Scotland's FDI is on a ten-year high and the country is no less than thrilled. Scotland has had a burgeoning energy sector for quite some time and the sky-high figure at this time comes as a welcome change to everyone.
There are projects like Mariner oil fields in Shetland and Pentland Firth tidal project, which are proving to be key to this surge in FDI for the Scottish economy. The Scottish have also proven their innovation girth in Aberdeen, Edinburgh and Glasgow, which are UK's top 10 investment cities.
Talking about innovation, digitization and data analytics are the major areas that have proven to be the reason for the success of the Scottish economy. There is a huge influx of new and innovative technological upswings that are central to the old wells and fields to be decommissioned and the bringing in of new projects.
Keeping aside older methods of energy production and distribution, for the future to be rich in emerging technologies, the country began adopting newer technologies such as Smart Grid and IoT. These are some of the key driving factors to bring significant changes in the mind-sets of businessmen and consumers. Similarly, artificial intelligence, machine learning and robotics have increasingly played an important role in bringing in efficiency and streamlining work practices in Scotland.
What is Smart Grid Technology?
A 21st century tool that brings information technologies to electrical networks and allows better tracking of energy usage. Smart Grids are solutions for a myriad range of IT solutions that allows reduction in electricity wastage and energy costs.
What is IoT?
The internet of things, or IoT, comprises of a system of interrelated computing devices, mechanical and digital machines the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
This sort of a disruption in the energy sector is said to have brought a lot of interest from businessmen and entrepreneurs in Scotland and beyond. Furthermore, there is a rise in innovation-driven intellectual property, patents that are well thought-after and making sure that the innovation reaches the rightful technologies. There are some surging questions that are being addressed here like; what is the target audience? What are the key markets? What is the GTM strategy when it comes to the energy sector? Businesses in the energy sector now understand that leading strategy brings about better alignment with what the consumer really wants.
Apart from alignment of business strategies along with consumers, there is a mighty data revolution that has taken place in the Region. Businesses that are rooted in innovation are losing out to nimble competitors, who are far more data-driven. Currently there is a high surge of industries that are digging deeper when it comes to data and computing since they find themselves much more digitally-focussed this way. Scotland is now paving the way for this new route via disruption in older ways of doing business.
Other technologies such as 3D printing, is coming in to disrupt the way traditional business are conducted in the Region. This technology allows downloading and printing of a component whose design and specifications have been provided. Accessing this can happen far from the confines of a manufacturing facility.
There is a definite energy revolution underway and Scotland is on the bandwagon to prove its competitive streak as against its significant others in the Middle East, China and US. This is great news for UK’s economy and even better news for the innovators whose vision for a digital future has paid off.
References:
https://www.energyvoice.com/opinion/175049/riding-the-waves-of-scottish-energy-innovation/
https://internetofthingsagenda.techtarget.com/definition/Internet-of-Things-IoT
There are projects like Mariner oil fields in Shetland and Pentland Firth tidal project, which are proving to be key to this surge in FDI for the Scottish economy. The Scottish have also proven their innovation girth in Aberdeen, Edinburgh and Glasgow, which are UK's top 10 investment cities.
Talking about innovation, digitization and data analytics are the major areas that have proven to be the reason for the success of the Scottish economy. There is a huge influx of new and innovative technological upswings that are central to the old wells and fields to be decommissioned and the bringing in of new projects.
Keeping aside older methods of energy production and distribution, for the future to be rich in emerging technologies, the country began adopting newer technologies such as Smart Grid and IoT. These are some of the key driving factors to bring significant changes in the mind-sets of businessmen and consumers. Similarly, artificial intelligence, machine learning and robotics have increasingly played an important role in bringing in efficiency and streamlining work practices in Scotland.
What is Smart Grid Technology?
A 21st century tool that brings information technologies to electrical networks and allows better tracking of energy usage. Smart Grids are solutions for a myriad range of IT solutions that allows reduction in electricity wastage and energy costs.
What is IoT?
The internet of things, or IoT, comprises of a system of interrelated computing devices, mechanical and digital machines the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
This sort of a disruption in the energy sector is said to have brought a lot of interest from businessmen and entrepreneurs in Scotland and beyond. Furthermore, there is a rise in innovation-driven intellectual property, patents that are well thought-after and making sure that the innovation reaches the rightful technologies. There are some surging questions that are being addressed here like; what is the target audience? What are the key markets? What is the GTM strategy when it comes to the energy sector? Businesses in the energy sector now understand that leading strategy brings about better alignment with what the consumer really wants.
Apart from alignment of business strategies along with consumers, there is a mighty data revolution that has taken place in the Region. Businesses that are rooted in innovation are losing out to nimble competitors, who are far more data-driven. Currently there is a high surge of industries that are digging deeper when it comes to data and computing since they find themselves much more digitally-focussed this way. Scotland is now paving the way for this new route via disruption in older ways of doing business.
Other technologies such as 3D printing, is coming in to disrupt the way traditional business are conducted in the Region. This technology allows downloading and printing of a component whose design and specifications have been provided. Accessing this can happen far from the confines of a manufacturing facility.
There is a definite energy revolution underway and Scotland is on the bandwagon to prove its competitive streak as against its significant others in the Middle East, China and US. This is great news for UK’s economy and even better news for the innovators whose vision for a digital future has paid off.
References:
https://www.energyvoice.com/opinion/175049/riding-the-waves-of-scottish-energy-innovation/
https://internetofthingsagenda.techtarget.com/definition/Internet-of-Things-IoT
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