In addition, companies can build upon this data by gathering additional information on their customers through market research. Integrating this information into the decision-making process allows companies to make data-informed decisions when segmenting their customers.
Utilities can gain valuable insights into their customers’ electricity consumption patterns to improve core processes and further meet the demands of their consumers.īeing able to collect and analyze real-time data related to energy consumption and distribution gives utility providers more insight than ever before into their customers’ behavior and preferences. While data analytics can help utility providers gain in-depth knowledge to minimize and prevent outages, this isn’t all that data analytics for utilities can do. Using data-driven insights to minimize outages is a simple yet effective way to enhance the power distribution industry and deliver optimal results. Taking a proactive approach to enterprise asset management and equipment maintenance can help utility companies stay ahead of equipment failure, which improves customer satisfaction and bolsters revenue. These platforms can then run process analytics to analyze the information and determine the best course of action to protect and optimize their assets. After the data is collected, IoT devices transmit this information to predictive maintenance software, EAM software, or process optimization software for further analysis. These instruments diligently monitor utility equipment conditions to detect any potential issues that may cause problems down the line. IoT devices such as sensors and meters are connected to one another via an internet network for seamless, real-time communication. One of the best ways to collect actionable data is to use Internet of Things (IoT) technology. Data analytics for utilities converts this information into actionable insights that utility providers can use to improve operations, minimize issues and recover more efficiently from outages. On the external front, data collection can involve tracking the weather or other factors that can impact utility operations. Internally, data collection requires the use of instruments such as sensors and meters to record power usage and equipment performance. However, gathering data is just one part of the data analytics process - what matters most is what utilities decide to do with this information to improve their efficiency and bottom line.įor electric utilities, collecting data is both an internal and external process. Data in the utilities industry can give companies insight into important metrics related to power generation to assess operations performance. Utility providers are starting to pay closer attention to the power of data - and for good reason.
By capitalizing on powerful data-driven insights, utility providers can work more strategically and intelligently to enhance results and drive revenue.ĭata analytics for utilities: the future of outage maintenance and prevention Utility providers can also harness data to gain insight into consumer behavior to improve customer service and gain accurate insights into customer demands. Fortunately, utility providers can take advantage of the vast amount of data that they have at their fingertips to improve operations and performance.ĭata analytics for utilities can help utility companies recover from outages as quickly as possible to improve efficiency and prevent revenue loss. Significant power outages can result in drastic consequences, from lost revenue to customer dissatisfaction. For electric utilities and energy providers, preventing and recovering from outages is of the utmost importance.
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