Why has energy efficiency suddenly become the new buzz word in the energy sector you wonder? The demand for energy is increasing at an exponential rate with each passing day, raising severe concerns. Therefore, energy efficiency is the need of the hour in the energy sector to avoid any shortage in supply. Energy efficiency refers, in a nutshell, to providing the same service by using lesser energy. How can this be achieved, you ask? We can take a step towards energy efficiency by the better utilization of electronic items, more usage of solar and renewable power resources, using less energy-guzzling devices, etc.
Business intelligence (BI) and the energy sector might sound poles apart, but believe us when we say that BI can work wonders in this industry. It can help in collecting, collating, measuring, and analyzing data to offer actionable insights. The players in the energy sector can utilize these insights to make the right decisions. A smart BI solution must assist players in the energy sector in making effective decisions in the following business areas:
- Gain historical data on energy consumption that would help to monitor and track the energy usage over time and make appropriate measures for energy consumption
- Help predict the risk associated with energy trading
- BI solutions must help analyze energy generation and power outages and also assist in solving the issues in real-time
- Companies must be able to devise BI for customer services intelligence to monitor and streamline service center and call center operations
Here are a few benefits that energy sector companies can gain by adopting business intelligence solutions:
Better information quality – Poor information or data about past or current activities can lead to improper decision making. BI solutions help businesses achieve improved information quality with accurate data, making decision making fair and authentic.
Efficient MDM – BI helps to maintain updated records of the company’s database. Master Data Management (MDM) provides valuable data about the company’s key business entities such as customers, vendors, products, etc. Energy sector companies rely heavily on this data for critical decision making.
Promotes data governance – Data governance is responsible for determining information quality, setting standards, and ensuring that the information quality is achieved. An effective BI solution ensures that these processes are carried out in an orderly fashion.