Big Data, Analytics Energize Electric Utilities
For utilities, a perfect storm is just that: a rare confluence of various weather elements that coalesces to create an event of unusual magnitude. A perfect storm can often mean huge costs and losses to the company from damage to its infrastructure. But utilities are among the industries best-positioned to reap the benefits of another type of perfect storm, the rise of big data and streaming analytics.
The sheer size of a utility — with its customer base and its generating and transmission grid – is well-suited to the voluminous big data that is now capturable. This data can drive insights that, when multiplied across hundreds of thousands of customers and billions of dollars in revenue and investment, can generate significant efficiencies in an industry with annual revenues of more than $300 billion.