With the fast adaptation of technology there exist marked differences in businesses. Digitization of the business got a sea change by converting the legacy systems into single integrated and well-connected platforms. Technologies like IoT (Internet of Things) facilitates realizing the business value globally enabling managed connectivity across all devices adding momentum and pace to the changes. To top it all, Analytics provides with insights that enable smart business decisions. Power Utilities companies can use these technologies to build digital, well-connected, well informed and integrated business processes. Here are the 5 things that Power Utilities can leverage.
Smart Meter Reading and Bill Distribution
With a two-way communication between utility service providers and customers, Smart Meter Reading is considered as a basis of the smart grid. It provides with data aimed at improving distribution asset utilization, and failure detection. Power utilities get faster return of investment (ROI) by reducing equipment and maintenance costs, enabling faster restoration of electric service during outages, and streamlining the billing process In addition to consumers getting more control and flexibility over their bill, it accommodates faster service restoration, early meter failure detection and improves the accuracy of billing.
Meter Data Management Systems
This single unified system process and prepare data from all read sources, for a variety of utility programs and operations to comply with regulatory mandates, enhance customer service and improve operational efficiencies. Power Utilities use this system that, reads all meters automatically and remotely at fixed designated intervals, eliminates estimated bills and adjustments, increases bill accuracy, provides two-way communication, automatic outrage detection, tampering and theft detection capabilities, facilitates a Pre-pay and automatic disconnect/connect capabilities.
Smart meters facilitate advanced metering. Smart meters provide a two-way communication capability and help consumers and suppliers manage electricity usage and supply in a cost efficient and effective manner. The analytics and information help the power utilities to set up real time pricing systems for electricity. In short, it makes actual energy consumption more transparent.
Transmission and distribution losses are high due to weak electric grid and associated technical flaws like poorly planned distribution network, overloading of system components, lack of reactive power support and regulation, low metering and bill collections. Smart grids transform the way power is delivered, consumed, and accounted for. This also facilitates network planning and construction, operation management, and service in power utility industry.
Smart Assets refers to all assets that facilitates procurement, commissioning, preventive and breakdown maintenance and decommissioning all interconnected through IoT. It also provides with analytics that helps power utilities in taking smart decisions in most of the proceedings.