Big Data, Bigger Opportunities: Plans and Preparedness for the Data Deluge
Smart grid deployments are creating exponentially more data for utilities and giving them access to information they’ve never had before. Accessing, analyzing, managing, and delivering this information – to optimize business operations and enhance customer relationships – is proving to be a daunting task.
Somewhere in this data deluge lies the path to greater efficiencies, but how will access to this new data change the way utilities drive their businesses? Will predictive analytics spur operational change?
Oracle recently surveyed 151 North American senior-level executives at utilities with smart meter programs in place and gauged their perceptions on the business impact of “big data,” preparedness to handle data growth, and plans to extract optimal business value from this data to better target, engage with and serve customers.
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.
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- 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 utilities still struggle to report information to business managers as fast as they need it and 50 percent miss opportunities to deliver useful information to customers.
- Utilities are collecting critical information, such as outage (78 percent) and voltage data (73 percent), and many are using these data varieties to support business decisions, improve service reliability, and enhance 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 with an MDM system in place saying they are prepared to successfully manage the data influx versus just 51percent of those without.
For more information, please contact:
Candice van der Laan