Utility Analytics – Shifting Business Models Shaping the Future

Posted by on September 21, 2017

Silver Spring Networks hosted its second “Analytics Connections” event in Chicago last week. The goal of the event was to bring utilities together and create a forum to share new ideas with their peers on how to best leverage the power of data through cutting-edge analytics technology.

The exciting event featured a variety of presentations and case studies to encourage discussion and collaboration among peers. With participation from more than 16 leading utilities across North America such as ComEd (the host utility), Con Edison, City Utilities of Springfield, Oklahoma Gas and Electric, Baltimore Gas and Electric and more.

The utility speakers emphasized Silver Spring’s unique analytics offering, which are helping them leverage the vast amounts of data to enable predictive analytics and business intelligence, thereby improving overall grid operations, revenue protection, reliability and customer satisfaction.

Figure 1: The picture above features our keynote speaker Brian Hurst, VP & Chief Analytics Officer, Exelon Utilities, as he shares latest industry trends driving the digital modernization of the utility grid infrastructure.

In the age of IoT connectivity, modern utilities are constantly trying to figure out how to best utilize the massive amount of data to drive efficiencies and unlock value. The industry is changing and utilities are shifting from a traditional business model to a transactive platform model, as they identify their challenges such as rising cost of operations, changing regulations, environmental concerns and increasing consumer expectations. Now, more utilities are moving toward streaming analytics, where the data is ingested and analytics performed at the edge to ultimately transform the end-user experience.

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Figure 2 and 3 above features utility experts who led discussions on emerging topics such as leveraging the IoT network, AMI operations analytics, revenue protection and more.

For a successful adoption of any new analytics technology, utilities recognize the importance of evaluating their organizational challenges such as talent acquisition, organizational agility, legal and regulatory policies, and data governance practices. Today’s smart utilities are switching to unified network models and standards-based solutions. They understand the strategic importance of analytics and are taking a pragmatic, step-by-step approach to implement solutions, rather than increasing complexities through a full-blown adoption.

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Figure 4 and 5 above show different teams with a mix of utility members playing a thought provoking, decision making game that allowed them to brainstorm as a group on how to proactively solve problems and wisely invest their resources, to win in every scenario with Analytics.

At Silver Spring Networks, we are excited to enable our customers with advanced product capabilities to help them derive meaningful insights from incoming high frequency data, and thus reduce costs, improve operational efficiencies and better serve their customers.

Are you able to monitor your utility grid operations in real-time by utilizing the continuous data streams to solve real-world use cases proactively and provide out-of-the-box value to your customers? Learn how United Energy, ComEd and OGE are benefiting from Silver Spring’s analytics solutions that are offered for the IoT market and purpose-built for their specific business needs. As the pace of the digital transformation is quickening, utilities should look to their peers to understand industry best practices and follow their lead to strengthen their foothold in the market, with proven solutions.