This paper starts by discussing the data requirements for efficient control and management of future power networks and justifies the need for different types of data. It then compares the data requirements with presently available or routinely collected data by distribution system operators (DSOs) and identifies the mismatch between the two. Finally, considering growing deployment and increasing reliance on smart meters, it presents an overview of the technical specifications of typical commercially available smart meters and discusses the possibilities of information retrieval from the data provided by smart meters. The results of this analysis illustrate to what extent the existing smart meters can support demand side management (DSM) and identify what additional functionalities smart meters should have in order to facilitate envisaged services.