ENERGY AND UTILITIES

One of the major drivers to plan for future is to recognize unseen patterns and trends to anticipate fluctuations. Predictive analytics can assist in finding both new and historical trends, outcome of which can be combined with other correlated factors to create a plan, helping organizations to become proactive to cope-up with market demand and trends. Organizations operating in energy and utilities are required to forecast demand and load respectively. In the case of utilities, it is mandatory to submit an accurate requirement for load forecasts at regular intervals. , A huge chunk of data is generated from oil wells, utility grids, gas grids, smart grids, and other sensors. This terabyte of data from both structured as well as unstructured sources is needed to be analyzed and get real-time insights, hence the industry is in search of advanced analytical tools to get actionable insights. Additionally, considering the transformation in the energy and utility sector a huge possibility of facing unprecedented challenges such as rising cost of operations, changing regulations, environmental concerns, and meeting the changing consumer expectations. To cut the excess costs and manage the resources are some of the prominent factors driving adoption of advanced tools in the respective industries. The deployment of technologies such as Advanced Metering Infrastructure (AMI) and Supervisory Control and Data Acquisition (SCADA) systems is also helping to improve the amount and quality of data that utility sector has on supply and distribution.

COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY

The vendors of predictive analytics software in energy and utilities are placed into 4 categories based on their performance in each criterion: “visionary leaders,” “innovators,” “dynamic differentiators,” and “emerging companies.” The top 21 vendors evaluated in the data quality tools market include Alteryx, Inc, Angoss Software Corporation, Dataiku, Domino Data Lab, Exago, Inc., Fair Isaac Corporation (Fico), Good Data, IBM Corporation, Information Builders, Inc., Knime Ag, Microsoft Corporation, Microstrategy Incorporated, NTT Data Corporation, Oracle Corporation, Qliktech, Inc., Rapidminer, Inc, SAP SE, SAS Institute Inc, Sisense, Tableau Software Inc and Teradata Corporation.

Use Cases of Predictive Analytics in Energy and Utilities

Business Planning and forecasting: With predictive analytics, clients can gain visibility into the business planning process and forecast future demands. Predictive analytics help clients identify future demands by analyzing historic data patterns and factors that are expected to affect the demand in the future.

 

  • Reduced asset maintenance costs: There is a growing demand for solution that can provide an accurate prediction of failures, events and outcomes so that clients can avoid unexpected failure costs like expense of field asset in service, damage cost/disposal of damaged utility asset, and other intangible costs. Predictive analytics will help the clients in eliminating the overhead of unplanned asset maintenance and reducing fixed costs.

 

  • Improved customer satisfaction - Adding predictive intelligence competences to the existing systems can help clients to control & avoid asset failures, outages, and penalties. Therefore, planning & prioritizing asset maintenance activities and informing customers before failure strikes will help achieve improved customer satisfaction.

 

  • Improved safety and compliance system - Predictive asset analytics system enables utilities to address possible safety risks and quickly take any appropriate operational action and mitigate safety risks.

 

  • Increasing workforce utilization: Using predictive analytics solutions to handle more number of sites with the same workforce, better route planning and optimization of field crews

 

  • Measuring and optimizing Asset performance and health: Using predictive analytics solution to gather crucial data from field assets in real time and use it to gain visibility into asset health and their condition. Moreover, it will help organization define short-term maintenance and long-term capital replacement strategies.

 

  • Predict customer payment behavior: Predictive analytics help identify customers facing difficulty paying their bills. Being able to predict payment behavior allows organizations to focus on accounts that are likely to fall into the collections process and stop customer churn before it happens.

Case Studies of Predictive Analytics in Energy and Utilities

SAP SE

  • Business Planning: Client wanted visibility into the business planning process which included analyzing future demands and to come up with a solution to address these demands. Predictive analytics help the client to identify future demands by analyzing historic data patterns and factors that are expected to affect the demand in the near future

Case Study: SAP SE helps Hunt Consolidated Inc to deploy business planning solution

SAP SE helped US based oil and gas provider, Hunt Consolidated Inc to deploy centralized planning solution using SAP Business Planning. The solution used SAP predictive analytics to predict future demands by analyzing historical consumption trends

Business Outcome:

  • Improved operational efficiency and turnaround time
  • Visibility into business planning process

 

HORTONWORKS

Increasing business performance: The client was looking to predict machine downtime to increase asset performance.

Case Study: Hortonworks helps Noble Energy to increase business performance

Nobel energy is an American oil and natural gas exploration company headquartered in US. The company was looking for a predictive maintenance solution and deployed Hortonworks Data Platform, which used predictive analytics to predict machine downtime.

Business Outcome:

  • Decreased machine downtime

 

GENPACT

  • Predictive Maintenance: Client wanted visibility into asset health to minimize unscheduled downtime. Predictive analytics solutions helped the client to monitor machine health in real time so as to safely predict machine downtime

Case Study: Genpact helps Duke Energy to optimize asset utilization 

Genpact helped Duke Energy one of the top provider of wind and solar energy solution implement a predictive maintenance solution using predictive analytics. The company designed Intelligent Process Insights Engine (IPIE), which integrates all the data received from various assets. The data gathered was used for decision making to increase asset uptime and reduce maintenance cost

Business Outcome:

  • Proactive suggestion on repairs and scheduling preventive maintenance
  • Real time machine health information

Adaptive Insights

  • Business Forecasting: Client wanted one single solution to accurate forecast business requirements for budget forecasting. Client used predictive analytics to predict future demand from historical data sets which helped to accurately predict future outcomes 

Case Study: Adaptive Insights helps Dolphin Drilling for budget allocation and forecasting 

Adaptive Insights provided automated data collection process to Dolphin Drilling which helped the company to reduce the budget allocation process. The company also provided Dolphin Drilling with scenario planning helping the company to do a comparison of various factors and their effect on the company bottom line 

Business Outcome:

  • Allowed the company to make accurate rolling forecast
  • Budget allocation process was reduced from days to minutes.

 

Microsoft Corporation

  • Predictive Maintenance: Client wanted to reduce asset downtime and take real time decisions to reduce asset wear and tear and avoid any production loss. The company deployed predictive analytics which helped to predict abnormal machine behavior and take preventive action.

 

Case Study: Microsoft deployed Azure Machine Learning and Azure IoT Edge to help Schneider Electric reduce asset downtime

Microsoft deployed Azure Machine Learning and Azure IoT Edge to help Schneider Electric reduce asset downtime. Microsoft deployed analytics capabilities at the edge device which helped the company to identify and take preventive actions in real time.

Business Outcome:

  • Increased operational efficiency
  • Increased agility of maintenance services

 

Petasense

  • Wireless predictive maintenance: Client was looking for wireless predictive maintenance solution which would be security complaint, environment robust and provide cost effective monitoring of assets.

Case Study: Petasense helps Arizona Public Service to deploy wireless predictive maintenance programs

Arizona Public Service is largest utility company in Arizona and was planning to enter into the California energy market. In order to do so the company wanted to ramp up its production of one its power plant in the region. The company deployed Petasense wireless predictive maintenance solution which not only helped in reducing machine downtime but was also compliant with energy regulations in the region.

Business Outcome:

  • 13 defects were detected in the first 6 months of the installation
  • 70% reduction in high-speed amplitudes

SAS

  • Demand Forecasting: Client was looking for a predictive analytics to help them with forecasting energy requirement in the future.

Case Study: SAS helps Northern Virginia Electric Cooperative (NOVEC) to predict power consumption

NOVEC not being an energy provider, had to estimate future requirement of power by its customer s so that the company can have buy sufficient power so that it can offers competitive pricing to its customers. SAS helped the company to build a model where it extracted data from third party weather forecast and their economic condition

Business Outcome:

  • 50 time series model were build
  • The solution provided had 21.7% improvement on comparison with other competing models

 

SEVENLAKES

  • Increasing workforce utilization: Client was looking to handle more number of sites with the same workforce.

Case Study: Seven lakes helps Oasis Petroleum to increase workforce utilization and enhance business performance

Oasis Petroleum is petroleum and natural gas exploration company headquartered in the US. The company equipped is workforce with used Seven Lakes JOYN FDG enabling workers to have optimized preventive maintenance plans

Business Outcome:

  • Automate day to day business process
  • Drive business performance by covering more wells at optimized cost

 

TCS

  • Increasing Asset performance: Client was looking for a predictive analytics solution capable of fetching, cleaning analyzing and integrating data from field assets. To help the client with the above objective, TCS deployed an analytics-driven energy efficiency management system.

Case Study: TCS helps Anglian Water to maximize asset performance

Anglian Water is a water utility company operating in East of England. The company was looking to implement a telemetry system to integrate data from field assets in real time.  TCS implemented an advanced analytics telemetry systems where users can create KPI driven operational target to increase asset performance.

Business Outcome:

  • The analytics system deployed saves £50,000

Infosys

Case Study: Infosys helped a multi-national natural resources company to optimize costs for its fleets

Infosys developed a data driven predictive analytics and visualization solution to support decision making and enhance freight operations for a company that manages freight worth more than USD 1 billion annually. The AI driven predictive insights delivered were essential to enhance safety and profitability of the fleets.

Business Outcome:

  • Visibility into –
    • Fleet position, route, and speed for optimal operations
    • Profitable and unprofitable voyages/contracts and the corresponding root cause(s).
    • Safety incidents during voyages
    • Performance of internal charter team members
  • Streamlined freight operations thereby delivery annual savings of USD 100 million in bunker and freight costs

Frequently Asked Questions

  • How will the Predictive Analytics Market perform in near future?
    The predictive analytics market size is expected to grow from USD 4.6 billion in 2017 to USD 12.4 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.17% during the forecast period. Proliferation of internet and the availability of various means for accessing the internet have led to a massive increase in the data volumes being generated. This will help in the advancement and expansion of high-speed internet services.
  • What are the opportunities in the predictive analytics market?
    With the rise in touchpoint and the need for collecting data to understand consumer behavior, every touch by a consumer has become an important data point that can be processed to reveal user behavior. With the exponential rise in individual and organizational data, businesses are now deploying teams of data scientists and analysts to process the collected data. Another factor accelerating adoption is the revenue generating potential of predictive analytics. This is compelling firms to invest in predictive analytics.
  • What is the competitive landscape in the market?
    The predictive analytics ecosystem comprises vendors, such as Alteryx, Inc. (US), AgilOne (US), Angoss Software Corporation (Canada), Domino Data Lab (US), Dataiku (US), Exago, Inc. (US), Fair Isaac Corporation (FICO) (US), GoodData Corporation (US), International Business Machines (IBM) Corporation (US), Information Builders (US), Kognitio Ltd. (UK), KNIME.com AG (Switzerland), MicroStrategy, Inc. (US), Microsoft Corporation (US), NTT DATA Corporation (Japan), Oracle Corporation (US), Predixion Software (US), RapidMiner (US), QlikTech International (US), Sisense, Inc. (US), SAP SE (Germany), SAS Institute, Inc. (US), Tableau Software, Inc. (US), TIBCO Software, Inc. (US), and Teradata Corporation (US). The exponential growth in data volume is due to the expansion of businesses worldwide, which is driving the rise in data volumes and sources. The accumulation of big data in a single location has rapidly developed the evaluation capabilities of data science experts in every organization. Additionally, companies prefer to provide stand-alone solutions rather than combined solutions. This is eventually resulting in a rise in the number of big data analytics startups, which are driving noteworthy innovations.
  • What are the regulations that will impact the market?
    Predictive analytics leads to ad hoc analysis, which assists companies to have all workable solutions for their business specific questions and forecast past, present, and possible future predictive scenarios. In the current competitive business scenarios, companies need more than accurate predictive statements and reports from its predictive analytics. Companies now need more forward-looking, predictive insights that can help them shape impactful business strategy and improve the day-to-day decision-making in real time.
  • How are mergers and acquisitions evolving the market?
    July 2017, SAP collaborated with energy and services company Centrica to help their customers in managing assets and energy consumption on insights available through the IoT. February 2017, Oracle announced the expansion of its IoT portfolio with the introduction of 4 new cloud solutions to assist businesses to fully utilize the advantages of the digital supply chain. By applying advanced predictive analytics to devise signals, IoT applications can help in automating business processes and operations across the supply chain to enhance customer experience. March 2016, the company has extended their strategic partnership to offer combined capabilities of cloud analytics and big data to their users. This will help users to automate and simplify the decisions while attaining greater business insights for smarter business decisions.
  • What are the dynamics of the market?
    Proliferation of internet and the availability of various means for accessing the internet have led to a massive increase in the data volumes being generated. This will help in the advancement and expansion of high-speed internet services. Globalization and economic growth are also playing major roles in driving greater data generation worldwide. Also, the rise in connected and integrated technologies has provided a platform to predictive analytics software vendors for leveraging this development and the unprecedented growth of the internet. Additionally, the eCommerce sector has modified the traditional shopping behavior of customers. Dedicated email campaigns, online/social media advertising, and cognitive analyzing of customers are the key enablers driving sales and increasing customers’ loyalty. With connected devices coming to the forefront, retailers are focusing on real-time analysis of customers’ shopping behavior and market basket analysis for analyzing consumers’ perception, which can be used for building tailor-made offers to increase customer retention. Similarly, with the rise in the global IoT analytics demand in the retail sector, the market is expected to have unprecedented growth opportunities for predictive analytics.

Predictive Analytics Software in Energy and Utilities

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SPSS Modeler reduces the complexities involved in the transformation of data by providing easy-to-use models. SPSS Modeler is extensively used across various languages to analyze data from multiple databases. It majorly helps in analyzing data to predict customer churn rates and data sets. The application can be used across various industry verticles.
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Rapid Miner Studio enables users to create complex predictive models by using a drag and drop visual interface. It has a library of 1500+ machine learning algorithms and functions that can be used to build models specific to any situation. It also offers templates for common cases such as prediction of customer churn, fraud detection, predictive maintenance, etc. It provides proactive recommendations at each step for guidance. Rapidminer helps increase productivity across teams.
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SAP Predictive Analytics software enables users to create, deploy and maintain various predictive models. These on-premise tools can help users anticipate future behavior and outcomes and better guide the decision-making ability to help grow the business. SAP Predictive Analytics Cloud works alongside the BI and planning tools to visualize, plan and predict context. The tool uses in-memory technology and machine learning to uncover relevant predictive insights in real-time.
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ORACLE Analytics Cloud’s Database Platform allows the use of seamless predictive analytics software within the platform, giving it an edge over other vendors. ORACLE Analytics Cloud helps mine various data types, eradicate movement of data, and deliver actionable insights. Application developers deploy this analytics model along with SQL and R functions. ORACLE Analytics Cloud helps predict the behavior of customers, the gap between the demand and supply, and make better marketing strategies.
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Angoss uses data and predictive modeling to present insights that help users make better decisions faster. It uses advanced statistical algorithms for the prediction of outcomes. These outcomes are generated across all stages of model cycles. It helps improving predictive analytics for organizations looking to monetize their data.
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SAS Advanced Analytics provides users with better response time and faster insights provided by its in-memory analytics. SAS Advanced Predictive Analytics software helps organize data in a structured manner, making it easy to understand and present. It enables the user to analyze past, present, and future models using quality-tested algorithms. Automation of large-scale forecasts is also possible without the need for high levels of technical knowledge.
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Use the full potential of information to unleash the capability of the human resources of an organization.
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Information Builders WebFocus RStat is a cost-effective, robust, intuitive, and accurate predictive analytics software. WebFocus can help organizations by extracting meaningful insights from data of any kind. It creates interactive dashboards to consolidate information which increases the chances of actionable insights to be used in the everyday conduct of data-driven businesses.
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FICO Decision Management Suite is an integrated environment for development that is compatible with web as well as mobile applications. It is a platform that handles real-time streaming of data including its visualization, indexing, search, and pre-processing, based on rules that are defined in advance. The company's USP is the ability to provide models based on precise customer requirement to reduce time and cost.
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Alteryx provides information science that can viably and productively tap into a code-free and code-accommodating easy-to-use application. The predictive analytics software requires no coding, however, it is coding friendly for those interested. It has a fantastic interface without code for both analytics modelling and advanced modelling with code. It enables easy deployment and management of analytic models, flexibility, agility, and high speed. It supports visualization tools and all data sources. Alteryx helps find, manage, and understand all sort of analytic information of an organization at a high speed, thereby making better decisions and increasing productivity.
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MicroStrategy’s features and algorithms provide enterprises with advanced predictive analytics capabilities. MicroStrategy is useful for deploying models with governed data. It integrates seamlessly with R and can be connected to any source with the use of APIs. Some of its important features include: Scalable integration with R, incorporation of statistics, ARIMA, etc. and minimal IT support required
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Rapid assembling of predictive data that changes crude information into a business affecting service. This product has advantages for all types of users: analytics leaders, data scientists, IT professionals, and business analysts. It helps analytics leaders in terms of managing productivity, collaboration, coordination, and measuring team growth. Data scientists benefit in terms of automation, modelling, flexibility, and reproducibility. IT professionals gain advantages pertaining to scalability, code & integration, operationalization, and data governance; while business analysts obtain data access, preparation, exploration, and automated ML benefits.
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GoodData is a cloud-based platform with high SLA availability and maintenance. It allows for easy incorporation of already existing data warehouses. It allows the platform to be integrated into web or mobile applications. It is one of the most dominant cloud data warehouse that meets most versatile analytics platform requirements.
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Extensive set of cloud services that enables associations to address business problems, construct, oversee, and convey applications on a massive, worldwide system utilizing various tools and frameworks. Microsoft Azure ML Studio can be used to prepare and manage the data they need for machine learning. It can improve productivity through its powerful capabilities that can integrate the current model cycle with that of the app lifecycle.
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Natural language search and AI-powered bits of knowledge discovery make creating bits of knowledge a characteristic, instinctive, and intuitive experience. Spotfire has strong built-in predictive analytical methods that are smart, yet easy to use. Its intelligent data wrangling helps you clean and modify data, and auto-records it so you can edit it later as well. It is flexible and can scale secured documents as well.
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NTT Data offers effective solutions that supplement the decision-making process in an organization. This is possible across multiple business platforms and across different development and deployment capabilities. With the help of a comprehensive analytics and business insight methodology, NTT Analytics Solutions can change a client organization into an information-driven pioneer.
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Teradata predictive analytics software provides “Flip the Switch” analytics which allows on-the-fly switching of best campaign users from reverse modeling to forward prediction. Teradata Analytics for Enterprise Applications eradicates the complexity of enterprise application integration, delivers real-time access to integrated data from ERP and other enterprise applications, as well as provides transparency and visibility into business and customer insights.
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KNIME is an open source software and it helps create data science applications and services. Being open, intuitive, and able to integrate new developments, this platform makes reusable components accessible to all the users and helps understand data science workflows. The software provides actual data analysis as well as a number of processes and has productivity funtions to help operations.
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Sisense makes the analytics process easy for users right from the preparation of data to the creation of insights. Sisense is an intelligence software known for its agility and easy implementation. It can be used by varied companies. This platform offers a range of business analytics features. It is designed to make complex data preparation and visualizations simple to make better business decisions and intelligent strategies.
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Domino delivers predictive models using ML and AI techniques capturing all the dependencies of experiments. It is perfect for models across cloud databases as well as distributed systems. Powering model-driven organizations to rapidly create and convey models that drive business impact.
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