3 Key Benefits Of Real-Time Business Intelligence For Utilities

There is no question that real-time business intelligence is a valuable resource for companies in all industries. However, for utilities, it can be especially beneficial. Many of the decisions that you make are time-sensitive, and by extension, so is the data that you need to make those decisions.

That’s where real-time BI (or business intelligence) comes in – it can provide you with the business intelligence tooling you need to quickly and efficiently make informed decisions.

With Storm Impact Analytics, you have the operational intelligence you need for your utility at your fingertips. From accessing our top-rated weather intelligence to understanding your utility’s unique infrastructure, Storm Impact Analytics allows you to be proactive.

 

The Benefits of Real-Time Business Intelligence

So, how does real-time business intelligence empower your business operations? Here are just a few ways.

 

Faster decision-making

In the past, you might have waited for data to be manually collected and entered into an operating system before you could make decisions. These business processes are time-consuming, but they can also lead to conclusions based on outdated information.

Real-time business intelligence enhances your company’s data visualization for quick decision-making since data is automatically collected and updated in real-time. Your team is empowered to react immediately to changes rather than waiting for manual data entry to be complete.

 

More confident decision-making

Instead of relying on experience or another subjective viewpoint, real-time business intelligence provides you with tested, reliable data that helps your company prosper. This data will help improve the accuracy of your decision-making and give your team the confidence that you need to make tough decisions.

Specifically, how does real-time business intelligence help utilities when facing severe weather?

 

Preparing for Severe Weather

When severe weather strikes, seconds matter. Power outages can quickly do much damage, including to critical infrastructure. But having data in real-time, you can see outages as they happen and take steps to mitigate the damage.

For example, real-time data can help you see where outages are happening, how many customers are affected, and the cause of the outage. This information is critical in understanding the scope of the problem and determining how to best respond.

 
Fallen tree on power lines

Maintaining Customer Satisfaction

Your customers expect reliable service and quick resolution to any outages or problems. Those expectations do not waver in severe storm situations. Additionally, our age of social media makes it easy for unhappy customers to voice their complaints publicly.

Besides genuinely caring for your customers’ needs, you also know that negative publicity can quickly and irreversibly damage your brand and reputation.

Today’s customers want specific solutions, precise information and real-time updates during an emergency. With data-driven insights and real-time action, your support staff will be able to provide clear, intelligent responses to queries and service requests.

The result? Your customers will have confidence in your ability to restore power, and your company will prosper, maintaining a good standing within the market.

 
Utility workers in cherry picker

Making the Best Use of Your Resources

In the utility industry, resources are constantly in flux. That’s why it’s so important to use them as efficiently as possible. Real-time intelligence helps you maximize how you use your human resources.

This applies in many ways, but consider just one – mutual assistance.

Obtaining mutual aid is competitive, and other articles have explained how to gain an edge in securing mutual assistance. The more information you have about challenges, conditions and what actions are needed to restore power, then you can be prepared to ask for extra help.

Once you secure that mutual assistance, it is vital to make the most of it. With real-time data, tracking your crews and their progress is simpler.

You can also confirm and identify the challenges they will face and what tools they need. This information is critical in ensuring that you use your resources efficiently and effectively.

 

Making the most of real-time business intelligence

Agility in changing circumstances requires analyzing and interpreting data and identifying actionable insights.

That is where predictive analytics comes in. But, what defines predictive analytics?

Predictive analytics uses historical data to identify trends and patterns in predicting future events.

To illustrate, let’s say that your team must predict how long it will take to restore power after a severe wildfire. First steps would include gathering data on past fires – the number of outages, the duration of the outages, the number of crew hours required to restore power, and other critical information.

Once you have that data, you can create several scenarios based on multiple variables.

Knowing how your utility has responded before, you can begin to predict how it will react now.

With those statistical models in place, it’s time to make plans based on real-time data. Your team can precisely and quickly adjust by comparing those model scenarios to specific current variables, such as wind speed and direction. However, those adjustments will not be random or based on guesswork since you already have a solid idea based on your statistical modeling and predictive analytics.

By combining real-time data with predictive analytics, your company can make informed decisions for several scenarios and be able to respond to changing conditions.

The more accurate your predictive analytics, the more effective your real-time decision-making will be. How can you find a tool that gives you a precise prediction of what you need?

 
Power tower with lightning strike

Storm Impact Analytics – Business Intelligence for Utilities

Storm Impact Analytics is a business intelligence tool designed specifically for utilities. We know that accurate weather intelligence is key to preparing for and recovering from severe weather.

We also know that weather intelligence does not tell the whole story. That’s why DTN has developed a tool that considers all of the factors that impact your utility. With Storm Impact Analytics, we consider vegetation, utility asset records and other variables so that you have comprehensive and complete data to make decisions.

Combining that wealth of data with our team of experienced meteorologists means you will have operational intelligence and insights unique to your utility.

Severe weather is inevitable. But, with the correct data, you can be prepared for anything. Learn more about how we can help your utility prepare for and respond to severe weather.