OFWAT says water companies must reduce leakage. Checking pipes once a month is no use, as you might have a bunch of people with swimming pools and lawns that need watering. You need frequent measures during various periods of high-mid-low usage to profile demand and track the anomalies that lead to finding the leaks.
Now I could send my teams out to check flows and profile things that way, at a cost of roughly £233 million per round of checking.
I could use the existing metering data and employ staff in offices to collate the data and profile things that way, at a roughly similar cost but with the additional expenses in having higher graded office staff.
Neither of these would give sufficiently accurate data, though. It'd be like having your SatNav look at its map only once every few hours.
Or I can use an integrated SmartMetering system at a vastly reduced operating cost, with far more frequent monitoring resulting in accurate profiling for billing, massive leak reduction, and way more funding freed up for investment in other areas of customer concern.