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Utilities and Big Data: Accelerating the Drive to Value
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|Utilities and Big Data: Accelerating the Drive to Value |
Smart grid deployments have given utilities unprecedented access to information. They have significant potential to harness that information to improve grid performance and customer service. While utilities are collecting and using more data than ever before, they grapple with analyzing, delivering and managing it. Just 20 percent say they are doing an excellent job at putting timely information into the hands of people who need it most. Fewer than half of utilities today use smart grid data to provide alerts or make other direct customer service improvements.
These are among the findings of Oracle’s "Utilities and Big Data: Accelerating the Drive to Value," the second annual in a series, examining how utilities use information generated from smart grid deployments to drive greater organizational efficiency, more reliable service, and stronger customer relationships. Following 2012’s “Big Data, Bigger Opportunities” study, Oracle again surveyed 151 North American senior-level executives at utilities with smart meter programs in place and to gauge their perceptions on how big data is affecting utilities.
This year’s study again explores utilities’ preparedness to handle the data deluge, and it investigates:
- How utilities are using data to improve operations and customer service
- Future short- and long-term plans to use smart grid data
- The potential of cloud-based solutions for data management and analysis
- Where utilities will derive the greatest value from predictive analytics
- Utilities are more prepared to manage the data deluge today than they were one year ago, with 17 percent responding they are completely prepared, up from 9 percent in 2012. The majority still say they are underprepared
- Utilities are finding value outside of smart meter data, with 95 percent of utilities gathering valuable data from other sources. Utilities collect and use slightly more information today than one year ago, but they still collect far more than they use
- Fewer than half of utilities are currently using smart grid data to improve customer service. Big opportunities also remain in operational analytics to improve asset performance, reduce operations costs, and improve network reliability Two out of three utilities are considering cloud-based solutions for smart grid/smart meter data management and analysis. Twenty-six percent are planning, implementing or maintaining a cloud solution today
- Predictive analytics can help utilities drive operational efficiency and boost the bottom line. Seventy percent of utilities said they expect predictive analytics to improve revenue protection, and 61 percent said they expect it to reduce asset maintenance costs
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