There are certainly businesses within all industry verticals still struggling to figure out how to use big data to their advantage, but a new survey from Oracle suggests utility companies are farther behind.
The bottom line of the report is that utilities aren't taking advantage of the business value potential presented by smart grid data technology.
While acknowledging that most utilities are doing a better job of this than compared to a year ago, Rodger Smith, senior vice president and general manager of the Oracle Utilities team, lamented in the report that many of them are still puzzled.
Yet, Oracle also predicted that the average utility with more than one million customers will invest approximately $180 million in smart grid and metering technology over the next five years.
Here are some of the highlights from the study:
Nevertheless, there are plenty of utilities at least on board with the idea of implementing smart grid technology.
Researchers highlighted higher revenue and reduced maintenance costs as the two primary motivators for utilizing smart grid data to boost business strategies.
For reference, Oracle's report is based upon the responses of 151 North American senior-level utilities executives with smart meter programs.
Screenshots via Oracle