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Utility analytics is composed of software and services that harness the rich value of big data resources collected by most utility companies. In this fast-growing area of focus for organizations undergoing digital transformation, analytics enables utility companies to quickly capture and analyze a wide range of business variables. It is particularly useful for predicting future business trends.
The business use cases for data analytics are compelling and widespread. Thanks in part to large volumes of archived data and thousands of field sensors connected to the Internet of Things (IoT), data analytics are helping utility companies better understand usage patterns and deliver new services and savings to customers. Analytics and IoT data are also being used by utilities for predictive grid operation and maintenance. Meanwhile, analytics based on historic weather data are forecasting future weather events and helping prepare for climate change.
Additionally, many utilities credit data analytics as a cost-effective method for detecting and preventing revenue leakage by energy theft.