Utility firms across the globe are increasingly investing in smart grid analytics to streamline their operations and provide excellent customer experience.
FREMONT, CA:Utility firms are not new to data analysis in general, but smart grid analytics enables a more direct link between utility IT and OT. Leveraging the data created by the smart grid and third-party data services, smart grids are allowing the integration, processing, and analysis of multiple sources of data quickly, at an unprecedented scale. Here is a compilation of the opportunities provided by smart grid analytics to utility firms.
Smart grid analytics facilitates the tracking of the paths of storms largely. With this, utilities can predict the potential impact of storms on infrastructures and customers. Analytics solutions will need to utilize internal data and data obtained from third parties to serve this purpose.
Instant Identification of Issues
Conventionally, utility technicians used to read gauges at remote equipment once or twice a month. Thus, severe conditions could not be addressed immediately. However, modern sensors can extract real-time data and enable instant identification of an impending issue.
Enhancing Customer Experience
Modern grid analytics are encouraging the development of services and products aimed at providing increased value to customers. Utilities are utilizing data available from the grids at the consumer edge to deliver better consumer experience. Further, improved computing ability is also assisting the utilities in optimizing their distribution channels for an improved experience.
Preventing Fraudulent Activities
According to a report, utilities around the world lose around $89.3 billion each year due to customers who do not pay the bill or who illegally tamper with meters to avoid charges. Smart grid analytics can identify such threats and save billions for utility companies.