Smart metering is a way for businesses to keep track of how much energy they're using so they can adjust their usage if necessary. In addition to measuring usage, smart meters record a variety of data points on consumption, including when a resource is being used, how much is being used at a time and where it's being directed. Through an internet or wireless connection, the data is relayed to a console, where you can see a breakdown of the data.
Many electric, gas, water and other utility companies have embraced smart metering as an efficient method of tracking usage across their customer bases to better determine costs and infrastructure needs. Smart metering can give both utilities and their customers better ideas of how usage affects their costs and help them determine new strategies to save money.
Though smart metering is relatively new, there are already many applications for the technology. The internet of things (IoT) field has taken advantage of smart metering to expand a network of interconnected devices producing a massive amount of data.