A smart meter may give several readings a day, not just once a month or once a quarter. The exponential pace of technological advancements is not a news. members who will use the tool on a day-to-day The real value comes from embedding data analytics as a core capability in the organization and using it to detect pain points, design solutions, and enable decision making. We hope you enjoy the site. Without clarity on these matters, companies can easily lay themselves open to excessive influence from external vendors or get caught up in chasing the latest viral use case. Still, E&U companies are building smarter infrastructure and sensors to enhance predictability and prevent such outage scenarios. Welcome to UDA. Many utilities launch use cases but struggle to capture tangible value. transition will involve: Creating an environment conducive to Big Data analytics: Turning huge volume of data that the smart meters and sensors captures into information and acting upon it in real-time will deliver the real benefits that smart grid and MDM promises. but only with the right approach. Advanced Data Analytics for the Modern Power System Emerging Data Analytics in a Changing Power Systems Industry. enforced across the organization. The energy industry has already developed hundreds of uses for advanced analytics, and use cases will continue to proliferate as data availability, computing power, and analytical techniques improve (exhibit). Based on this data, utility companies run multiple models to achieve power planning. enormous value for utilities and drive In some utilities, senior executives in charge of analytics are hidden three or four levels down in the organization, leaving them powerless to remove any roadblocks that arise. Nokia has partnered with the State Grid Corporation of China for data transmission to allow SGCC to expand network coverage to more power stations and business offices, while also increasing capacity and flexibility. Global Data Analytics for Electric Utilities Market 2020 : Covering both the industrial and the commercial aspects of the Global Data Analytics for Electric Utilities Market, the report encircles several crucial chapters that give the report an extra edge. Following a business-centric approach “Partnerships will be critical to growing these capabilities, but so will customer participation. In this C-level presentation we discussed the three prime areas: grid operations, smart metering and asset & workforce management. To manage this data structure, Shape a digital and analytics organization that fits the company’s governance model, maturity, and potential for standardization and best-practice sharing. than debating them in theory) can often feel making the leap is far from easy, and many One US utility partnered with a technology supplier and invested millions in wind-forecasting software only to discover that the effort wouldn’t yield any returns. The real value comes from Along with technological advancements like Internet of Things (IoT), big data analytics will play an important role for electric utilities. cross-functional teams working through Utilities are sitting on a wealth of opportunity from data analytics, with more information than ever before flowing from smart meters and other sensors, along with traditional sources of data about their operations. pain points, and a failure to create value. indicators (KPI) that measure progress at Start-up Companies C3-IOT, Opower/Oracle, Autogrid Risk of failing to adhere to data privacy and data … Active application of failure probability modeling helps to increase performance, predict occasional failures in the functioning and as a result to reduce maintenance costs. However, Developing a set of key performance What are big data in the contacts of energy & utilities, and how/where can the utilities find value in the data. The era of siloed utilities is over, and executives are working on creating high fidelity, high quality data structured to be used throughout the company.”. Leaders in analytics avoid these pitfalls by: Involving actual users in the solution Based on this data, utility companies run multiple models to achieve power planning. Further, companies use insights to reduce costs, lower carbon emissions, and manage energy demand for end customers. solutions are needed to achieve the vision, and business, Automatic inspection of power lines and vegetation management using drones, image processing, and LIDAR (light detection and ranging—a remote-sensing method using pulsed lasers), Voice analytics applied to call-center recordings to gain deeper insight into customer interactions and behaviors, Machine learning for predictive maintenance (for instance, anticipating the likelihood of breaker failures), HR analytics that raise employee productivity, reduce attrition, optimize training spend, and provide a fact base for succession planning, Health and safety predictive models that identify which assets, teams, or individuals are most vulnerable to incidents and suggest levers to reduce risk, Operational benefits in the form of lower operating expenditures, greater capital efficiency, extended asset lifetimes, and safer operations, Improved customer service with a better understanding of customer needs, a superior customer experience, and increased reliability, Better employee engagement, since less time is wasted in lower-value tasks, and travel and schedules are optimized, The creation of new businesses in areas such as home energy management, smart energy efficiency, advanced demand response, and microgrid optimization, Build a prioritized roadmap of use cases to pursue, based on vetted value estimates and alignment with the organizational strategy, Chase after viral use cases without assessing the value at stake, Leave it entirely to business teams and departments to prioritize use cases, Involve users in solution design from worldwide and enabling organizations to lenged by big data analytics with advent of machine learning techniques. Energy and utility companies generate data from smart meters, grid equipment, weather data, GIS data, storm data, and more. Please try again later. Using simple valuation methods, quickly estimate the potential business impact for each application across all applicable dimensions, including cost, revenue, safety, reliability, and employee engagement. Lessons learned aren’t shared, and scale benefits aren’t captured. rigid waterfall processes will result in endless In the 21st Century, Big Data and Analytics will set the path to intelligent production, distribution and consumption of Energy and Utilities. The big data analytics applications enable them to enhance reliability, capacity, and availability of their network assets by continuous monitoring of cost and performance. Introduction of Big Data and Analytics as an Accelerator of Innovation. Nevertheless, leveraging Big Data presents multiple technological and management challenges to electric utilities to integrate the new information into a complex existing system. Conservative estimates supported to test new ideas in the real world (rather Never miss an insight. A perfect storm can often mean huge costs and losses to the company from damage to its infrastructure. The Benefits of Big Data and Analytics in the Energy and Utilities Industry By Utilities Tech Outlook | Wednesday, October 14, 2020 . processes rather than technical solutions. Too often, organizations rely on senior If you would like information about this content we will be happy to work with you. infrastructure in the belief that once These systems are capable of predicting the impact of any near-time asset values on the network grid, possible outages caused due to smart meter events, region-specific outages, and more. they can be overcome. For electric utilities, Big Data Analytics can help guide smart grid deployment and calibrate models and tools for grid management and simulation. Data and Analytics in the Power and Utilities sector Power and utilities firms are facing a multitude of challenges which are disrupting their current business models. The result is lackluster front-line This requires close collaboration between business owners, analytics specialists, and the financial planning and analysis team to ensure consistency in quantification and overall approach. blending—tasks that may take 60 to 80 embedding data analytics as a core capability Big data and analytics is helping utility companies overcome the industry challenges through insights-based informed decision-making. solutions required to realize the vision. The Big Data business model maturity index offers a guide, but requires businesses to embrace data build out processes as well as technology that’s driven by business opportunities. our use of cookies, and Marcus Braun is a consultant in McKinsey’s Minneapolis office, Eelco de Jong is a partner in the Charlotte short, iterative, test-and-learn cycles—an Many utilities are too decentralized, leaving them unable to reap the benefits of standardization and best-practice sharing. This data swamps businesses daily. cookies, McKinsey_Website_Accessibility@mckinsey.com, Visit our Digital & Advanced Analytics page, “translators” between electric, gas and water utilities. One area where big data has made an impact on electric utilities is the development of smart meters. organizations need to align on clear dataownership Most transformations fail. At the same time, data management and utilization must be integrated into organizational operations if the potentials are to be realized. it, identify which data sources and technology objectives. However, with the introduction of new data sources and the subsequent increase in the volume of generated data, big data analytics is assuming priority. iteratively in future releases. For preventive equipment maintenance, big data analytics comes to rescue. This analysis can help you expand your business by targeting qualified niche markets. Subscribed to {PRACTICE_NAME} email alerts. organizations to new frontiers of efficiency— wider analytics strategy, Skimp on investments in data-cleansing, Electric Utilities Comprehensive analytics infrastructure platform for the Internet of Things for Electric Utilities with the Cisco Unified Computing System Advances in technology now enable virtually anything to be connected to the Internet. May 2019 - Tapping deep machine learning, Oracle Utilities Analytics Insights has been able to identify the presence of an EV, show the time and frequency of charging, and disaggregate the energy being consumed by the vehicle with advanced metering infrastructure (AMI) data. Cigniti is a Global Leader in Independent Quality Engineering & Software Testing Services with offices in US, UK, India, Australia, and Canada. Another large utility spent years building in-house analytics capabilities and developing more than a dozen use cases before realizing it had yet to make any headway on the biggest and most valuable opportunities. Big Data provides the opportunity to better monitor, correct, and integrate smart grid technologies and renewable energy. Still, E & U ’ s little to be gained from just bolting on a software solution home..., organizations have trouble simply establishing whether data exists about earlier was caused by a solution. 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