Tagged: Lights Toggle Comment Threads | Keyboard Shortcuts

  • admin 9:52 am on September 24, 2015 Permalink
    Tags: , , , , Lights, ,   

    Lights On, Profits Out? Why Energy Innovation Needs Enterprise Analytics 

    Cast your mind back to the early 2000s when the chatter amongst those in the energy industry most likely focused on ‘keeping the lights on’ in the face of a growing demand for power versus available generation. There would also have been some talk of saving the planet by lowering carbon emissions.

    And while these remain key objectives for energy providers in many countries, it has become clear that the industry needs something more.

    Why? Because those energy firms that have made the most progress, they have destroyed their own businesses in the process. Ironic, isn’t it? The fact is, legacy generation revenues are not what they used to be and they’re no longer exclusive to the ‘old-school’ utilities either. Revenues now also flow to prosumers, energy co-operatives, and smaller renewable generation firms. This double whammy of lower prices and lower revenues is evident when you take a look at the annual reports of many large integrated European utilities in particular.

    The net result? Well, to put it bluntly, utilities need to innovate and transform, or die. The core markets for energy are evolving – so what can companies do to avoid a bleak future? Or to put it another way – how can archaic energy giants compete with the new, nimble, market entrants who are focused on specific value services at a lower cost point?

    It is not all doom and gloom. Large traditional utilities have some aces up their sleeve – sector experience, deep knowledge and historical insight, in the form of rich, untapped data sets held throughout these organisations. And when we combine this data with ‘new’ external data, at an enterprise level, that’s when the magic happens.

    These are just a few areas where data can power innovation:

    • Making smarter choices for the Smart Grid. Balancing the demands of the prosumer with fluctuating capacity from renewable energy sources to more effectively operate, maintain and build smart networks.
    • Securing financial stability in the new capacity generation market. Running the most financially preferential generation mix at any time, based on timely or accurate asset and market data.
    • Turning risk into profit in commodity trading. Leveraging inputs from customers, assets and other business units across the value chain in a dynamic trading environment.
    • Offering customers the right products and services, at the right time. Matching customer demand with the right product and service mix in order to build loyalty and drive business in new value orientated utilities retail markets.
    • Focusing on renewable investment with the best ROI. Evaluating the best investment opportunities whilst accounting for the impact of government policy and other market factors for energy production and storage by wind, solar, biomass, marine, or tide.

    These areas of innovation cover all aspects of the energy value chain. But excelling in one area and not in another is not enough. Having all these elements merge together within a more holistic energy system is. Again, enterprise analytics is an essential enabler for this.

    And this has never been more important than it is today, with the imminent blurring of traditional industry boundaries by the Internet of Things driving smart city and smart mobility opportunities for players outside the energy industry to enter and dominate the utilities’ ecosystem.

    To compete, utilities do not just need to leverage data to innovate and transform their businesses. They need to integrate and mine as much data as they have from right across the utilities value chain, internally and externally.

    And, I would argue (regulation permitting of course), all parts of the utility need access to a single view of this goldmine of data in order to flourish in their particular value chain area. Enterprise analytics becomes the central engine driving energy innovation. Innovators need access to an enterprise scale analytics ecosystem that will give them the ability to make accurate decisions, innovate with data, and discover new insights that drive transformation and prevent extinction.

    This post first appeared on Forbes TeradataVoice on 18/09/2015.

    The post Lights On, Profits Out? Why Energy Innovation Needs Enterprise Analytics appeared first on International Blog.

    Teradata Blogs Feed

  • admin 9:46 am on May 30, 2015 Permalink
    Tags: , , , , , Lights, ,   

    From Keeping the Lights on to Driving More Value from Your Analytical Environment 

    Teradata Web Casts

  • admin 10:34 am on May 12, 2015 Permalink
    Tags: , , , , , Lights, , , , ,   

    Webinar: Managed Services: From Keeping the Lights on to Driving More Value from Your Analytical Environment 

    Gain expert insight from Louise O’Neill, Partners for Teradata Managed Services Center of Expertise (CoE), and Judy Dobson, Teradata Managed Services Delivery Partner, as they discuss the many ways Teradata Managed Services can give you a competitive edge.
    Teradata Events

Compose new post
Next post/Next comment
Previous post/Previous comment
Show/Hide comments
Go to top
Go to login
Show/Hide help
shift + esc