Realizing your investment in Technology through Analytics
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- Dec 2, 2020 5:39 pm GMTNov 25, 2020 7:54 pm GMT
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This item is part of the Special Issue - 2020-12 - Data Analytics & Intelligence, click here for more
Energy and utility companies are in an unfamiliar territory in which they must integrate alternative energies, expand situational awareness across the system and deepen their relationships with customers. Organizations that want to grow their business are adopting analytics and business intelligence to increase responsiveness, reduce operational costs and improve asset integrity. Business intelligence / analytics are crucial to solving key business problems for all organizations. For utilities, it can turn information from smart meter and smart grid projects into meaningful operational insights and understandings about their customer’s behavior.
The analytics opportunity for utilities is clear, but there continues to be a lack of real investment to enable this initiative. What is holding utilities back? Many companies have been concerned about the high costs and complexity of data. To reduce those concerns, organizations simply need to take a structured approach. This change begins with a realistic review of their analytics maturity levels: where they want to get to, and what they want to achieve. That framework gives a baseline for key investments and initiatives. Utilities can then identify the right data sets and the smart systems they need, invest in the right skills and put in place the right data governance model. Within this structured approach, utilities should be on the side of pragmatism.