Codibly at DTech 2018: what we saw and what we’re up to
DistribuTECH is one of the world’s leading energy and utility conferences, and we had the privilege of attending this year’s event at the San Antonio Convention Center in Texas.Held between the 23rd and 25th January, the event was a chance to meet a range of people working on solutions for power distribution problems in a variety of cutting-edge fields, and we gained plenty of insights into a number of trends. These included machine learning, big data and the Internet of Things – and with over 13,000 attendees present and more than 500 exhibitors showing their strategies and products, there was a real diversity of insights on offer.
This year we’ve spotted so much focus on analytics, data visualization, predictive analytics and business intelligence. Smart meters being rolled out across a number of European countries were also very spottable. It was useful to get an update from various companies in the field on how this crucial utility is helping companies, consumers, and the environment.
The exhibitions on at DistribuTECH were perfect for us here at Codibly, as we’ve been working on a wide range of related projects.
Analytics and smart homes
By looking back over past data and forecasting for the future with the help of technology, utilities frequently find that tasks like risk assessment, customer profiling, and product development are much easier to carry out. But it’s not just prediction that helps utilities when it comes to analytics: other tools, such as real-time data analysis systems, give them the chance to consider highly accurate, pinpointed information before making decisions, which in turn leads to better business strategy choices.
We often work on projects designed to help our customers work out the best option for them when it comes to monitoring trends in their business, and that’s why we’ve been pleased to see an improvement in the standard of predictive analytics tools in recent years.
The smart metering industry is ballooning and looking as though it will shape up to be very lucrative. With the smart home boom offering consumers the chance to monitor how much they’re spending on their electricity through smart meters and cut down on time wasted switching between each device, people are likely to start demanding better customer service, lower energy costs and more.
It is spottable that these trends mean that the balance of power could well soon shift in favor of the customer rather than the firm.
Focus on customers and residential consumption
But the worlds of smart homes and analytics are just the tip of the iceberg – the focus in the energy and utility industries is going to shift more and more in favor of the customer in the coming years. The recent development of customer analysis techniques such as the “digital twins” method, for example, has meant that energy companies now know more and more about our habits, spending patterns and needs than ever before, and are using this information to design better customer experiences.
In particular, it’s likely that major stakeholders at the energy companies – such as investors or directors – will soon realize that they need to speed up the process of product development before the disruptors get there first.
The role of the residential customer is going to get bigger and bigger in the coming years and decades. Currently, the customer’s ability to manage their own demand tends to be the preserve of commercial customers, but as smart homes and other technologies kick in, residential customers are also going to get savvy about how much they use and exhibit more signs of demand response (DR).
Get in touch to find out more
Here at Codibly, we’re committed to designing software packages which help bring the utility industry into the twenty-first century through a process of digitalization. Are you interested in finding out more about how we can help you? We’d love to Simply contact us today and one of our expert team will be in touch to speak further.