The utilities industry is at the heart of modern infrastructure, providing essential services like electricity, water, and gas. With increasing demand, aging infrastructure, and the push toward renewable energy sources, utilities face unique challenges. The industry is shifting toward digital transformation to enhance operational efficiency, improve customer experiences, and support sustainability goals.
With the introduction of TIBCO® Platform, users can easily leverage specific components and technologies to address industry-specific challenges, drive innovation, and stay competitive in a rapidly evolving market. Continue reading to learn the power of the TIBCO Platform and the utilities companies that leverage it.
Trends and opportunities in the utilities industry
The utilities industry has undergone significant transformation in 2024, driven by various trends and behaviors such as rising inflation and geopolitical tensions that demand that the industry adapts and innovates in a highly dynamic market to stay competitive—turning to technologies like artificial intelligence, machine learning, and digital twins to remain viable. Automating processes, monitoring assets remotely, implementing predictive maintenance, and reacting to supply chain disruptions in real time are no longer goals, but necessities.
Are you aware of the following trends at the forefront of the utilities industry today?
- 56% of power generation is estimated to be provided by solar and wind by 2025
- 35% of exploration and production organizations are using IoT deployments to enhance/optimize their processes
- 22% expected growth in CAGR in the global smart grid market between 2024-2028 compared to $25.07 billion in 2021
These trends are not only a reflection of change but they also act as insight into opportunities for growth and success for utilities companies. TIBCO has composed a short list of the top 5 challenges, or opportunities for innovation, that players in the utilities industry should know about immediately so that they are able to act before causing further disruptions.
- Disparate and siloed systems: Many utilities companies are comprised of multiple systems, creating additional challenges and preventing a holistic view
- High latency technologies: Prevent utilities providers from quickly adapting to the evolving energy market and consumers’ demands in real time
- Operational disruptions: Restrict utilities companies from becoming reliable, consistent, and capable of reacting immediately
- Changing regulatory constraints: Require immediate operational changes based on new requirements, such as reducing consumers costs and driving renewable adoption
- Unplanned maintenance failures: Cause significant disruption, such as increased costs to relocate parts, reduced asset utilization, missed revenue
TIBCO® Platform: The powerful problem solver for utilities
At TIBCO, we ensure that our utilities customers can understand their data, access their data, and are able to use it to make better decisions. And with the powerful deployment of the TIBCO Platform, users are now able to achieve simplified monitoring and management of all of their Integration, Process Management, Event Processing, Data Grid, and Messaging components from one single pane of glass. Acutely tuned to the future our customers are facing, the TIBCO Platform provides business agility, operational efficiency, expense reduction, and risk mitigation to meet users where they are today and anticipate where they’re going tomorrow.
Discover how utility companies address the immediate challenges facing their industry using the TIBCO Platform below:
- Added asset visibility: Using the trusted and connected TIBCO Platform, companies can optimize operations enterprise-wide with better data quality to prevent disparate and siloed systems
- Improved asset monitoring: With real-time performance monitoring, companies can integrate real-time monitoring and disparate data sources to improve hosting capacity and prevent the lag from high latency technology
- Increased asset utilization: Using real-time performance deviation analysis companies can increase revenue capture opportunities to mitigate operations disruptions
- Efficient regulatory compliance: With trusted environmental and safety data management through TIBCO, companies are able to mitigate risk and meet regulatory constraints with ease
- Lowered maintenance costs: Using predictive maintenance, companies are able to reduce unplanned maintenance failures by continuously analyzing real-time data
Your utility company can run on TIBCO
Whether your organization is running gas, electric, stream supply, water supply, or sewage removal, the TIBCO Platform brings together all of your TIBCO solutions to help deliver exceptional customer intimacy, resiliency, digital transformation, smart grid operations, electrification, financial health, and environmental and social governance.
Do you want to learn more about the trends facing the industry that were discussed above, the direct benefit the TIBCO Platform has on utilities customers, and other TIBCO utility customer stories and use cases that serve as prime examples of the next generation of digital transformation? Register for next week’s TIBCO Utilities User Group on October 7th!
To discover further specifics about the TIBCO Platform and the results it can provide your utilities company, dive into our informative on-demand videos and other critical resources below:
- Introducing the power of the TIBCO Platform
- Discovering the components of the TIBCO Platform
- Revolutionize enterprise capabilities with the TIBCO Platform
If you have any questions about the TIBCO Platform or the potential that your utilities company can unlock when deploying the powerful TIBCO technology, please contact us today.
