Big Data and Analytics Play an Important Role in the Energy Industry
Source – insidebigdata.com
Lowering energy consumption, looking for new sources of renewable energy and boosting energy efficiency are all integral Big Data goals to protect the environment as well as to sustain economic growth. Big volumes of data in motion are being increasingly monitored and analyzed in real time, which helps in achieving these goals. A lot of huge organizations and businesses use different measures to ascertain that they have energy resources they need today and in the future. Nontraditional energy sources, like solar farms, wind turbines and wave energy are getting to be more realistic options as prices and scarcity of fossil fuels remain to be an issue.
The same as numerous industries, Big Data science transforms the energy vertical, offering insights to cost reductions in down markets, as well as enabling oil producers to adjust to the demands in boom times. The recent oil prices decline have hit the economy of the world hard. With major fluctuations in the prices as well as the high cost of energy projects, quality information more than ever mattered more. Big Data could be used to boost energy efficiency as organizations are starting to use streaming data to increase energy efficiency. For instance, a big university monitors streaming data on its energy use and incorporates with weather data to perform real-time adjustments in energy utilization and production.
The field of energy uses data science for cutting costs, minimize risk and optimize investments. Minimizing costs with data science is a popular application in the energy industry. Optimization of investment decisions take several forms, such as assisting investors and a better internal resource. Moreover, data science contributes to the enhancement of public safety through providing better oversight and monitoring.
Big Data is valuable for numerous reasons. First and foremost, it provides the energy field with information and this is always valuable when used properly. It is being currently used to boost customer experience, for profit maximization and enhance efficiencies. Smart meters and real-time weather information systems are helpful in data gathering, decision-making and enhancing reliability. Moreover, it also allows investors to understand the impact of customer response weather, capital investment cycles, volatility of fuel price and other factors to influence investment decisions. The true value of Big Data is actually too big to fully comprehend, since more and more data becomes available, it would be those industries and businesses that are capable of harnessing information and making sense of it who would reap the benefits and stay ahead of the competition.
Members of a business community share and analyze streaming energy use data collectively. This allows organizations in the community to utilize energy more efficiently and minimize energy costs. Streaming data allows them to keep tabs of the supply and demand and make certain that changes in demand are anticipated and in balance with supply. Big Data is a great tool for the advancement of the production of alternative energy sources. The use of analytics and data science is expected to grow in the field of energy. In a low oil price scenario, management would seek cost reduction insights from data. In growth periods, data science would guide management decision making with better insights in improving production and to adjust to the market demand.