Digital transformation in energy asset management: Lessons for building the future of energy infrastructure
1 Independent Researcher, Nigeria.
2 Chevron Nigeria Limited, Nigeria.
3 Independent Researcher, Houston Texas, USA.
Review Article
Global Journal of Research in Science and Technology, 2024, 02(02), 010–037.
Article DOI: 10.58175/gjrst.2024.2.2.0071
Publication history:
Received 18 August 2024; revised on 04 October 2024; accepted on 08 October 2024
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.
Keywords:
Digital Transformation; Energy Asset Management; Internet of Things; Artificial Intelligence; Predictive Maintenance; Big Data Analytics; Operational Efficiency; Digital Twins; Blockchain Technology; Sustainability; Energy Infrastructure.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0