Challenges and Opportunities in Implementation and Utilization of IoT in the Energy Sector: An Empirical Evidence
Hafeez, Shahid (2021-01-18)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe202101171957
https://urn.fi/URN:NBN:fi-fe202101171957
Tiivistelmä
A plethora of academic studies and industry projects indicates a steep transition of the third industrial revolution into the fourth industrial revolution is in progress during the last decade. Similar to other disruptive technologies, the Internet of Things technologies seeks to accelerate the pace of transition by providing advanced centralised automation solutions for various industrial applications. Meanwhile, industrial systems consume a larger share of global energy supply, therefore, it is imperative to build smart solutions for the energy sector to enhance energy efficiency in transmission, distribution, and consumption phases.
In this perspective, IoT has shown the potential to revolutionize the entire energy sector. However, as emerging technologies, major challenges and benefits related to IoT implementation are not clear, both in academia and industry. Thus, the current thesis aims to answer the basic research question of the study - “What are the major application areas, benefits and barriers of IoT implementation in the energy sector”?
Current study empirically evaluates challenges, benefits, and key strategies to successfully implement and utilize IoT in different areas of the organizations operating in the industrial ecosystem of the energy sector. In addition, the study seeks to find out the practitioner’s perspective on utilization level and future of Artificial Intelligence and Blockchain technologies in the energy sector.
Semi-structured interviews with top managers from Finland were conducted to answer the research question. Data has been analysed through content analysis and it was found out that Information Technology, Transportation & Logistics, Manufacturing and Product Development are major application areas, whereas Return on Investment, Privacy, Security, lack of industry best practices and high level of resistance to change are major barriers in IoT implementation.
Moreover, results revealed that Artificial Intelligence has a greater role in the industry and its applications are predicted to grow considerably, whereas studies are needed to design business cases with Blockchain technologies. At the end of the thesis, strategies to successfully implement IoT, managerial implications and future research directions are also discussed.
In this perspective, IoT has shown the potential to revolutionize the entire energy sector. However, as emerging technologies, major challenges and benefits related to IoT implementation are not clear, both in academia and industry. Thus, the current thesis aims to answer the basic research question of the study - “What are the major application areas, benefits and barriers of IoT implementation in the energy sector”?
Current study empirically evaluates challenges, benefits, and key strategies to successfully implement and utilize IoT in different areas of the organizations operating in the industrial ecosystem of the energy sector. In addition, the study seeks to find out the practitioner’s perspective on utilization level and future of Artificial Intelligence and Blockchain technologies in the energy sector.
Semi-structured interviews with top managers from Finland were conducted to answer the research question. Data has been analysed through content analysis and it was found out that Information Technology, Transportation & Logistics, Manufacturing and Product Development are major application areas, whereas Return on Investment, Privacy, Security, lack of industry best practices and high level of resistance to change are major barriers in IoT implementation.
Moreover, results revealed that Artificial Intelligence has a greater role in the industry and its applications are predicted to grow considerably, whereas studies are needed to design business cases with Blockchain technologies. At the end of the thesis, strategies to successfully implement IoT, managerial implications and future research directions are also discussed.