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Data Analytics for better revenue assurance

Electric, gas and water utilities are stepping up research into ways to protect revenues and reduce wastage. How can better data analytics help?

 

It is estimated that the global electric utilities industry loses around $85 billion annually as a result of fraud and theft. At the same time, new stresses on power and water resources are expanding worldwide.

That’s a serious amount of water and energy – not to mention profits – going missing every single year. It’s bad for business, bad for customers and bad for the environment. And in response, electric, gas and water utilities are stepping up research into ways to protect revenues and reduce wastage.

The challenge is that such initiatives are typically expensive. So in an effort to reduce so-called non-technical losses – as well as improve both operational performance and the bottom line, without increasing manpower or OPEX – they are turning to analytics.

Dennis Maia, CEO, Choice Technologies:

“A predictive analytic software like revenue intelligence can predict what is the fraud probability, customer-by-customer. And what is the financial impact in case you find the fraud? What is the value of these frauds?”

These are exactly the sort of questions advanced analytics can help answer.

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Dennis Maia, CEO, Choice Technologies:

“Utilities are paying more attention to analytics. They are recognizing the value of predictive analytics. So I think we are at a very important moment when utilities are leaving the more traditional ways of doing things to reinvest in technology to predict what is the best way to do something. And with this you can reduce losses, you can increase collection, you can reduce the failures on the grids, whatever.”

Indeed, it’s not just getting greater insight into fraud and theft that analytics can help with…

Dennis Maia, CEO, Choice Technologies:

“The smartest way is to apply intelligence first; know the behaviour of all your customers. Learn with your own data. And with this you can prioritize your investments in IOT, smart meters, whatever.”

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