Why are insights important for the Utilities Sector?

Why are insights important for the Utilities Sector?

Energy CIO Insights | Wednesday, September 02, 2020

The demand for energy is increasing and the utility sector has to make the most of the available data to meet the demand.

Fremont, CA: According to the International Energy Agency, global energy demands are set to surge by 37 percent by 2040. The utility sector has to optimize its operations and business practices to meet the ever-increasing demand to deliver more affordable, safer, sustainable, and reliable services. However, the aging infrastructure of utilities is inclined to unpredictable failures. Inadequate critical maintenance will be the roadblock in achieving the massive target in the coming years. The solution to this problem comes as a modern big data analytics platform that brings agile capabilities to unleash critical insights, reduce operational costs, provide greater visibility, asset reliability, and improve customer satisfaction.Top Artificial Intelligence Solution Companies

The utility sector has huge infrastructure consisting of numerous assets that are diverse, massive, and spread on different locations generating vast amounts of data regularly. This data is present in silos, unused by the utility sector to optimize consumption, prevent leakage utility waste, control maintenance issues, real-time visibility, and billing management. The insights derived from the data can enable the utilities to predict failure and perform necessary maintenance operations before required.  Predictive maintenance is possible with modern big data analytics, and the utility sector has to adopt this technology for operational efficiency. Utilities can leverage real-time historical analysis to extract meaningful patterns from existing data to predict the imminent failure of equipment. This analysis can contribute to tuning the predictive models for informed decision making.

Real-time streaming analytics provides real-time insights on the consumption to the customer as well as the operations team. The customers can get a better understanding of their consumption, and it can alert the customers in case of overconsumption, fraud, detection of leakage, wastage, and more, which further helps in energy conservation.

Creating in-house analytics is challenging and an expensive process with no guarantee of accurate results. Furthermore, developing business intelligence from the data generated by IoT assets such as smart meters, sensors, home automation systems, or IoT enabled devices is daunting. Instead of developing a solution, utilities can take advantage of ready-to-use analytics platforms to derive desired results. By partnering with a trusted and proven analytics experts or consultants, they can keep aside the processing and manipulation of the data collected. The utility sector is evolving, and the companies must evolve to stay relevant in the market.  

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