The Untapped Benefits of Implementing a Utility Asset Management Strategy

Renewable energy competes more and more with fossil fuels. Distributed energy upgrades the grid economy. New threats to energy systems and their regulatory models are presented by climate change. In the year 2018, the U.S. had maximum churning in energy space between the state and the federal government as a result of the difference in policy and perspectives, is likely to intensify in the year 2019 as well. State and local governments are pushing for clean energy and climate policies, either aiming to keep low-carbon generation on the grid or build more of it in the future. For instance, in 2019, the action of state clean energy policy is likely to intensify following Democrat gains in the midterm elections. With the push toward renewable energy, states are also looking for adapting their utility grids and business models for emerging resources. North Carolina Clean Energy Technology Centre states, 42 states in the second quarter of 2018 pushed to advanced metering infrastructure, storage deployment, data access, and revenue reforms. Gas generation will continue to dominate. However, continued advances in battery technology could make the bridge shorter than many would have expected. Back-the-meter installations outperformed the increase in utility batteries. Bloomberg analysts expect lower prices and increased market participation options for storage—such as the recently approved order 841 of FERC—by 2040 alone to generate more than 100 GWh of storage capacity in the U.S. Check it out - Top Most Energy Management Solution Provider The National Renewable Energy Laboratory states that by 2050, electric vehicles could increase U.S. electricity demand by up to 38 percent, providing a vital source of energy demand for utilities and the possibility of using the batteries of the vehicles to meet grid requirements. This year, utilities across the country are likely to intensify these efforts, pushing for the approval of their EV charging stations, studying new rate designs to encourage charging and finding new ways to combine vehicle fleets to modulate their charging for grid requirements. Renewable energy will increasingly replace coal. The United States Onshore wind energy costs an average of $26/MWh to $56/MWh without subsidies, while utility-scale solar energy costs range from $36/MWh to $44/MWh in November, Lazard reported. Renewable energy price continues to decline; utilities are likely to withdraw their older, more expensive coal generators increasingly in favor of cleaner energy sources throughout 2019. ...Read more

Data has become the oil for business organizations that helps to drive efficient business growth. Data analytics allows companies to gain actionable insights into their business processes and applications. Data analytics includes the management of an organization’s business intelligence platforms , data governance, forensic data analysis, advanced statistical modeling, and many other functionalities. Data analytics has become an essential aspect for businesses as it empowers businesses leaders to take more informed decisions by augmenting their business expertise. Companies that lag in the implementation of an efficient data analytics solution face the probability of getting overpowered by their competition. The data analytics tools shape various data structures into an appropriate format and then apply mathematical algorithms to extract meaningful information from the pile of data sets. In recent years, storage techniques have become more robust, allowing companies to track large volumes of information cost-effectively. The data extraction mechanism that can enable companies in effective decision-making on a specific problem can be an arduous task, preventing many companies from attempting to develop analytics capabilities. However, business leaders have started to acknowledge the value of the methodologies and techniques to identify reliable, data-driven insights. Check This Out: Top Data Analytics Companies Many organizations can misunderstand when it comes to data analytics as it may seem esoteric. The C-suite in companies wants the data to be more relatable and easier to transform into meaning information to gain the desired insights. But it might be tough for the business executives to fathom the level of work that goes into extracting useful data from a database. The business owners can also fail to understand the implications of various findings that allow the data analyst to add insurmountable value towards the growth of an organization. The implementation of a fully fledged data analytics program can be a challenging and cost-effective affair for businesses. Organizations need an effective strategy, a team of dedicated and skilled data scientists to gain the advantage of data analytics. Few Data Analytics Companies:  Adaptive Analytics , Atlas KPI , HAIvia Check This Out: Business Management Review ...Read more

One of the most significant changes in the utility industry has been the evolution of meters to become an enterprise function that supports numerous key business activities and provides operational advantages. The evolution of metering from a simple component of the revenue cycle for the meter-to-cash use case to an enterprise function supporting several key business processes and giving operational benefits. It is vital for utilities undergoing a digital transformation to have the right technology for mission-critical power operations and new customer-centric solutions. The chosen solution should be more than a standard MDM platform, serving as the energy industry's digital backbone. A solution should be designed to offer users a perspective view of the future that creates new business models and use cases. And one that enables the integration of Machine Learning features with other Data Analytics-based solutions. Modern technology for the contemporary market Utilities reviewing their MDM solution should select one designed and constructed using the same cutting-edge IT technologies utilized by modern hyperscalers and social media applications. It should be prepared for infinite scalability and the greatest adaptability in the continually evolving utility industry. Flexibility to facilitate the application of existing and future smart grid rules The solution should be designed with flexibility in mind: a flex data model, smart integration, and the ability to easily configure use cases throughout the energy value chain in response to market, technological, and regulatory changes. Integration without modification There should be an integration layer to manage and monitor integrations and data transmission across MDM, MDC, and customer systems. This integration layer enables the utility to monitor the complete AMI/smart grid IT landscape and the end-to-end value chain (metering, collecting, meter data administration, billing, reporting to TSO, and market communication) across all associated systems, integrations, and data exchanges. This will lower project risks during execution and reduce operational complexity. Advantages of adopting a managed cloud service With traditional on-premises systems, infrastructure capacity must be designed in advance. The organization faces significant upfront expenditures and the weight of unused infrastructure from the outset of the project. A cloud solution allows infrastructure to be utilized on-demand. Customers can execute highly intense analytical operations concurrently with highly intensive transactional base loads. The elasticity of the cloud solution enables automatic upscaling and downscaling of the required infrastructure, resulting in the lowest feasible costs for running transactional and analytical workloads involving customers' energy data. ...Read more

Utility services are evolving towards customer-centric strategies that enhance satisfaction and loyalty by leveraging advanced technologies and tailored capabilities to meet diverse customer needs. FREMONT CA:  Utility services are increasingly evolving to embrace customer-centric strategies, recognising that enhancing the customer experience is vital for fostering loyalty and satisfaction in a competitive landscape. By prioritising consumers' needs and preferences, utility companies can tailor their offerings to provide more personalised, efficient, and responsive services. This shift involves leveraging advanced technologies and data analytics to gain insights into customer behaviour, preferences, and pain points. The modern utility customer experience reflects the service model within the organisation. As the energy transition unfolds, the conventional energy system is undergoing significant evolution towards new service models. To effectively address the changing demands and requirements of customers and the utilities market, distinct capabilities in customer service are required. Capabilities for Customer-Centric Utilities Full Customer View: A comprehensive view of all customer-related information and activities is essential. This includes general contact details, specific customer information, offerings, packages, services, billing preferences, invoices, receipts, financial status, and profile. Such an overview allows for a deep understanding of each customer’s needs and preferences. Workflow Support: Workflow support enables the customisation and automation of unique customer service representative (CSR) processes and tasks based on built-in business logic. This approach ensures the efficient and consistent handling of customer requests and inquiries. CRM Processes: It is crucial to manage customer relationship management (CRM) processes. These encompass customer segmentation and profiling, campaigns, lead management, sales processes, and quotations. Such capabilities enable targeted marketing and sales efforts tailored to specific customer segments. Call Center Integration: Integration with call centre systems is necessary for a seamless customer experience. This includes user task dashboards, diary notes, communication history, and integration with computer-telephony integration (CTI) and interactive voice response (IVR) systems. These integrations facilitate efficient communication channels and easy access to relevant customer information. Multi-Channel Communication: Support for various communication channels from a single system enhances customer interactions. By accommodating SMS, mail, emails, and social networks, utilities can engage with customers through their preferred channels, thereby improving convenience and responsiveness. Advanced Search Functionality: The implementation of advanced search functionality is vital for easy retrieval of customer data. This feature ensures quick and accurate access to customer information, thereby improving response times and overall customer service efficiency. AI and Machine Learning Capabilities: The incorporation of AI and machine learning technologies allows utilities to analyse customer data and predict behaviours. This proactive approach enables the identification of customers at risk of churn. By understanding customer patterns and preferences, utilities can take measures to retain their customer base effectively. Strategic Technology Implementation: By integrating these capabilities into the customer relationship management system, utilities can focus on meeting customer needs, providing personalised experiences, and building strong relationships with their customers. Strategic implementation of appropriate technology is integral to becoming customer-centric within the utility sector. By prioritising customer needs and leveraging advanced technologies, utility providers can create tailored, efficient, and responsive services that enhance overall satisfaction and loyalty. Implementing key capabilities enables utilities to adapt to the evolving market landscape and effectively address their customers' diverse demands. As utilities continue to embrace these innovations, they will improve their operational efficiency and foster deeper connections with their clientele, ultimately contributing to a more sustainable and customer-focused energy future. ...Read more