Businesses can capitalize on their own data, but very few have succeeded. The execution gap is elaborated on in the article.
FREMONT, CA: The exponentially changing energy market facilitates a data landscape underpinning the rapid and un-relentless disruption. Data plays a prominent role in supporting security and reliability as the entire system moves toward a more varying, regionalized generation and innovation-driven technologies & services.
It is a famous fact that businesses of all sizes in the energy sector are rowed to capitalize on the data they possess. The information gives knowledge that actionable, real-time insights underlie the ability of these firms to drive efficient markets.
However, businesses have regulatory and technical barriers while on the verge of supporting digital and data transformation, especially when conventional approaches are adopted. It looks impossible, too cumbersome even and exorbitantly expensive. Is there a solution on the horizon?
Real-Time Data Interoperability is Required for Efficient Markets:
Ridding the data friction because of inaccurate and incompatible data and growing transparency is necessary for a continually re-inventing market to perform much more efficiently. The endpoint is to solve this with real-time enhanced, seamless data interoperability between Distributed Energy Resources (DERs), Distributed Energy Systems (DESs), Operational Technology, & IT systems.
Organizations are hardly securing the integrated data within and among entities, which is far-fetched.
Recently, organizations have understood the worth of data in delivering seamless end-user experiences. Supply chain integration, innovation, and new business models have been applied recently. Yet, there exist a lot of challenges:
• The multitude of systems, procedures and applications, legacy and modern technologies, all full of data and none of it functioning together as a complete;
• Conventional and current technological systems which aren't built to deal with the surplus of unstructured data;
• An inefficiency in creating a real-time, unified view of a customer or a company;
• Rising requirements to satiate data sharing internal and external to organizations, entities, and technologies in real-time; and
• Problems with data security, cybersecurity, and data regulatory compliance.
Also, the realities of business complications incorporate, but are not limited to:
• The integration of data with all mergers and acquisitions;
• Business associates at one firm and competitors in another;
• Third-party vendor networking;
• Complicated relationships; and
• Blurred boundaries among the customers and suppliers.
These occurrences pinpoint companies spending excess capital on unsuccessful attempts to handle, organize, and control data. A recent study by IDC indicated that more than 80 percent of the time is spent on discovery, preparation, and data protection, and only a mere 20% on conducting actual analytics to obtain insights.
Real-Time Actionable Data Intuitions Power The Digitized Energy Sector:
Many organizations have made enormous investments in data lakes and associated analytics, ML, and AI, as the filtering or elegance of data is where the real value exists. To monetize on this requires extracting the essence from the data and refining it into sharp, real-time, usable data insights. This awareness will drive innovation, efficiency, integrated supply chains, streamlined services, new business models, opportunities, and improved user engagement.
The sheer scale and complications of the challenge leave traditional approaches caught at the starting line. Distributed ledger alternatives have managed to kick start the journey but cannot handle the volume and real-time nature of the challenges. Thus, making Distributed Ledgers unsustainable for the energy sector considering the energy consumed.
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