Energizing a 100-Year-Old Industry

big data has rapidly become an essential strategic asset for the many utilities pursuing a strategy of innovation today. This has not always been the case for the utilities industry. But now there is clearer recognition of the inherent value of current data assets, as well as those that can be accessed externally. No wonder more utilities are actively using big data to reinvigorate their businesses, fuel new operating models and identify innovation and performance improvement opportunities.

From deployment of new and greener sources of energy generation, implementation of the smart grid, tracking real-time utility usage patterns for predictable delivery and optimal pricing, core business processes and operations are increasingly driven by big data.

Utilities, Smart Meters

From Generation to Consumption: Getting Smarter with Big Data

Big data is at the heart of all the core strategic initiatives in the utility industry today. Consider how leaders in big data and big data analytics are making it work across the full value chain:

It’s clear that there are numerous applications for big data and big data analytics throughout the utilities sector that can drive new opportunities for innovations and insights.

Power up with Big Data

So how can utility businesses harness the power of big data and focus their investments on high-impact returns? The key components:

  • Create the Right Big Data Strategy: Effective strategies start with understanding how big data and advanced analytics can provide an advantage in key functions – from customer retail and asset management to finance, HR and other back-office functions.
  • Learn How Big Data Works: Diverse data sets require stable platforms for the integration of diverse data and the application of advanced analytics.
  • Build a Data-Driven Culture: As the industry moves rapidly from analog to digital operation, utilities must shift to data-driven decision making and embrace broad-based analytics thinking as part this digital evolution.
  • Learn from Other Industries: Comparable industries to utilities have faced down similar challenges by harnessing big data. These experiences can easily be translated into context for today’s utility without the need to re-invent the wheel.

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The bottom line for utilities?

Big data holds the key to optimizing operations in the utility industry and to satisfying more demanding consumers and regulators, whilst securing a brighter future for the utilities companies themselves.