If you are a utility business, you know how expensive it can be to keep up with the demands of customers. But did you know that technology can save your business money? In this blog post, we’ll discuss how technology can help utility businesses save money in the present and future.
How Wildfires Cost Utility Businesses Millions of Dollars
Wildfires have become an increasingly common occurrence in recent years, and they cause massive destruction for utility businesses. Cables are often destroyed, and water supplies are obstructed or contaminated. The costs of replacing these resources can add up quickly, resulting in millions of dollars spent by utility businesses every year.
For water companies, forest fires can obstruct the water supply to local communities. Long-term effects can be particularly devastating, with toxic chemicals making their way into the water supply following a forest fire.
Research has shown that containment of wildfire risk can reduce the risk of water supply contamination by up to 55%.
For electricity and telecom companies, the impacts of fire are more direct, with cables, phone masts, and infrastructure damaged by fires. Power outages are expected during a wildfire, with some states putting preemptive measures in place but leaving the public without vital electricity.
Utility companies may even be impacted by liability costs, with one utility company even being pushed into bankruptcy following a fire in 2018.
In all cases, the best way to resolve these issues is prevention through early wildfire detection.
Early Wildfire Detection
Fires are a constant threat to the safety and security of utility companies. However, with advanced technology like early detection systems using IoT technologies that identify potential fires in their earliest stages, significant costs can be saved.
By detecting fires at the smoulder stage, before they grow out of control, these warning systems can protect utilities from the need for repairs and even the legal issues following devastating forest fire outbreaks.
Early wildfire detection works by monitoring changes in the air temperature, humidity, and levels of naturally occurring gasses. By investing in early detection, utility companies can mitigate long-term risks.
The Future of Technology-Assisted Savings
In addition to detecting fires early in their development stages, technology can also help predict future fire outbreaks more accurately. By analyzing historical data and weather patterns, predictive models can be created that allow utilities to better assess risk levels associated with certain areas over time. These predictions give utility businesses more information about where to spend their resources to minimize loss due to wildfires or other disasters. Additionally, these models allow for more efficient resource allocation for repairs after a disaster strikes.
Technology has the power to revolutionize how we do business, including our utility businesses. From predicting wildfires before they start causing too much destruction to helping allocate resources more efficiently after a disaster occurs — there is no shortage of ways technology can be used to save money for utility businesses both now and in the future.
