The energy and utilities sector is now exposed to greater competition, environmental pressures, market volatility and risks in areas such as cybersecurity, fraud or even the physical security of assets. All of this brings constant challenges to management, which daily needs reliable and real data to make the best decisions.
Also, companies in the energy and utilities sector are facing multiple data from different sources. To organise this data, storing it and taking the necessary insights to support the decision are strategies that make the difference in the company’s competitiveness and profitability.
According to a Mordor Intelligence research, the Big Data and Analytics market in the energy and utilities sector is expected to grow at a CAGR of 10.22%, during the foreseen period of 2020-2025.
Therefore, with Big Data and Analytics solutions, the organization, and the different departments, gain access to dashboards and reports with a single truth accessible in a simple way, that provides them with a 360-degree view of business status and the strategy to be defined, to ensure financial health and market competitiveness.
By having access to more consistent, truthful and accurate information, managers can adapt business models and the way they relate to customers, employees and partners. Disruptive technology solutions allow organizations to reduce fraud risks, better understand the competition and their customers. They also make it possible to forecast demand, identify opportunities for improvement and efficiency, as well as develop new services that correspond to customer expectations and market trends.
With advanced Data Analytics solutions, it will be possible not only increase operational efficiency, reduce costs, automate processes, but also, improve the experience with customers, creating a close and trusting relationship, which will undoubtedly be a differentiating factor and will contribute to creating a positive brand image.
The energy and utilities sector is characterised by new resources and better solutions for the planet. Technological solutions bring new management models, new opportunities and competitive advantages which make the industry more efficient, disruptive and intelligent.
Discover how VARO gained greater efficiency, more agility and better decisions with the use of Data Analytics solutions in your organization’s day-to-day activities.