Increase Utility Company ROI with Mapping DataApril 26, 2017Parcel Data, UtilitiesBy: Vivian NguyenShare: TwitterFacebookLinkedInEmailUtility companies can increase their ROI by using their resources intelligently.The following example explains why the use of the latest available property data is a crucial part of this process.The Challenge Faced by Utility CompaniesUtility companies are faced with high operation costs – according to Deloitte, over $115 billion was estimated to be spent by US electric power and gas companies in 2016. This money is spent on the smart grid, expansion, transmission and distribution, customer service and energy efficiency programs, while right-of-way errors cost utility companies millions of dollars per year on lawsuits. To help utility companies maximize efficiency, it’s important to spend time on what matters, mitigate risk and enhance the opportunity for success. This includes utilization of the most current, accurate and complete location data.While the use and procurement of data become more pervasive and necessary to make critical decisions, the ability to obtain data and utilize it remains a challenge. Differing platforms, interests of groups across the enterprise, legacy agreements and the notion of traditional ways in which decisions get made make it hard to access and use this data. But this should not prevent utility companies to make use of it. After all, the cost of data pales in comparison to the cost of upgrades and other utility projects.Better planning, efficiency, and loss avoidance are examples of how utility companies can realize savings.Case Study: Increasing Utility Company ROI with Mapping DataThe map below shows a Bing base map with the trajectory of a proposed transmission line and potentially affected properties within a distance of 500 ft. The identification of affected properties by a proposed development allows the utility company to properly assess those owners being affected by the development. Various data sources were combined to produce the final map: on display are the individual parcel boundaries, combined with the most recent transaction updates of property transfers. This data comes from legitimate data providers and guarantees that the map shows the most recent, accurate, and complete data available.The map was created using LandVision, a map-based data and visual analysis tool that helps small and medium-sized organizations make business decisions. Compared to other assessment methods that don’t use these data and visualization tools, the process may be more involved, time-consuming and expensive. This means that LandVision functioned both as a time- and cost-saver, showing that bigger, better and faster data saves money, grows revenue, lowers costs and risk and allows companies to operate at the highest level possible.You might also like:Digital Map Products user success storiesCarbon Dioxide Emission Levels: U.S. States Plan to Take On CO2Want to learn more about how Digital Map Products can help your business easily gather and manage location data? Click here to contact us.