.

Are you ready to step into a connected, efficient, and data-driven future? Talk to one of our experts to learn what CONNECT can do for your power organization.