Energy and Utilities

ENERGY & UTILITIES

Energy companies & Utilities are at important cross-roads in their history. Energy is an industry dominated by engineers and scientists, working in disciplines that embrace facts and figures to reach conclusions and make informed decisions. Big Data in the utilities sector can only get even bigger as the smart transformation of the industry accelerates. This Big Data surge is an opportunity for utilities to drive new levels of operational efficiency and transform the customer experience.>

“Energy world is changing –digital solutions are part of everyday business.”

For example, Take operational efficiency alone. The annual cost of weather-related power outages to the U.S. economy is estimated to be between $18 billion to $33 billion2. Organizations can use Big Data analytics to detect operational challenges and prevent outages, substantially reducing costs.

One of the industry’s greatest challenges is data integration, with additional challenges including functional silos and cultural resistance to change—all of which inhibit an integrated approach to end to end processes. With the rise of big data and a wide range of new technologies, analytics have reached the tipping point. It is observed that majority of senior leadership in organizations is highly or totally committed to fact based decision making. But it is important to assess that – will companies be able to turn this commitment into a healthy return on investment?

Rather than taking an organization wide approach, majority of the companies are managing software and systems at a departmental level. Data integration is the greatest challenge relative to data quality and the ability to analyze data. Energy & Utility companies have relatively formal structures for data related to enterprise departments, such as finance, largely because of the enterprise resource planning (ERP) backbone defining the related activities. In general, however, the data collected is lacking not only in quality, but there is also a disconnect between what is collected and its relevance to the business.

Company should consider focusing near-term investments, and conduct due-diligence on how organization has leveraged analytics for tangible gains. It will offer a road map to gauge maturity on the journey to becoming a business where analytics drive competitive essence.

Thinking outside the box and integrating new technologies like, digital, mobile, cloud and analytics, will not only improve current activities, but also improved workflows aligned with high performance.

In today’s environment, where instant response is expected, energy & utility companies need advanced systems that enable them to do the things they already do— but faster and with enhanced flexibility. Big Data and Analytics applications in energy sector along with convergence of technology – IoT, Cloud Computing and mobility and technology consumerization, are creating a tipping point, with new possibilities to enable faster, smarter business decisions.

Despite the benefits of advanced analytics, adoption levels appear low. Organizations need to begin with a pragmatic assessment of where they are in their analytics evolution. A survey by Capgemini (2007), found that only 20% of utilities have already implemented Big Data analytics. There is a significant group (41%) with no Big Data analytics initiative.

“Analytics lets you contact the customer with personalized offers on existing contracts. This definitely improves customer retention.” ….Executive in European utility

Big Data and analytics can help energy and utility companies improve operational efficiency and customer experience. Operational benefits include revenue assurance, network and production management, demand forecast, asset management, and optimization of support functions. Similarly, analytics helps improve customer experience through customer relationship optimization, proactive marketing and custom offers and services. DInnovum expertise assists companies with necessary sophisticated tools in visualization of complex data sets, making it more user-friendly and accessible to people throughout the organization. As a result, more people working in and with energy and utility ecosystem will feel better equipped to improve business outcomes—be that better managing risk or contributing to improved performance.

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