With the increasing use of smart grid technology, utility companies are faced with the issue of how to manage the resulting accumulation of trillions of kilobytes of unstructured data. While the ability to collect, manage, and analyze data effectively can lead to better business decisions and lasting competitive advantage, the amount of data can be overwhelming. And these data challenges will only multiply as smart grid technology becomes more widely adopted.
This KPMG paper argues that the problem of “Big Data” is a significant opportunity for utilities to develop insight into their business and improve business operations both company-wide and in specific areas. Data analytics (DA) is critical to helping utility companies address the challenges of “Big Data” and turn these challenges into opportunities to gain competitive advantage through improved business performance. Further, utility companies should consider how data analytics can help them improve their performance now while also preparing them for future changes.
The value of a company’s “Big Data” is hard to overestimate and the conclusion of the report suggests that data analytics can help companies find and take advantage of the value that resides within their own data resources.