Predictive analytics offers a unique opportunity for utility firms to prepare for the future.
FREMONT, CA: Utility companies are increasingly relying on advanced analytics to improve their services and enhance customer experience. Amidst mounting competitions and energy prices, the utility firms need to manage energy supply chain efficiently. Moreover, it is also crucial for utility firms to identify future energy trends and move accordingly. Predictive analytics will be useful in the quest to address energy challenges.
Utility companies continually gather large volumes of data that offers a great opportunity for utility providers to assess and identify significant business insights. However, gaining insights from the sea of data will require an equally relevant technology that can refine the data sets and extract relevant information. As a result, leading utility companies are eyeing predictive analytics as an essential tool that can enable them to manage energy supply and demand.
Various aspects of utility can benefit from predictive analytics capabilities. Maintenance is one of the most crucial aspects of energy supply-chain management. Predictive analytics, coupled with technologies such as machine learning (ML) and internet of things (IoT), can enable predictive maintenance of the faulty electrical equipment. Data generated from sensors can be used by the firms to track the vulnerable grids or components. In this way, the grids can be serviced before the potential problem can cause a major power outage. Moreover, predictive maintenance will also assist utility firms in enhancing the sustainability of the existing infrastructure.
Predictive analytics utilizes past and present energy data gained from various sources as well as alternative data from other market spheres to make predictions. Using the predictions, utility firms can channelize their resources and invest in emerging technological trends. Advance estimation of the upcoming trend will offer a clear edge to the utility firms over their counterparts.
The incorporation of predictive analytics in the utility sector is not a choice anymore as its now a necessity. Utility firms must prepare themselves for the growing competition, and evolving customer expectations and predictive analytics cannot be left out in this quest.