Plans to extract optimal business value from this data to better target, engage with and serve customers.
Smart grid deployments are creating exponentially more data; the utilities surveyed for this study have increased their meter data collection frequency by an average of 180x* and have access to new types of information.
The “Big Data, Bigger Opportunities” report is the first in Oracle’s “Utility Transformations” series, which will examine how utilities use information generated from smart grid deployments to drive greater organizational efficiency, more reliable service and stronger customer relationships.
Key Survey Findings
Utilities with smart meter programs in place say they are somewhat prepared to manage the data deluge, rating themselves a 6.7 on a scale of 1 to 10.
However, 45 percent of responding utilities still struggle to report information to business managers as fast as they need it, and 50 percent report that they miss opportunities to deliver useful information to customers.
Smart meters deliver an unprecedented stream of critical business information, such as outage (78 percent), voltage (73 percent), tampering (63 percent) and diagnostic (56 percent) data, which can help improve operations and customer satisfaction.
Utilities see a need to improve their ability to translate information into actionable intelligence and leverage data for strategic decision-making. Sixty-four percent say it is one of their top three priorities.
Meter Data Management (MDM) systems may provide help with 70 percent of those utilities with an MDM system in place saying they are prepared to successfully manage the data influx versus just 51percent of those without.
In the next five years, utilities plan to leverage smart grid data to improve customer service through efforts such as delivering demand response programs, forecasting demands, complying with regulatory requirements and minimizing outages.
“Smart grid deployments are creating exponentially more data for utilities and giving them access to information they have never had before. Oracle’s ‘Big Data, Bigger Opportunities’ report indicates that a vast majority of utility executives are working to enhance their ability to glean real intelligence from smart grid data – to ultimately create new opportunities to improve service reliability and deliver useful information to customers. Utilities can benefit from establishing enterprise information strategies, and investing in the systems and people needed to make better business decisions,” said Rodger Smith, senior vice president and general manager, Oracle Utilities.
Oracle Utilities delivers proven software applications that help utilities of all types and sizes achieve competitive advantage, business performance excellence and a lower total cost of technology ownership. Oracle Utilities integrates industry-specific customer care and billing, network management, work and asset management, mobile workforce management and meter data management applications with the capabilities of Oracle's industry-leading enterprise applications, business intelligence tools, middleware, database technologies, as well as servers and storage. The software enables customers to adapt more nimbly to market deregulation, meet ever-evolving customer demands and deliver on environmental conservation commitments. Additionally, Oracle Utilities helps utilities prepare for smart metering and smart grid initiatives that enhance efficiency and provide critical intelligence metrics that can help drive more-informed energy and water usage decisions for consumers and businesses. For more information, visit www.oracle.com/goto/utilities.
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