6 questions to determine if you really understand utility analytics
Quick Take: Mike Smith of Energy Central's Utility Analytics Institute recently published an article outlining the six "V's" of analytics. I think they make an excellent self-test to reveal if you truly understand the scope and scale of the Big Data revolution. Skim my quick summary below or visit Mike's article for his explanations. - Jesse Berst
Volume: Utilities are producing data in volumes vastly greater than they have ever seen before. The volume alone creates complexities and challenges.
Velocity: It's not just that it's so much data, it's that it is coming at us near real-time. What's more, users expect their results in near real-time as well.
Variety: It's not just that there's so much coming at such speed. It's also that it comes in so many flavors from so many sources, both internal and external. (As Mike points out, much of the eventual value comes from combining data from sources that were previously siloed.)
Veracity: That data that is pouring in at such amounts at such speed in such variety? You've also got to prove its accuracy and constantly update it.
Visualization: Even if you master the first four "V's," you won't get much good from your Big Data until and unless you can present it in a way that makes it easy for mere humans to spot out the important insights and warnings.
Value: Those first five "V's?" They have to have a positive return on investment or they really don't matter.
Jesse Berst is the founder and Chief Analyst of SGN and Chairman of the Smart Cities Council, an industry coalition.
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