New Utility Revenue Streams and the Grid of Things
A framework to help utilities thrive
The Internet of Things (IoT) is creating a more connected and communicative world, enabling businesses to cut costs and generate revenue in ways never before thought possible. Utilities are uniquely positioned to capitalize on IoT through their electricity and gas grids that have unparalleled reach into the lives of consumers, businesses, and cities. The opportunity is so well recognized in the utility sector that it is increasingly referred to by a unique moniker: the Grid of Things (GoT).
Utilities were early adopters before the trend was dubbed IoT. Field work has been connected through vehicle sensors, workforce management systems, and smart meters for a number of years. Few utilities, however, are using GoT to generate new income streams, thereby missing opportunities to address the revenue loss from trends such as distributed generation and storage.
To unlock new revenue streams and promote growth, industry leaders should implement a rigorous framework to analyze GoT opportunities.
