The utility industry is rapidly changing, unlike any other time in the history of the industry. Many consumers are working towards energy independence. While achieving energy independence, there is some uncertainty when it comes to maintaining sustainability in the industry.
The industry’s main trends are also its main challenges in many areas. Customers consume more power nowadays due to the growth in computers, TVs, mobile devices and electric cars. While renewable and efficient appliances have reduced consumption in some cases, they have caused the utility rate to increase. Utilities offer a carrier that clients count on to be ‘always-on,’ and therefore select a utility based on it’s recovery speed and daily delivery.
Managing consumer expectations is the priority
Utility executives want to manage consumer expectations and offer real-time updates to clients, much like how Uber notifies its clients of the driver’s location and ETA at all times. Additionally, integrating important data with community first-responders, mainly through strength outages to enhance reaction time, has become increasingly important.
The future of utility operations is of concern, specifically with the management of costs and cost reduction processes. The strategies offered for reducing costs are implemented using “situational intelligence” with real-time people and resources data.
Utilizing Situational intelligence
Using situational intelligence, people hope to improve customer satisfaction and speed up restoration. In addition, some of the technologies that we use today, such as GPS, drones, and GIS, directly affect deploying workers, informing staff, restoring services, and overall cost reduction.
Power is too expensive, according to customers around the globe. Although reliable, accessible, and reasonable, they still believe that energy is overpriced. Educating the customer about how utility services buy and distribute powers might help the situation.
Improving energy efficiency and reducing energy consumption are two ways customers are stepping in. According to the U.S energy information administration, the hourly electricity demand has risen over the past twenty years. For example, when someone trades in their car for an electric vehicle to reduce their carbon footprint. To charge his new electric car, he still uses 240 volts which may consume over 6kWh. This exponentially increases the person’s electricity usage.
Utility has become a ‘data cloud’ for customers
With the start of the Internet of Things (IoT) and integrated sensors, utilities collect a significant amount of data that they can analyze and utilize to better understand consumption trends and their consumer’s network. This data could also help providers of energy-efficiency services and products identify potential customers, which in turn, may help the utility control demand and significantly reduce costs.