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Fortifying Utility Innovation through Analytics for Future Enhancement of Businesses
By Utilities Tech Outlook | Monday, August 05, 2019
Utilities globally are making significant investments in advanced analytics to streamline and strategize efforts leading to business excellence.
FREMONT, CA: Advanced analytics delivers tremendous value to utilities and drive businesses to new boundaries of efficiency with the appropriate approach. Utilities that implement robust and advanced analytics can use the information to bolster decision making and instantly pinpoint bottlenecks in their processes and systems. Implementing a successful data analytics program demands strategic planning to evade pitfalls, such as chasing the newest fad that quickly fades into oblivion. The real value comes from integrating data analytics as a core capability in the company, using it to identify pain points, enabling decision making. Conservative estimates supported by meticulous use-case analysis imply that advanced analytics can boost profitability by 5 to 10 percent. It improves customer satisfaction and enhances health safety for employees.
Advanced analytics poses a tricky challenge as applications increase across the energy value chain. Utilities should prioritize use cases and set suitable aspirations for business impact accurately. A thorough inventory of use cases spanning the whole value chain should be improved, including operations and support methods. Utilities concentrate on the customer applications, but smart businesses place equal importance on support functions which can drive just as much bottom-line value.
Utilities are succesfull with the initial pilot but are too swift to redeploy resources and funding before the effort has adequately bedded in. The conclusion is front-line engagement and forfeited value. Additional roles often overlooked include DevOps specialists and the data architects who allow access to clean data. These capabilities are expensive and can save money in the long run by simplifying data curation and processing needs in the future.
Many utilities launch use cases but strive to capture substantial value. Success requires the coordination of a complicated series of steps, and the cumulative impact is only as good as the most vulnerable link. Following a business-centric strategy starts with developing a solid knowledge of the performance of an entire workflow. A company can identify all the levers available to drive a faster, more reliable, and productive way to do business. Utilities should map out a wholly reimagined future vision for the whole workflow as well as a quintessential set of the technical solutions required to realize the vision.
Advanced analytics is modifying industries globally and enabling businesses to achieve unprecedented levels of productivity. Utilities are competing with other sectors in digital maturity; the value at stake from such a transformation is valuable. By adopting the best methods and defining the approach, culture, and business, businesses need to achieve their analytics aspirations.
Utilities can maximize their probabilities of capturing the step-change advancements that industry leaders now enjoy. Implementing an efficient strategy can unleash a hoard of actionable data that can be used to improve staff productivity, customer experience, and the development of future enhancement.