While our research has shown that the non-domestic market will take longer to deploy IoT devices than the domestic market, due to plant replacement schedules, many businesses will face the challenge of dealing with big data in coming years. So how can we expect the way we work to change with the influx of data? Let’s take a look…
We’re already feeling the effects
When we spoke to Energy Managers for our Future Utilities Manager report, many told us that data is increasingly influencing their decision making and business activity. Businesses are realising the importance of data, and one in five Energy Managers said that they have seen a significant rise in the use of data in the past five years. This trend looks set to continue, as 14% also said that they are already investing in better data systems and analysis functions to prepare for an increasingly data-driven future.
The energy market will become more transparent
As more technology is incorporated into the energy market, the market is likely to adopt a blockchain structure. Blockchain is a continuing list of records, which allows data to be built up over time. This data isn’t stored in any single location – it’s held on a shared and continually updated database. When it comes to energy management, this will create a much more open and transparent market for us to work in, and make it easier for us to share information with different parties.
Our decisions will be data-driven
By 2030, artificial intelligence (AI) will have enabled automated data capture, processing and analysis. This means that Utilities Managers will be able to react immediately to market changes, as we’ll be able to run scenarios based on real time information, rather than models predicting the future. It should enable them to keep costs low and generate revenue by adjusting their consumption according to changes in the market.
Utilities managers will become data scientists
With data management becoming a key element of the Utilities Manager role, it’s unsurprising that the typical Utilities Manager of 2030 will be a ‘data scientist’. As digital natives, Utilities Managers will need to use their IT skills to manage and interpret data from various areas of the business, from energy and water to waste and transport activities. They will need continuous professional development to stay up to date with data capture, processing and analysis best practice, but they should find that the additional data that is available to them will make it easier to manage their day-to-day tasks.
Consultants will play a vital role
While big data will be incredibly useful to Utilities Managers, they will need to utilise it properly in order to get the most benefit from it, and that’s where consultants come in. Utilities Managers will depend on consultants for specialist support, including structuring and utilising data, providing data insight and end-of-year reporting.
If you’re interested in how Inenco could help your business to make the most of its energy data, call us today on 08451 46 36 26 or email firstname.lastname@example.org.