Weekly Brief

What Analytics has to Offer the Utility Industry?

Utilities Tech Outlook | Thursday, October 08, 2020

From excellently managing assets to tracking demand-fulfillment, analytics seems to be the backbone of the utility industry.

FREMONT, CA: Utility analytics creates numerous opportunities for utility professionals to upgrade their existing business operations. From focusing on achieving customer demands to addressing the operational challenges, analytics proves to be an essential solution for the utility service providers. Let’s explore some of the innovative utility analytics solutions.

• Asset Management Analytics

The ability to access real-time data allows managers to monitor the performance of utility assets. Such data proves to be highly valuable, as it lets the workforce to detect problematic areas and eliminate the chances of sudden asset failure. Analytics enables utility companies to maintain their production level by improving the performance of their assets.

• Revenue Protection and Forgery Reduction

Analytics across the utility distribution channels helps the professionals understand consumer demands and identify the cases of forgery, wastage, and other such flaws. The standard approach to track the service flow allows the utility providers to collect fair revenue, without miscalculating. Payment models working in accordance with service/product usage boost transparency, customer satisfaction, and loyalty, creating a strong customer base for a more extended period.

• Demand Response

Analytical features combined with intelligent solutions, enable predictive solutions. In-depth analytics help the utility providers understand and predict the future demands of customers, thereby giving them a heads up to prepare for the seamless delivery of utility products and services. The prior determination of the market demands prevents the cases of a utility outage. Real-time, accurate analytical data of utility demands contribute to enhancing the utility service distribution while helping the companies create a competitive portfolio to thrive in the ever-changing market.