Disruption has long been top of mind for the energy industry, although 2020 forecasts, of course, didn’t account for the pandemic. Now, COVID-19 is accelerating utilities’ plans to change. A utilities data platform (UDP) that unifies, consolidates and standardizes customer, assets, usage and field data insights could be the linchpin. Here’s how utilities can get started with a UDP to identify new sources of value and ward off competitive threats.
Historically the relationship between utilities and their customers has been purely transactional. Customers paid the “rate” in exchange for a guaranteed supply of electrons. Their data was limited to account details, payment info and monthly consumption. However, today’s utilities are collecting a lot more data thanks to advanced metering infrastructure (AMI) and new digital channels. Enriching this internal data by integrating it with external data gives utilities a huge opportunity. They can leverage data in three key ways: improve customer service and operational performance, offer new value-added services around core utility services and use new business models to monetize data. A UDP can accelerate and enable success in each of these domains.