The energy and utility sector is facing unprecedented challenges. Surging energy demands are taxing the inefficient U.S. power grid, which is in dire need of modernization. At the same time, providers are actively trying to reduce their carbon footprints and improve sustainability efforts. Making matters more complicated, customers have more choices than ever before, thanks to energy deregulation and the rise of alternative energy sources.
Add it all up, and providers that fail to keep up with evolving customer demands risk losing business and being displaced by competitors.
To overcome these challenges, energy, and utility companies are accelerating their data collection efforts. Recent advancements in smart meter and smart grid programs — enabled by the ever-growing internet of things (IoT) — make it possible to extract massive volumes of data and streamline operations. In turn, the relatively slow-moving industry is becoming increasingly data-driven and digitized.
But collecting data is only half the battle. Providers also need to process, analyze, and visualize all of that data to turn raw insights into actionable analytics.
However, energy and utility companies often struggle to pull data together from multiple sources — particularly when they operate in hybrid cloud environments, with some data residing on-premises and some in the cloud. In fact, most providers today still struggle with inefficient data silos and legacy analytics platforms.
This is where Datameer can help in a major way.
Datameer is a powerful virtual analytics hub that utility providers can use to instantly access all of their cloud and on-prem data over a centralized and user-friendly self-service platform.
Datameer enables rapid cloud data migration for fast data processing, empowering organizations to achieve powerful analytics at scale.
Here are some ways that Datameer helps energy and utility providers unlock more efficiencies and build more effective operations today.
Energy companies are always looking to boost profitability. But with regulators setting prices, profits are closely tied to expenses.
To reduce expenses, energy, and utility, providers first need to understand how much it costs to serve an average customer. This requires timely and accurate data that encompasses numerous factors, such as operations and maintenance, power generation and fuel costs, demand, energy intensity, and pass-through fees, among other things.
A growing number of utility companies are streamlining expense management using the cloud. To this end, Datameer helps organizations migrate their workloads and create specific data sets based on the information they’re collecting for rapid processing and analysis. This enables them to identify areas where expenses can be reduced — which can help them become more profitable.
In the past, utility companies struggled with intermittent renewable energy systems and, therefore, not continuously available for electricity conversion. Now, companies are using IoT sensors and cloud-based software to forecast energy demand and strategically integrate renewable assets into power grids.
Datameer gives analytics teams the insights they need to make accurate and reliable forecasting decisions, allowing them to use more renewable energy — and, in effect, lower their carbon emissions.
Also, Datameer helps providers track and monitor peak energy times for energy demand management programs.
Tasks like site selection and power generation planning can be both challenging and risky for energy companies. For example, when planning new facilities to generate electricity, providers need to decide whether to build plants that burn fossil fuels or facilities that leverage more expensive renewables. Providers also need to forecast long-term projections when determining where to build facilities (e.g., population trends).
Datameer provides the foundation for data science teams to build models that can predict future scenarios accurately and help with complex planning decisions. Datameer offers powerful virtual modeling functions backed by machine learning and point-and-click tools that make strategic planning easier.
Utility companies have many assets that need to be tracked and monitored daily for performance, safety, and reliability. Without real-time visibility, it’s effortless to lose control of these assets, leading to greater risks and inefficiencies.
By connecting all data sources, Datameer provides a centralized location where assets can be indexed and mined for data. This data can then optimize everything from windmills and solar grids to smart meters and even utility vehicles.
Data sharing is essential in a utility environment where companies need to balance customer and shareholder demands. Information needs to be extracted and presented in a way that is easy to visualize and understand so that stakeholders can make the best decisions.
Datameer facilitates data sharing through an intuitive collaboration feature that allows analysts and data scientists to share insights and build reports on all data without the need to move it. As a result, knowledge transfer improves across the organization, and the utility company can make better decisions.
If you’re looking to increase profit margins across your energy or utility company by unlocking the full power of your data and your people, request a demo of Datameer today.