Predictive Analytics Models Can Help Utilities Offer Personalized Services
The businesses of utilities are being revolutionized thanks to the emergence of intelligent networks. Traditional business intelligence models do not have the capabilities to manage the vast volumes of data generated by utility firms and their customers. To proactively engage with their customers in near real-time, utilities are transforming their service offerings to provide more personalization, which allows consumers to make informed decisions about their consumption. Such personalization can be enabled through predictive analytics models, which help utilities in many ways:
Manage risks to conserve costs and avoid unplanned outages
Adapt to fluctuating demands
Perform predictive maintenance
Predict customer churn and response to pricing changes
With increasing digitalization and competition, utilities need to embrace new-age predictive analytics to meet ever-changing customer demand.