Advanced Metering Infrastructure (Smart Metering) helps utilities respond to a variety of emerging customer and community needs. But utilities may miss many of its benefits if they regard Smart Metering as primarily an evolutionary step in consumption measurement. Smart Metering is, in fact, a data revolution with implications for virtually every utility department and function. Utilities that permit metering or billing departments to control Smart Metering design almost invariably discover that initial investments fail to provide optimal return on investment. This white paper explores the evolution of Smart Metering.