Data Analytics Driving Value in Smart Homes

In an article for Smart Cities Dive, Guidehouse Insights explores how homes can use analytics to become dynamic grid assets in the Energy Cloud

Smart home data analytics solutions are currently focused on customer engagement. In the energy industry, utilities are employing these solutions to provide customers with more information about their energy consumption and specific ways in which they can reduce use and save on energy bills.

However, customer engagement is just the beginning of what can be done with residential analytics solutions, according to Paige Leuschner, research analyst with Guidehouse Insights.

“Analytics can be expected to foster whole-home integration of various Internet of Things devices by increasing awareness across multiple facets of the home, from thermostats to door locks to refrigerators to solar panels,” Leuschner wrote in an article for Smart Cities Dive. “Having insight across the entire home can enable machine learning and artificial intelligence technologies to eventually create smarter, more intuitive systems that not only make consumers’ lives more convenient, but also play a role in smart cities and the larger digitalized grid.”

While the opportunities are plentiful, challenges also exist. The biggest barrier, Leuschner said, is data privacy and security, and additional hurdles include interoperability and a lack of education about the value of these technologies.

In her article, Leuschner detailed a few best practices stakeholders can use to overcome these issues and help turn the smart home into a reality:

  • Focus on positive ROI
  • Develop strategy for business-to-consumer services
  • Ensure data privacy and security
  • Create open and interoperable solutions
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