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Big players in the electric industry such as Siemens, ABB, GE, and Schneider Electric (SE) have not been left out of the business of software and AI in the digital economy and transformation driven by virtual/augmented realities for quite some time now.
Recent years have seen process industries automate their processes using IoT, programmable logic controllers, variable frequency drives, and electronic controllers from these electric giants.
Today, AllNews Nigeria spotlights the roles of software and AI in digital transformation from the perspectives of these companies.
If you have ever witnessed process automation at play in milk processing industries, breweries, and other beverage industries where total integrated automation is deployed based on digitization, you would be filled with awe for these giants.
Specifically, based on digitization, SE has been championing the crusade of being connected with its customers.
Recently, in its bid to expand its digital transformational footprint in the UK, Siemens Avanta acquired Vendigital - a UK-based data-led operations consulting company.
The transaction that was signed and closed on December 22, 2022, will see the award-winning Vendigital, with headquarters in London, complementing Siemens Avanta's digital and strategic consulting service capabilities for industrial customers.
Gartner has recognized ABB as a ‘Visionary’ in its 2022 Magic Quadrant™ for Global Industrial IoT Platforms report, based on ABB’s completeness of vision and ability to execute.
The recognition is based on the Gartner evaluation of the ABB Ability™ Genix, ABB’s flagship industrial IoT platform, and AI suite that was launched in 2020.
ABB appears in the report for the second year in a row. ABB was recognized as a ‘Niche Player’ in 2021 and a ‘Visionary’ in 2022.
The report evaluated 16 Industrial Internet of Things (IIoT) vendors based on a broad range of criteria.
Chances are you’ve heard many times how that 70% of digital transformations fail.
Organisations spend millions if not billions of dollars, not to mention countless man-hours, digitizing and reimagining their business for the digital age only to see few of those investments paying off.
This is the summary of GE's experience in digital transformation.
Despite the inherent risk digital transformations carry, few could have foreseen the epic consequences of General Electric’s own digital strategy failure.
A titan of the American industrial space by all standards, in November 2021, GE announced that in order to survive after pouring billions of dollars into its unsuccessful digital strategy, it would split into 3 separate companies: GE Aviation, GE Power, and GE Healthcare.
From having AVEVA as an autonomous software company to championing a few pivots resulting in becoming today's digital champion, Schneider Electric is more than 180 years old.
SE is synonymous with providing energy and automation digital solutions for efficiency and sustainability.
Thus, if you want to talk about a company that has learned many lessons along the way for making successful pivots, Schneider Electric easily comes to mind.
It was therefore not surprising when, recently, Schneider Electric concluded arrangements and acquired the global leader in industrial software, AVEVA.
According to both companies, the acquisition will enable a holistic approach to digital transformation across a customer’s operations.
They drive step-change improvements through a reduction in energy, carbon, and resource intensity, accelerating customer journeys of efficiency and sustainability.
CEO of AVEVA, Mr Peter Herweck, said: “The needs of the industrial world are becoming ever more complex.
"But the opportunities to create competitive advantage, value, and sustainability through digital transformation have never been more compelling.
“We are now optimally placed, with the collaboration not just of Schneider Electric but all its partners, to drive innovation, change and value for its customers.
"The last 50 years for us have been incredibly exciting.
“Thank you to all of the stakeholders who have been part of the journey so far in creating a global leader in industrial software and data.
"I’m convinced that through continued investment and transformation, the best is yet to come.”
Also, the Chairman of the company, Philip Aiken, said: “It has been a pleasure to Chair this company over the last decade, as the business has grown to be a global leader in industrial software and the largest listed technology company in the UK.
"I’d like to thank the Board, our employees, customers, partners, and investors for their contributions and support, and to wish the company continued success as part of Schneider Electric.
“Since its foundation, AVEVA has grown from a niche design software developer to a leading global industrial software company with a value of more than £10bn.
“Today, our software drives efficiency and reduces costs for over 20,000 customers worldwide, offering a Digital twin for the whole asset lifecycle from engineering to operations and maintenance across diverse industries worldwide.
“The global industrial sector increasingly relies on data to maximize business value.
"But like other materials, this key industrial resource only becomes useful when it is extracted, processed, and delivered to the right people at the right time, securely, and in context.
“Customers persistently identify the clear need for digital solutions across both industrial operations and energy management needs that have never been more relevant in the current economic and energy cost environment,” Aiken added.
Are you still slow in grasping the realities of digitization and the digital economy?
Go and learn and be inspired by the giant strides of the above-mentioned big players in the electric utility industry.
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