It is becoming more and more evident that Big Data is getting BIG, and the role of analytics just may be an immediate divide between one company and another as data becomes a crucial part of production, labor and capital.
According to research by McKinsey & Company – a global management consulting firm that serves leading organizations – almost all industries in the U.S. economy had at least 200 terabytes of stored data per company with more than 1,000 employees in 2009. The International Data Corporation (IDC) predicts that by 2020, the total digital universe will be 44 times larger than that.
In the utility realm, recent advancements in smart grid devices and applications are creating significant increases in the amount of data now available. In actuality, the need to reinvent the technology surpassed simply adding new hardware or making updates to existing infrastructure. With real-time applications, weather information, smart meters, etc., utilities are inundated with data and the increase in technology and information is changing the ways utilities operate. Traditional operations are being re-evaluated and strategy adjustments are needed to improve ROI. However, this influx of data will allow utilities to process and leverage it to execute innovative and valuable strategies.
Big Data is complex, but proper analysis can bring transparency and yield significant results. It takes expertise to understand the intricacies and utilize sophisticated analytics to create value from large amounts of data. However, doing so can result in better management decisions based on real-time information and forecasting abilities. In an age where data and technology are revolutionizing the way we do business, it is important to be forward-thinking. Don’t fear the data – optimize it of all it’s worth.