Smart grid data growth unlocks the potential to gain additional insights for utilities. These new data sources are creating a utility Internet of Things (IoT) where utility assets are integrated with external applications and data. Also increasing expectations of digital-savvy customers due to social networks, price comparison websites, and online reviews – coupled with the additional data generated by the deployment of “smart” technologies like smart meter, smart Home, smart Grid, smart City and others – have changed the customer / utility relationship.
Most utilities are still using traditional business intelligence (BI) reporting solutions such as data warehousing, dashboards, reports and descriptive analytics which are implemented to meet regulatory requirements, ensure accurate billing and to improve operational efficiency. However the digitization of the grid, or utility IoT, requires an evolution in data management maturity to support the new data being collected which allows utilities to deal with clusters of information that could have an impact on the business – resulting in a hunger for additional analytics capabilities. These new capabilities require an analytical engines that can manage this highly distributed data and provide results that can be optimized to solve a business problem. Using big data technology, slicing and dicing of data collected from the grid and from customers, results in new insights for utilities leading to operational efficiencies, new products, new customer programs, and fresh revenue streams.