Insights that accelerate: how industrial software transforms data into value
Written by Sara Volpe, Senior Vice President Portfolio and Industry Marketing, AVEVA
Many industries were initially slow to embrace the full potential of digital transformation. As recently as January 2020, Harvard Business Review estimated the sector’s digital end-to-end operations were only at 39% of total capability. Yet the two intervening years have seen digital acceleration at an unprecedented rate to drive resilience, agility, and insight in disrupted times. For industries, digitalization has become an imperative.
Why the sudden change of pace?
Industrial software enables companies to seamlessly connect data and people. With the right tools, you can unify information across your engineering, operations, and business to drive deeper insights. Teams can now take advantage of more dynamic, agile ways of working. Cloud-based real-time collaboration brings together operators, engineers, business analysts, and even third-parties in one seamless interface, enabling them to mutually share ideas and improve decision-making to drive greater value.
Dominion Energy (Dominion), for example, has revolutionized its business model through digitalization. By sharing information on grid performance and green energy blend, the team at Dominion was not only able to increase operational efficiency and meet its contractual requirements but also discover a new revenue opportunity. Because data was available in real time and included information on renewable power sources, Dominion could share a live information stream with its customers. This added degree of transparency allows Dominion’s customers to substantiate its net-zero commitments and unlock rebates. With sustainability a growing imperative for industries the world over, this is now a growing revenue stream for Dominion Energy and a paradigm that other power companies are exploring.
Breaking down silos, opening up opportunities
Siloed data slows down business analysis and prevents valuable data from getting to all the decision-makers that can use it. Breaking down data silos is also key to engaging subject matter experts and building trust. Having access to vetted data across an organization increases the accuracy and speed of information transfer. And with the power of the cloud, industrial collaborators in any location can access the information they need in real time, further removing traditional physical and networking limitations. Industry leaders are increasingly taking a strategic, integrated approach to data and analytics to manage the speed and scale of new data, so that this data is getting to the right people and experts to drive change. One company that has adopted this approach is Braskem, a chemicals company that utilizes AVEVA software to transform their business. Braskem’s Data Scientist, Maria Alice Pinto Ferraz, said, “digitalization helps to achieve a more holistic view of the process of how a variable has consequences.” This level of insight and consequential intelligence enables Braskem to optimize its operational processes.
Not just any software: An integrated, data-driven solution incorporating 50 years of industry expertise
An integrated, data-driven industrial solution can provide access to the data and insights that people need to make better decisions, optimize performance, and improve overall engineering and operational efficiency. It is also integral that the software is designed for the industrial end user in mind, including consideration of those with different areas of expertise and the physical, mission-critical realities that industrial companies face. Key considerations include user-friendly interfaces, low- or no-code solutions, and rugged, resilient design to ensure successful technology adoption across the organization.
The key to achieving optimal results is connecting people to the information they require, at the right time, and in the right way, thereby giving them the power to take appropriate action and collaborate within and beyond the organization. As Pinto Ferraz says, “the main benefit of using end-to-end data-driven industrial software that connects artificial intelligence with human insight is to allow the entire team to share a common perspective and develop a better understanding of each specific context it is analyzing.” In the past two years, that benefit has been the key to survival and growth for the industries of the future.