Smart grid data analytics: Looming gap will force major expenditures
Quick take: Many utilities still don't know what they don't know. Smart grid vendors need to do a better job of explaining what's possible with advanced analytics and the benefits they can bring. -- Jesse Berst
A Bridge Energy survey reveals that more than half of all utilities are "challenged with immature business intelligence / analytics capabilities." That's based on surveying over 14,000 utility employees about their views and experiences in analytics, business intelligence and/or big data.
Availability of knowledgeable staff and the integration of related systems were cited as top issues hindering BI/Analytics improvements, but still, 91% of those surveyed indicated their utilities are planning BI/Analytics projects in the next year or two.
As a result, according to a new report by Pike Research, the worldwide market for smart grid data analytics will grow steadily through 2020, with cumulative spending totaling just over $34 billion. Pike anticipates cumulative worldwide spending from 2012 through 2020 totaling just over $34 billion.