Data analytics is a powerful tool that can enhance almost any aspect of utility operations, business or planning. But even though the potential benefits are huge, it's best for utilities to start small and gradually expand the scope and uses of analytics.
On April 2, a free webinar by eMeter, a Siemens business, will explore how utilities can approach analytics incrementally -- and thus save time and money, while realizing immediate benefits.
Many utilities make a common strategic error when first venturing into analytics: they dive in, rather than wade. They invest years and considerable resources to build a "big bang" in-house project, complete with substantial technical assets (such as an enterprise-class data warehouse and a powerful analytics platform running on site).
While the big bang approach can work well eventually, it's probably the most costly and least efficient way to manage your organization's analytics learning curve. And while you're building it, you're missing the chance to create millions of dollars' worth of value.
Fortunately, robust analytics that yield immediate return on investment can be deployed far more quickly and inexpensively, compared to the big bang approach. The key is to use a cloud-based analytics service. Also, start with small, simple projects to address pressing problems using existing meter data. Many utilities find it easier to budget for the cloud approach, since it involves an operational expense rather than a capital expenditure.
As your utility gains comfort and experience with analytics, you can extend cloud-based analytics to new projects or expand your scope. This can allow you to engage multiple departments to collaboratively achieve larger goals and realize even more benefits.
You're not cutting off long-term options if you begin with an incremental, cloud-based approach to analytics. You can still evolve toward deploying an in-house, on-site enterprise analytics system eventually, when the time is right.
The webinar, Lessons from the Real World: Forget about Big Data will feature top analytics experts from eMeter as well as the utility perspective from Duke Energy and Centerpoint. They will cover real-world examples and address common questions and concerns.
They'll also discuss a new cloud-based analytics service from eMeter that can be used by utilities of any size. This offering draws upon eMeter's extensive experience with many utilities. It includes many useful applications and reports right out of the box, and it can be customized to meet unique needs.
REGISTER NOW. Space is limited.
Date: April 2, 2014, 10:30-11:30am PDT
Bonus content: Webinar participants will also receive a new eMeter white paper on utility data analytics, covering use cases and benefits in greater depth.