Looking at the consumer side of the equation to provide greater value

Data analytics from smart metering data can offer valuable insight about consumers and their behaviours when it comes to their energy use. Using smart meter readings, analytics can interpret that data to learn about consumer’s preferences and interactions, and can use this information to develop customized messaging and communication with the consumer to provide greater value.

Studies show that consumers actually want to be involved in energy management. Accenture found that consumers highly valued choice and convenience and actually preferred that businesses collect information about them to improve their experiences. They also appreciated customized offers and tailored solutions such as services that highlight the specific actions to take to become more efficient and reduce their energy bill, or the identification of abnormal energy consumptions.

In this sense partnerships with data analytics providers can be key to improving consumer satisfaction and involvement in energy management.

Data analytics can provide consumers with the following:

• Tailored analysis of smart meter data can help consumers discover where they can adjust their behaviors and adopt new habits. Data analytics can provide consumers with access to the smart meter so that they can understand real-time data that is collected by the meter.
• Specific recommendations about what that particular consumer can do to save energy.For example, a different set of recommendations is offered to renters and homeowners as their incentives vary. A homeowner may be advised to buy energy-saving equipment while a renter may be given tips to change certain habits.
• Suggestions about when it is appropriate to invest in new technologies.For example, if the consumer is using a less-than-efficient refrigerator, data analytics tools can determine exact monetary savings that would be possible with an investment in the new appliance.
• Analytics can disaggregate energy use down to the appliance level. Adopting Non-Intrusive Load Monitoring methods over smart meter readings can help determine which appliances are using the most energy and where energy savings can occur.

Through advanced visualization techniques, smart data analytics is enabling a wide range of new value-added services for the entire energy demand and supply value chain. These data insights will unlock savings opportunities and help businesses provide greater value.