Internet of Things is one of the technologies that is becoming extremely popular in energy sector all over the world. Companies are using this technology to their advantages and there are definitely many advantages to reap from it as well. From smart inventories to smart homes and even smart buildings IoT devices are everywhere and energy sector is starting to use these devices to their benefit as well.

Other than the cost saving and energy conservation aspect there is another very important thing related with smart devices and IoT which is the loads of business-critical data that is collected from them. This data can help companies in making smart decisions and allow them to provide better services to their customers. One of the most reputed companies all over Europe for data collection and analysis specifically related to the energy sector is Electrigence. With skill and experience in the relevant field, they are known for providing client-centric data solutions that can help companies grow using IoT and big data.

However, the whole process of integrating IoT devices in the complete energy system is not an easy task for any company and they face several challenges in the way. This is one of the main reasons why despite having multiple advantages companies sometimes remain hesitant in getting a full IoT based overhaul to improve their system.

One of the main problems faced by electricity companies in implementing IoT based solutions is the complexity of the process of integrating this system over the existing one. Integrating IoT technology on any existing platform can be a big challenge for any company and the whole situation becomes even more difficult in the energy sector due to the complex nature of the system. For a company lacking proper skillset, this integration becomes almost impossible which is why the project is dropped before it even begins. If electric companies want to reap the full benefit of IoT bases systems they should be willing to invest in it first. Proper teams of experts should be hired to implement and oversee the whole process of implementation. People should also be employed to oversee the system after its implementation so that the company can get proper benefit from these devices as well as the data collected from these devices.

Another problem that companies face regarding IoT devices in energy setup is data security. There is a lot of crucial consumer data involved in this type of setup which in the wrong can prove to be disastrous for the consumers and completely destroy the reputation of the company. This is a major reason why companies will need to rethink and revise their data security policies when they shift towards an IoT based system. Companies will have to do heavy investment in this sector as well to make sure that all the data which they collect from consumers remains safe from cybercriminals. This additional investment is something that has made a lot of companies rethink their decision regarding IoT based business model.