The digitization of the energy sector
The energy market is seeing a rise in technological innovations that are set to transform the way the industry operates. Big data analytics is at the forefront of those innovations, analyzing large data sets to determine quantity, consistency, and quality. When it comes to the energy sector, big data analytics plays an important role in improving energy quality, energy efficiency, and customer satisfaction. The potential of big data analytics is expected to transform the operations of the energy industry and increase the demand for analytics in this sector. To understand more about the digitization of the energy sector, here’s a closer look at how power companies today are benefiting from big data analytics.
Electric power quality is a major factor in assessing the safety of a power grid. Students with a focus on energy management in business school will understand how technological innovations can transform the way the energy market operates. Nowadays, energy companies can employ advanced big data analytics to detect disturbances in operations. The efficiency of big data technologies allows electric utilities to avoid breakdowns before they occur. It’s no surprise that power cuts or other failures in the energy industry can result in significant and costly repair work. Big data software poses a solution by monitoring power quality, analyzing patterns, and detecting deviations from the norm in power grids. If problems are detected, companies can determine the causes and take measures to avoid production loss.
As the energy market develops in new and complex ways, utility companies are facing unprecedented competition. As those with an MBA degree know, customer satisfaction is an important factor in building a loyal and long-term customer base. With big data analytics, power companies have the means to analyze customer engagement across their websites and social media platforms. Companies can employ this data to gain an insight into the needs, desires, and satisfaction of their customers, and adapt their marketing strategies to target those needs. This may include offering individualized services or special offers. By understanding their customer base, power companies can tailor their communication activities to foster long-term customer engagement.
Load management is one of the most important decision-making processes in power generation. To efficiently manage energy loads, companies must strategically match the power supply with the demand for energy in a given time period and at the lowest possible cost. Balancing the energy load can be a volatile process with many constraints to consider. As such, big data analytics holds huge potential in this area. By drawing upon collected energy data, big data can assist companies in making accurate decisions on their power planning, energy load, and estimated performance. In providing accuracy and transparency, big data can reduce the chance of overloads and encourage companies to develop realistic forecasts.
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