Getting utility bill data is hard. Basic frustrations persist, including inconsistent online access and plenty of paper bills — nearly half of those sent! WattzOn has built an advanced machine learning (ML) software system to make utility bill data faster, better and cheaper.
As with other industries and applications, ML is hyper-efficient at certain tasks. This creates a new set of industry economics, and the cost of utility data is now a fraction of that previously. The result of the technology advance is a dramatic change in industry economics. New opportunities open up and data flows more freely.
This post makes some fairly audacious claims. But they are easy to validate. Just do a simple online search for “AI will change everything”. Hundreds of well-reasoned articles will pop up that make the same economic arguments set out here.
Here at WattzOn we’re excited about our machine learning system, SNAP, and how it brings this forecast of change to life. As many analysts have noted, the economics of machine learning are hugely disruptive. The key conclusion is that at a strategic level ML leads to harsh industry economics, including winner-take-all situations. But, the upside from an ML system is significant. We agree with a recent McKinsey report that concludes: