Analytics in Power and Utilities
Driving performance through power insight
Utilities the world over realize that the smart revolution is having a disruptive impact on their fairly stable, mature, and conservative industry. In addition, the volume, diversity, and complexity of data is growing in orders of magnitude. In order to succeed in this increasingly competitive and heavily regulated environment, utilities must address these challenges in a structured and strategic fashion — by building analytical capabilities via systems, processes, and people, and by leveraging an enterprise-wide, scalable approach in doing so.
Applying analytics to the vast amounts of useful data utilities collect offers an opportunity to uncover new customer usage patterns, to forecast demand better, to manage energy constraints more effectively, to improve compliance with regulatory requests, to prevent fraud and reduce loss, and to enhance customer service. The ability to measure and analyze data about electricity distribution and consumption in near-real time can unearth previously unavailable information on customers’ consumption patterns, preferences, and decisions. With this information, utilities can better segment their customers on the basis of their decisions to conserve or consume electricity. Primary and secondary consumer research through interactive tools and surveys can supplement raw consumption data to enable utilities to better understand their customers and, in turn, educate and motivate them to conserve power.
But there is a fine line between information opportunity and information overload. Companies that fall short in managing and leveraging the deluge of data may find it increasingly difficult to meet the needs of their internal and external customers. To meet the complex information demands of the utility industry, new thinking and approaches are required — solutions that not only meet today’s needs for performing complex historical analysis and reporting, but also look forward with uncanny precision into what is likely in the future. That’s where Deloitte’s Power Insight comes in.