18 Jun Data is the new Oil
Yes, this might be one of the most prolific match making done by the “data-scientists” and hence probably one of the most talked about stories. The story of the coupling of the mature discipline of statistical data with a very young one–computer science. The story of big data and predictive analytics.
Put in the very simple words of Wikipedia, Big Data Analytics is the process of examining big data to uncover hidden patterns and correlations that can be used to make better decisions and Predictive Analytics is the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends.
The journey of new systems and new processes being undertaken by today’s electric, gas and water utilities has a common goal: a new utility structure that meets the demands of twenty-first century, as well as the needs, of its enlightened customers. Not surprisingly, big data and predictive analytics provide the transformative cornerstone of the new utility.
Big data is now a reality: The volume, variety and velocity of data that hits us every day has reached unprecedented levels. This phenomenal growth has opened up new horizons for not only big organizations but our day to day electrical utilities. Analysis of terabytes, and some more terabytes of new data streaming in from smart grid devices seems to be our nirvana to more effective consumption of our electrical utilities.
We now can take an active approach to managing our energy and water usage and be able to budget. The more important thing here is we can do it simply, inexpensively, and in the time and communications manner (in person, mail, online, mobile phone app, etc.) that best suits us. In addition to this, in the case of energy usage, we as customers can extend our support for technology that will reduce energy waste and help the environment.