Analytics: Defining factor for maximizing shareholder value and customer satisfaction
As a utility’s operations manager, you need to eliminate inefficiencies resulting from equipment failure, implement new tariffs and smart devices, manage and respond to weather-related disruptions, increase shareholder returns, and improve customer satisfaction. These improvements will provide the funds to introduce new products and services that will satisfy customer needs and gain regulators’ approval. You also want management and regulators to have the confidence to implement new projects and tariffs.
However, you are inundated with data and information. A key challenge you face in implementing your goals is utilizing this data and information effectively and efficiently. You’d like to apply analytics with this data to predict future outcomes that will allow you to manage risk and analyze the financial results of critical planned projects. This will also help you to provide regulators with the confidence that your utility can achieve its objectives. Before you can implement analytics, you need to answer questions such as:
Does your utility have the resources, technical skills, and understanding of complex data needed to implement data analytics?
Does your utility understand the impact of internet-based, consumer-centric consumption technologies?
Does your utility recognize the impact of data analytics in achieving financial and operational improvements?
Does your utility recognize the technologies and devices needed to access historical data from existing systems and collect relevant data from operations, distribution systems, and external sources, such as weather services, in real time?
How will your utility balance its needs with your consumers with the introduction of new tariffs and achieve regulatory approval?
By answering these questions, you can be better equipped to achieve balance between all your stakeholders and respond to developments in your industry that are affecting them. This will allow you to identify how best to apply data and financial and risk analytics to your utility and achieve your goals.
Do you want to attract new commercial and industrial customers to your utility and maximize shareholder return by maximizing performance-based rates? Do you want to improve consumer satisfaction and participation in new services and tariffs and increase reliability and attain approvals from your regulators? The Accenture Academy courses Balance between Utility Stakeholders, Developments that Impact Utilities and Regulators, Applications of Data in Financial and Risk Analytics for Utilities, and Applications of Financial and Risk Analytics for Utilities will provide you with the necessary information to identify what data to extract, how to implement the proper models and analytics, and how to achieve your risk and financial objectives.