Utilities Tech Outlook Weekly Brief
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An analytics system possesses flexible capabilities that may get used to unlock crucial information, increase visibility, boost customer happiness, increase asset dependability, and save operating costs.
Fremont, CA: The International Energy Agency projects a 37 percent increase in global energy consumption through 2040. Utilities must optimize their operations and business strategies to reap the most financial rewards as they work to fulfill the rising demands for more cheap, safe, sustainable, and dependable services.
However, achieving this aim looks like a tremendous job in the current atmosphere of rising demand for and pressure toward energy saving. In addition, one wonders how Utilities will achieve this enormous aim in the coming years, given that its aging infrastructure is vulnerable to unanticipated breakdowns and receives insufficient vital maintenance. Therefore, as a benefit for these businesses, a contemporary analytics platform may assist them in completing this seemingly impossible task in a relatively short time. An analytics system possesses flexible capabilities that may get used to unlock crucial information, increase visibility, boost customer happiness, increase asset dependability, and save operating costs.
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Significance of Analytical Support in Utilities
Utilities manage a wide range of diversified, substantial, and geographically dispersed assets and enormous infrastructure, creating enormous volumes of data daily. However, the administration of bills and the optimization of utility use, real-time visibility, maintenance control, and leakage prevention do not presently use the stored data.
Additionally, if utilities can anticipate infrastructure breakdown, they may carry out any essential repair procedures before they are required. Imagine that if maintenance planning occurs very early, there would be no need to sacrifice service quality or client happiness.
But only contemporary analytics can provide this degree of effectiveness and foresight; therefore, utilities must adopt this quickly evolving technology to benefit their business operations and consumers. Utilities may use a real-time historical analytics system to mine existing data sets and identify functional patterns, such as sensor readings that point to the impending collapse of an infrastructure component. They can develop and improve prediction models with the aid of this study to make well-informed choices.
Utility Analytics Solution: Using an Azure-driven analytics solution, a rapidly expanding manufacturing and water utility firm uncovers crucial business insights for the utilities and its clients. The technology uses 500,000 IoT-based smart meters data to produce real-time and predictive analytics.
Real-time streaming analytics seems to be of immediate relevance to utilities since it gives consumers and the operations team up-to-the-minute information on utility use. They may assist clients in analyzing their consumption patterns and gain insights into consumer KPIs from real-time data. For example, an analytics system can run a notification engine that warns and notifies clients about excessive consumption, leakage, fraud, wastage, etc. They may thus make better judgments on energy saving by optimizing utility usage.
