Data is fueling disruption everywhere, and the utility industry is no exception.
The exponential accumulation of data is a global phenomenon that is turning many industries on their heads. Research suggests that the amount of data doubles roughly every two years, with output expected to surpass 44 zettabytes, or 44 trillion gigabytes, by 2020. With this level of expanding information, disruption is inevitable.
The utility industry has evolved drastically in the past decade upon the introduction of smart meters and the smart grid concept, which brought a major revolution in the amount of data that utilities collected. But the presence of data alone does not elicit disruption; it is what is done with that data that really matters.
Utilities are getting past the challenges of incorporating and managing data and more foundational analytics, making way for more advanced applications and technology adoption from other industries—this is where the disruption is occurring.
Rising to the challenge
Utilities that want to thrive have put digital transformation at the forefront. These companies seek to harness their data, rather than run from it. This is putting a spotlight on a handful of data and analytics innovations, which utilities must understand, develop and implement to succeed in today’s environment. In 2019, the Utility Analytics Institute (UAI) identified three major forces that present both analytics challenges and opportunities for utilities:
• The advancement of Artificial intelligence (AI)
• Electric vehicles (EVs) and mobility
• Understanding and leveraging Blockchain technology
This report will describe these phenomena as they impact utilities now and in the future. It also will provide insights from utilities using analytics to create opportunities within these areas of disruption, as well as highlight specific projects and initiatives.