Unlock swift and accurate forecasting
Energy retailers are grappling with a shifting market landscape. The cost-of-living crisis, evolving work conditions, and the influence of renewable initiatives (e.g., EVs, solar panels) are reshaping consumption patterns. The shift towards self-consumption increases the variance between customers and complicates energy usage predictability.
Yet, a solution is on the horizon: harnessing the power of data. With the increasing installation of smart meters, we're accumulating vast data resources. However, a new challenge emerges—how to effectively leverage this data? Research has shown energy retailers are not ready for this data tsunami and neither are their systems. Forecasting solutions tend to be limited in:
Performance
Forecasting teams find themselves trapped in the perpetual dilemma of accuracy versus speed. Existing forecasting solutions fall short, unable to deliver both.
Faced with this predicament, teams often opt for speed over accuracy, resorting to less precise calculations. Calculating at meter-level is then out of the question.
The consequence? Inaccurate forecasts, frequently deviating from the actual energy demand. This decision escalates financial risks, triggering upward aggregation and potentially resulting in imbalances and penalties.
Automation
Conventional forecasting solutions often entail labour-intensive processes, demanding substantial manual effort from Forecasting analysts.
On a daily basis, these analysts invest two to three hours manually reviewing and editing forecasts. Additionally, considerable time is devoted to collecting relevant data from various external sources and integrating information from disparate systems.
The absence of automation necessitates hours of manual work, involving data cleaning, aggregation, and detailed analysis. It not only consumes valuable time but also poses challenges in ensuring data accuracy and efficiency.
Don’t let data and technology limit you, let it empower you
Future-proof your systems and choose to:
Increase performance
Combine speed and meter-level accuracy through industry-leading performance
Reduce risk
Reduce your risk and lower hedging costs through accurate forecasting
Improve data quality
Improve data quality with automated data input, validation, and enhancements
Boost efficiency
Boost operational efficiency through automation and let your team focus on value-add tasks
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