Competitive intelligence strategies and applications

Emerging Smart Grid

A smart grid is an electrical grid that utilizes information, data analysis and communication technology to collate data from the behaviors of suppliers and consumers, as well as production, to find the most efficient, reliable, cost-effective, and sustainable way of distributing electricity. This paper is a focused on the competitive intelligence paradigm of the topic using both utility and technology vendors as examples.

We find that when using a smart grid, there is a unique opportunity to move the utility industry into a new era in line with the demographics and psychographics of stakeholders -- namely, greener, more sustainable, and less expensive. When in place, using a smart grid can benefit the utility company and subscriber by providing a more efficient way to transmit power, less down time due to natural or other disasters, reduced operational costs, reduced peak demand spikes, and improved security. Smart grid technology is necessary as a way to address a utility infrastructure that is in dire need of repair. By robustly engaging in this technology, we can prevent outages from outdated or unsafe equipment, and save money doing so.

While the overall basis for using smart grids is solid, the lack of global standards and structure sometimes diminishes the roll-out prospects of the technology. While we know that in 2012, the global market could reach almost $34 billion, there is a significant investment necessary to see the quality and quantity of necessary improvements. Further, the increase in usage due to technological improvements will only intensify this need, making the investment in this infrastructure a clear societal priority.

Recommendations

One of the ways in which the late 20th century evolved was the change in economic, political, and cultural movements that, through technology, seemed to move countries of the world closer together. This idea, broadly called globalism, refers generally to the idea that as life becomes more technologically complex, people in various countries are tied together, regardless of their government, culture, religion, or specific country. Similarly, the 21st century has already seen the resurgence and globalization of culture and individual expectations; moving from more strict and inward center philosophies to a more outward and global approach. Globalization is changing how humans live at a very rapid, and sometimes unpredictable, rate. This is particularly true when it comes to the expectations people have about using power -- everything technological needs a power supply, and the more these devices and technologies become part of society, the more power will be needed. If power is to be distributed fairly and inexpensively, then, the manner in which it is structured, delivered, and distributed must also evolve and become even more cost effective.