Profitability and digitalization
Digitalization means digital technologies becoming more and more common in everyday activities. The whole phenomenon is a result of amazingly fast development of equipment producing, analyzing and utilizing digital data. Simultaneously, the costs associated have dropped drastically.
Digitalization enables energy and process industry to take efficiency leap, that is similar to the one industrial robots created for industrial manufacturing companies. In energy and process industry customized artificial intelligence and machine learning applications act as “robots”.
Energy and process industry taking first steps
Nordic energy and process industry companies are getting ready for the digital journey. When almost all the parts of production generate vast amount of data, it may be difficult to choose proper starting point. Without doubt, the most attractive area for utilizing digitalization is improvement of process efficiency, energy efficiency and availability. Digitalization allows utilizing historical data, including process experience, fully to operate on best practice level.
In energy and process industry digital applications are based on process data, which mostly consists of measurement values. Process data always comprises measurement errors, measurement uncertainty and creeping. These have to be managed via Continuous validation of measurement quality in order to digital applications create value.