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With insights into their own data, energy companies can become more competitive in 2024 

The energy crisis is a reality. Customers are doing everything they can to optimize their energy consumption and save electricity where possible. The demands on energy companies are therefore increasing as prices rise. Today, information about energy consumption is a crucial factor for customer satisfaction. When energy companies help their customers reduce energy consumption, they not only cut costs but also reduce the carbon footprint. It will become a matter of course in 2024 that more energy companies are working towards gaining insights and access to their data in real-time, consolidating them into a data platform.
2/2/24 1:25 PM Carina Ramsøy
Data insights can make energy companies more competitive in 2024

Many of Norway's energy companies have diversified business areas, operating simultaneously in areas such as district heating, district cooling, electricity, fiber, recycling, and other services. As a consequence of this, different systems are often used to handle their respective data sets within the company. 

Despite this, there is a requirement to have all data consolidated in some form of data platform to gain a comprehensive view of the various touchpoints with a single customer. Today, customers have higher expectations for their energy company and want a comprehensive overview of their electricity consumption. 

Building a data warehouse is no longer a 'giant project' 

By implementing a data platform, energy companies can kill two birds with one stone, providing customers with information in a simple and flexible manner while uncovering new revenue and profitability opportunities. Even though the industry encompasses almost entirely different operations under the same umbrella, you no longer need to work in silos. With today's digital possibilities, you can gain insights into all dimensions of your data and become customer-centric, business-oriented, and data-driven. 

 It is a common perception that a data warehouse project requires a lot of time and resources. However, the 'new' modern data platforms available today are both automated and time-efficient. Building a data warehouse is no longer a giant project, as many data platforms have a seamless infrastructure and simplicity with low code or no code. 

Read more about data platforms

Common to have over 100 different source systems 

Simply put, a data platform is an integrated software solution that collects and consolidates data from various sources. Within the platform, data is processed to make it available for analysis. 

 A common challenge is that many energy companies today have data scattered across numerous source systems, sometimes up to a hundred different ones. This requires a significant amount of manual work when analyzing various aspects of the business simultaneously. It also leads to reports often containing errors or discrepancies depending on who creates them, contributing to uncertainty around fluctuating key metrics. 

Having multiple business areas with different source systems, typically needed to support various orientations for an energy company, requires data integration between these source systems to provide the customer satisfaction demanded today. Managing and maintaining integrations without a data platform is resource-intensive and can be extremely costly, and many energy companies struggle with manual processes today. 

Realize significant time and cost savings 

With a data platform, everyone in the company can quickly access desired data points and share them with their customers in a simple and automated way. Building a repository for all data is an investment that enables better decision-making for everyone internally and provides significant time and cost savings. By automating data management, you can also gain insights into which customers and services could be more profitable and identify areas with the greatest potential for improvement. 

twoday helps you on your way to a modern data platform 

At twoday we have extensive experience in building solutions for data platforms, and we are happy to accompany you throughout your journey, from a consultative pre-project to building a solution that fits your business. We always work with tailor-made solutions according to your wishes and needs, allowing you to have time and access to real-time updated reports and the ability to manipulate the data to draw conclusions.  

We also assist with the implementation of data storage and development based on the needs defined in the discovery workshop. In addition to a data warehouse, we also help implement a BI environment that provides organizations with analytical solutions. 

Do you want to know more about what twoday can offer your business? 

twoday offers consulting services in several areas. Contact us to discuss how we can help you with your project.  

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