There’s probably no larger provider of services than utilities. Everyone is a customer.
Data plays a huge role in the management and operations of utilities companies. Whether it’s water, electricity, or gas, providers need to be able to balance the need for enough supply when faced with fluctuating demand.
Traditionally, this has been done through seasonal usage assumptions and historical data. But, using IoT (the Internet of Things), utilities companies have been able to fine-tune supply using predictive data models trained on real-time data.
Real-time monitoring of smart meters and sub-stations allows utilities companies to respond promptly to fluctuations in demand and integrate renewable energy sources seamlessly. By combining real-time usage data with customer demographic data, household density, building type, household appliances, heating and cooling elements, EV charger installation, environmental factors, and more, utilities companies are able to build accurate customer utility usage profiles. These usage profiles can be re-used to inform utility supply in other areas with similar demographics to ensure supply flexes sustainably with demand.
This replication-based predictive modelling can help utilities companies build an accurate network-wide picture of supply and demand without the time and cost required to connect 100% of network assets in real-time.
In the electricity sector, these models and approach are enabling grid operators and municipal planning authorities to pre-empt periods of high use and offer incentives to reduce usage spikes. Furthermore, having accurate data on demand and the location of that demand can inform what action is required to provide service, if any. Where it’s known that an area has a high deployment of local alternate power sources, such as solar, the supplier may not need to source additional supply from potentially less sustainable sources to service the demand.
IoT solutions can also help to predict maintenance requirements across the grid. With this, issues can be foreseen, quickly pinpointed and addressed, reducing customer outages and the need for costly extraneous labour and troubleshooting.
Keen to explore how IoT could be used to give your business a data-fuelled boost?
We’re happy to talk. Get in touch with one of our experts or check out our collection of IoT e-guides and solutions if you’d prefer to explore the possibilities on your own first.
Want to read about more ways IoT is transforming industries? Have a look at the other articles in the series: How IoT is changing the world for businesses — and beyond.
