The New Tech Frontier for Utilities

The New Tech Frontier for Utilities

In today’s day and age, we’re all immersed during a world bursting with technology. The phones in our pockets are actually mini computers. The cars that we drive can park themselves. The refrigerators we've can tell us if we’re running out of milk. We don’t know what the longer term will hold, but we do know that technology is pervasive and evolving at a rapid pace. The old saying, “every company may be a technology company” couldn’t be truer, but it’s the businesses that embrace and unlock the potential and value of technology which will succeed well into the longer term.

At the top of the day, technology is impacting every single industry and therefore the utility industry is not any exception. Utilities play a central role in developing and implementing energy efficiency programs for his or her customers and technology is becoming more critical than ever therein process. Leveraging technological advancements can play a big role during a utility’s success in delivering cost-effective energy efficiency program portfolios. There’s a reason the Department of Energy devotes a whole section on its website to emerging technologies, pushing for “cost-effective, energy-efficient technologies to be developed and introduced into the marketplace.”

Not only can various software contributions and analytics capabilities help services deliver more energy savings more efficiently, but technology also is changing the way utilities interact with their consumers. For utilities, it can give a platform to assist during a considerable breakthrough in building stronger relations with customers, reducing the value of a utility’s energy efficiency programs while offering a seamless experience across all digital channels. Customers are increasingly more tech-savvy, and that they expect the businesses they interact with to be an equivalent way.

As utilities still embrace technology, this might mean substantial gains in energy efficiency and increased customer engagement. the subsequent are a couple of samples of how this is often already beginning to play call at the industry:

• Automation is Key: Energy demand management provides a chance for patrons to play a key role within the operation of the electrical grid by shifting electricity usage during peak periods in response to time-based rates or other sorts of financial incentives.

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"As utilities still embrace technology, this might mean substantial gains in energy efficiency and increased customer engagement"

Now imagine having the ability to automate this process during a way that's interdependent for both customers and utilities. Software solutions are available that fully automate demand-side management (DSM) programs, from planning, marketing and tracking to execution and reporting. This, in turn, makes DSM programs operationally efficient for all customers, resulting in more streamlined experiences that produce better results.

By instantly interpreting complicated data streams into real-time metrics, these automatized DSM software solutions, like CLEAResult’s DSMTracker™, can arm utilities with the understanding they have to make more impactful energy efficiency programs for patrons.

• Big Data Continues to Yield Big Results: Utilities have the chance to leverage Big Data to uncover key insights about markets and end-users. Utilities and energy companies need to consider sources of knowledge as raw ingredients. By analyzing consumer usage patterns from smart devices through understandable data management tools, utilities can deliver messaging or customized programs that are more tailored to individuals or markets. These will are available the shape of customized energy rebate offers, coupons or just expert advice supported specific customer wants and wishes. This level of personalization is what today consumers’ desire is.

• Smart Homes cause Smarter Utilities: Devices that are connected to the Internet–IoT devices–are permeating our lives and helping utilities have better insight into customer behavior. Smart thermostats, for instance, became increasingly popular among consumers. Devices manufactured by Nest or Honeywell can provide users with real-time data that creates it easier to know and lower their energy use. And not only can consumers enjoy these devices, but utilities can also. CLEAResult implemented a pilot program that deliberated the favored Nest smart thermostat and results depicting that Nest users saved more kWh per annum than those without a practical device in their home. The info that was extracted from the Nest devices for the pilot is precisely the info that utilities could leverage in an ongoing capacity to develop tailored programs that get the complete value of a customer’s personal device.

• Predictive Analytics: Power outages during the canicule of summer are only too common in certain areas of the country. But there are ways in which utilities are leveraging technology to predict or anticipate when an influence outage may occur. Utilities are investing in smart technology to stay the electrical system running smoothly during times of utmost weather. and that they are using technology to watch demand and stop the grid from being overwhelmed as customers crank up their air conditioners to combat scorching temperatures. Through predictive investigation, utilities can model complicated relations among interval loads and variables like weather to predict an impression on power flow, following in more reliable forecasting.

From automatized DSM software solutions to smart thermostats, there's a substitution field of technological advancements confidently influencing the way we consume energy. And these new advancements also are positively impacting how utilities interact and connect with customers in a more meaningful way. With a continued specialize in efficiency supported technology, utilities can harness innovation to make and enhance value for both themselves and therefore the customers they serve.