Digital disruption may be one of the most overused buzzwords these days, but the world is going increasingly digital and disruption is everywhere—we have drones delivering pizzas and home gadgets connected to our phones.
Digitalization has so profoundly changed our lives that it’s inevitable that’s also transforming all industries and the ways product manufacturers and service providers and consumers interact. The energy sector is no exception to this trend, and is seeing various changes in production and distribution thanks to data analytics, cloud computing, supercomputing, smart rigs, and smart meters.
These changes are so profound that the International Energy Agency (IEA) published its first comprehensive report this week on digitalization in energy, analyzing how digital tech is transforming energy systems.
Digitalization is already improving the safety, productivity, accessibility, and sustainability of energy systems, the IEA notes. But it warns that digitalization also raises new security and privacy risks. Therefore, the Paris-based international agency believes that policymakers must play a critical role and steer the world toward a more secure, sustainable, and smarter energy future.
The surge in the number of people using the Internet and the number of Internet-connected devices, coupled with stunning advances in technologies, are creating new business models in energy, the IEA said.
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