Utilities can leverage analytics for mining existing data sets to extract meaningful patterns and enhance the performance of utility operations.
FREMONT, CA: Utility companies deal with numerous assets and vast infrastructure that are diverse, massive, and widespread. This generates massive amounts of data on a daily basis. This stored data can be utilized to optimize utility consumption, real-time visibility, control maintenance issues, and prevent leakage or wastage. Here are three major ways in which utilities are using analytics.
• Asset Maintenance
The potential to access real-time data allows utility managers to monitor the performance of assets. This data proves to be highly valuable, as it lets the workers identify problematic areas and avoid the chances of sudden asset failure. Analytics enables utility firms to maintain their production level by enhancing the performance of their assets.
• Reducing Fraud
Using analytics in utility distribution channels aids the professionals to understand consumer demands and identify the cases of forgery, wastage, and other flaws. The standard approach to monitor and analyze the service flow allows the utility providers to gather fair revenue, without miscalculations. Payment models working following service/product usage boost transparency, customer satisfaction, and loyalty, creating a strong customer base for a more extended period.
• Determining Market Demands
Analytical capabilities, combined with intelligent solutions, allow predictive solutions. Deep analytics helps the utility providers understand and predict the future demands of customers, thereby allowing them to prepare for the uninterrupted service delivery. Real-time analytical data of service demands add to enhancing the utility service distribution while helping the utilities create a competitive portfolio to thrive in the dynamic market.