Future Impact of IoT & Utility Industry
The past few months, we have presented information about our services and capabilities. These next few weeks, we would like to begin a new series about a rising topic in the IT world, “Internet of things” or IoT and its impact on industries across the board.
In laymen terms, IoT refers to anything that can be connected to the internet whether it is a device or simply a stuffed animal that can store/transmit data. The utility industry is no stranger to IoT as utility suppliers now have the capability to leverage existing technologies. According to Business Insider, “The cost of installing smart meters will be over $100 billion, but the financial benefits will reach nearly $160 billion.” A smart meter is a new form of technology that will send meter readings from gas and electricity to energy suppliers for a more accurate reading. Implementing this tool is highly beneficial to the energy industry as it will drive growth while improving customer acuity. Utility suppliers can use this influx of data to harness more cost effective, energy efficient decisions.
So, what does this mean for RadiusPoint?
As a utility expense management company, essentially, our job here at RadiusPoint is to ensure your bills are paid on time at the right amount. We manage the process from initial audit to vendor payment utilizing our ExpenseLogic software for services like Electric, Gas, Water/Sewer and Waste. ExpenseLogic sets parameters, contract rates and hunts for exceptions with every bill to identify leaks and other inefficiencies in the system. It provides an unparalleled approach to utility bill analysis that helps your business maximize value from your utility services going forward.
With Utility companies adopting smart meters and smart grids, discrepancies such as incorrect billing rates and subtle rate changes will shrink, allowing us to continue to provide our clients support in their communication and utilities lifecycle management in a more efficient manner.
Gartner states the number of “connected things” that will be used is likely to reach 20 billion by 2020 and spending will increase beyond 3 trillion. At RadiusPoint, we understand the importance of IoT by remaining up to date with its trajectory as well as partnering with Gartner to provide the utmost Business Intelligence through cutting edge and relevant research.
The recent launch of ExpenseLogic 8.0, our proprietary software, received a complete revamp for a more user friendly, fresh interface. Also, in a few short weeks, an IoT section will be added that allows various types of Internet billing to be processed and management on one platform. There will be an artificial intelligence piece added as well to address decision-making and learning from the past experience to enhance end users understanding.
Stay tuned for more news about IoT applications and their impact on companies in next week’s “Internet of things” series.