The utility industry is discovering new ways to leverage data with the help of predictive analytics solutions.
FREMONT, CA: Utilities are deploying technology to enhance capabilities, maintain facilities, and deliver services according to the evolving demands of the modern consumer. Predictive analytics, the class of data analytics, which helps enterprises foretell scenarios by using historical data and operational data, is gaining ground within the utility industry. A few factors that have contributed to this trend include the growing prevalence of data-driven decision making and the focus on proactive, predictive actions. The relevance of predictive analytics solution permeates across departments within utility companies. The following are some ways in which utility firms have been leveraging digital solutions to enhance predictive capabilities.
• Optimizing Energy Generation in Electric Utility Companies
Energy consumption patterns are changing, and demands are fluctuating. The traditional approach to understanding how much electricity to be generated and delivered is proving insufficient. Producing surplus amounts of electricity to create buffers is not an option since it leads to losses. Utility service providers cannot risk shortage or disruptions, either. Predictive analytics solutions empower utility companies to utilize consumption data and determine, with a significant degree of accuracy, how much electricity should be produced. This helps balance out power generated and prevents losses or shortages.
• Saving Water with Predictive Intelligence in Water Management
The water management and data analytics sectors are coinciding. With predictive analytics, data is being mined to minimize wastage of water and push up efficient usage. Utility companies can enhance the maintenance and management of water distribution facilities. Traditionally, the extensive nature of the pipelines and the difficulties in accessing infrastructure made the systems vulnerable to leakages. With predict
ive intelligence solutions, stakeholders can prevent leaks and prevent disruption in the water supply.
• Determining Risks with a Holistic Approach
For utility companies offering electricity and water management, it is becoming essential to understand factors that contribute to risks. Predictive analytics solutions are allowing stakeholders to gain insights regarding risk factors by processing vast records of data. With insights regarding the factors that cause deterioration of assets, utility companies can avoid risk-prone areas and install equipment and facilities in comparatively safer zones.