Big Data may be this year's industry buzz phrase – but how often do you hear anyone use the term "simple" to describe the process of turning all that data streaming in from smart meters and sensors into real business value?

"Leveraging data as a source of value is the key to establishing and realizing a strong smart grid business case," Clanton says.

Adds Matt Smith, Chicago-based principal in KPMG's energy advisory services: "Data has the potential to be a key transformational driver in helping utilities optimize new opportunities from smart grid investments, with customer experience, utility operations and advanced power management as areas that can benefit. The challenge for utilities is how to identify and use that information to transform their business."

And those three simple steps? Here's what Clanton and Smith recommend:

1.     Identify available data: This process focuses on assessing current systems; understanding data capabilities; and identifying new data that's available but either isn't being captured or is captured but not used.

2.     Assess potential value: This step includes comparing potential data against planned usage and searching for additional opportunities outside the planned solution set and current requirements.

3.     Develop the transformation: The final step will map the identified opportunities to its enterprise model; identify relevant stakeholders and what the new data elements will mean to them; and design transformational objectives.

More on this topic…

Smart grid analytics: Why you should fire your coders (and hire solvers instead)

Data validation for smart grid analytics (pdf)

Smart meters and Big Data: A clear case for governance best practices