IndustriesInnovation is the way you apply ideas
Power and utility companies are up against increased capital expenditures upgrade aging infrastructure, deploy smart grid technology and comply with new environmental regulations, renewable portfolio standards and nuclear plant safety mandates, among other initiatives. In addition, rising energy costs and environmental concerns make consumers more demanding. Technology can address many of these issues, but not all utilities have budgets or requisite skills to successfully deploy these necessary investments. As distribution networks become smarter, security and privacy will become prime concerns.
Power and utility companies are up against increased capital expenditures upgrade aging infrastructure, deploy smart grid technology and comply with new environmental regulations, renewable portfolio standards and nuclear plant safety mandates, among other initiatives.
The key technology trends that are driving the industry are
Big Data Analytics
Meter data analytics help manage distribution and transmission systems and grid traffic and help utilities build better relationships with end customers, and will enhance utilities’ ability to forecast demand, allow for better outage and restoration analysis and increase demand response support. Besides renewables are driving the need for utilities to increase analytics and operations capacity to balance fairly predictable demand with unpredictable renewable sources. Besides, new regulations surrounding carbon emissions are driving energy companies to develop solutions that offer visibility, manageability and predictability into energy use, cost and performance. And the uncertainty in energy costs and rate cases are driving statistical modeling for improved credit risk analysis and collections efforts.
Utility customers are becoming more knowledgeable and concerned about how they use, and what they spend, on energy. Successful utilities are becoming more customer-centric by investing in new capabilities, programs, and technologies that allow them to market and communicate more effectively and efficiently. Social media has penetrated many utility companies in the past few years, bringing a new level of customer engagement through Facebook, Twitter, YouTube, and company blogs. More and more companies will incorporate these tools as part of their broader customer engagement programs.
Utilities companies can revolutionize customer care and improve customer intimacy through mobile apps. Customers want to track their energy usage to not only manage the rising cost of energy but also to reduce the impact of energy usage on the environment, besides seeking real time information on outages in their area. And customers want to not only see their bill but also to pay via mobile payments. Mobile apps can do this, two way, and using geo-location. This allows utilities companies to shorten their bill cycles and reduce delinquency of accounts. Mobile apps allow all of this in a multi-channel care environment with personalized information, anytime, anywhere.
Kkreative with its unique solutions and services enable Utilities harness technology for staying afloat in coming times:
Kkreative's Social Analytics platform presents a tool for Utilities companies to research consumer usage patterns and behavior trends.
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