Data Analytics: From Evolution to Revolution

Posted on March 28, 2017

Meeting Customer expectations is a challenge

We live in an age of highly informed and demanding customers who believe in digital & social connectivity and continually seeking data or information that can help them make informed decisions. This holds true for even the energy and utility consumers, who look forward to self-service capabilities, control of their data and other value added offerings. Additionally, due to increased competition amongst service providers, the customers are spoilt for choices.

Today, the utility service providers should not only focus on delivering high quality services, but they should also engage & educate their consumers through digital platforms via preferred mode of communication, offer them self-service capabilities, provide control and convenience to manage their energy usage, bills, compare consumption with other households, ability to enroll in energy efficiency and water conservation platform, and a whole plethora of other value added services. Winning the hearts of utility customers today implies meeting their said or unsaid needs and expectations before they even ask for it. Meeting customers’ demands can be daunting, but these can be easily mitigated by effectively engaging them.

Data Analytics: From Evolution to Revolution

With rapid adoption of technology, the quantum of data being generated is humongous. The need to process this data and generate useful intelligence out of it is increasing day by day. Energy & Utility companies too have huge customer data at their disposal and thus they need to invest in solutions and platforms that offer valuable insights by gathering, processing and analyzing the available customer meter data, usage trends and patterns and load profiles. All this aimed at improving enterprise procesSEW, operational efficiency and service levels.

Big data & analytics drive the real business value from smart devices across the network. It helps utilities gain better understanding of customer segmentation & their consumption behavior Big data analytics can also help utilities inform their customers about their real-time and historic usage on regular basis, send them consumption forecasts as well budgeted bills. Basis their consumption trends and patterns, utilities can educate customers about energy efficiency and water conservation programs and educate them to participate in customized programs basis their load/ consumption profiles. From the customers’ perspective, they can manage and monitor their usage, get the convenience to pay their bills, plan for future bills based on budgeted forecasts, saving money by enrolling in programs. Thus, these platforms empower customers by giving them the access as well control of their data. Therefore, adoption of big data analytics is a win-win for both -, the utilities as well as their customers. But, this is just The increasing acceptance of technology & digital solution in energy & utilities has proven to be the best solution for all the challenges such as: improvement in operational efficiency, decrease cost, enhancement in workforce efficiency, transparency in utility procesSEW, service reliability & above enhanced customer experience.

Get to know more about big data & analytics & its impact on utility digital transformation and how we can help.

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