Over the last two decades, several energy markets have been liberalized. As the benefits become clear, this trend is expected to escalate.
Climate change is one of the big drivers changing the energy industry and making traditional businesses redundant. A more diverse group of emission and cost-conscious consumers are demanding more choice and information, leaving the door wide open for non-traditional players as they seize market gaps.
The biggest commodity is the information that customers demand. If it is not collected and analyzed smartly, it is useless for the consumers, prosumers and utility providers. But if the right software and expertise harness the data, the opportunities are endless. We recently hosted a webinar “A new energy market is emerging – how can analytical software help you take part in it?” with Enoro, an international leader in providing smart software and services for the energy market. The webinar discussed in detail the benefits of adopting high quality analytical software that can adjust to a highly disrupted and challenging environment.
“Today’s so-called big data is nothing in comparison to what is on the horizon,” said Sami Niemelä, Product Line Manager Utilytics, Enoro. “Utilities need a solution to convert data cost-effectively into valuable knowledge.”
Opening doors with value driven analytics
To help utilities respond to the rapidly evolving market, Enoro developed Utilytics. Utilytics uses machine learning and advanced real-time statistical analysis to create insights from energy consumer behaviour aiming to increase the competitive edge of energy utilities.
Utilytics is an innovative solution that focuses on helping utilities to compete in the market place. “By providing energy consumer insights, profitability overviews and detecting new market opportunities, utilities can look forward to having a more competitive edge which is crucial for market players in the energy industry today,” says Niemelä. The packaged solution is easy to adopt. It saves utilities a great deal of time and money by removing time-consuming processes like manual analytics reports.
Utilytics is also offered with a subscription-based model for Software as a Service with a low monthly cost. Open pricing is made available on www.utilytics.com.
“Software as a Service makes it easy to deploy Utilytics to new customers. Big energy data can now be made available to customers in real-time and Enoro will continue to improve the service as it has committed to long term development,” says Niemelä.
End-customers also get to benefit from Utilytics. They will get more transparent pricing and be exposed to a more personalised energy experience thanks to customer segmentation. With this data, utility providers can have a more meaningful communication with customers.
Data analytics: real results speak volumes
Two major energy providers have already adopted Utilytics and the results already speak volumes.
Finnish energy provider Loiste Group, serving 200,000 customers and multiple distribution networks in Finland, was the first to sign up for the Utilytics solution. Katarina Ylikorkala, Business Unit Director, Loiste Energy Sales says that Utilytics has made real time big energy data a reality for the company.
“Utilytics will enable us to develop a more relevant and competitive offering to our customers. The service will also give us a real-time view and keep the information up to date continuously without tedious manual work. This will save money and at the same time enable us to serve our customers even better in an increasingly competitive market,” she says.
Another Finnish energy provider, Vaasan Sähkö Oy, is the second customer to sign up for Utilytics. Olli Arola, Business Unit Director at Vaasan Sähkö Oy, says the main reason for subscribing to Utilytics is related to the timeliness and accuracy of data analysis.
“Our main reason for subscribing to Utilytics is related to the timeliness and accuracy of data analysis. We have had implementations for some of the use cases, but their value has been reduced for two reasons. First, some of them have required so much manual work that we have only done them a couple of times a year. Regarding other use cases, the analysis has never been real-time, and you always had to wonder whether it represents the latest status. With Utilytics, we can democratize the data analysis for the entire sales team and we know the data is always up to date,” says Arola.
The importance of that competitive edge
Enoro focuses on value driven analytics, which should enable the utility to operate in a more proactive manner, says Niemelä. “Accurate analytics will improve financial results and improve customer engagement, which is crucial for industry competitiveness.”
To gain a better insight into the importance of value driven analytics, register for the webinar, ”Fail Fast and Fail Cheap. And Succeed Every Now And Then” which will be held on 18 April 9am UTC.