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Frost & Sullivan: Big Data Drives Business Model Transformation in Utilities; Business intelligence and analytics will be top investment priorities for energy companies(M2 PressWIRE Via Acquire Media NewsEdge) London - The emergence of a new set of business needs, driven by changes in the energy landscape, has led utilities to deploy intelligent energy networks. Implementation of sensing and metering devices will enable access to new data and trigger a data explosion that necessitates the use of data management solutions, in turn boosting the prospects of ICT providers in the energy industry. New analysis from Frost & Sullivan (http://www.ipcommunications.frost.com ), Data-driven Utilities, finds that big data analytics and forecasting software will become the cornerstone of business in utilities and will bring significant growth opportunities for ICT vendors. With the emergence of smart grids, utilities will start exploiting new data sources grid sensors, smart meters, and electric vehicles to optimize their business and provide better customer services, said Frost & Sullivan Information and Communication Technologies Research Analyst Ewa Tajer. Starting from reporting, billing and settlement, they will test new technologies and add new sources of data to their data management systems to build analytics capabilities. Energy companies will also be forced to improve customer interaction by leveraging social media and various Web data. However, they have neither the requisite skills nor vision to handle big data. In fact, the main challenge delaying business model transformation is the lack of expertise and infrastructure, along with tight budgets and the perception of risk. There is no doubt, therefore, that advanced ICT solutions are the way forward. Cost will be an important factor for customers in short-listing analytical projects and technologies for large-scale deployment. Many technologies are still considered too expensive and will not be adopted unless their deployment is fully justified economically. Some utilities thus opt for cloud computing and software as a service (SaaS) analytics to unlock data potential in a cost-effective manner. Cloud computing may be the answer to overcome utilities hesitancy in deploying advanced analytics solutions, noted Tajer. Certain utilities have already moved part of their processes mostly non-critical ones to the cloud, and smaller energy companies, in particular, are expected to increase investment in cloud computing over the next few years. If you are interested in more information on this study, please send an e-mail to Joanna Lewandowska, Corporate Communications, at [email protected], with your full contact details. Data-driven Utilities (M9EA-67) is part of the IP Communications Growth Partnership Service program. Frost & Sullivans related research services include: 2013 European ICT Vertical Market Model, European Infrastructure-as-a-Service Market, and ICT Spending in Smart Energy in Europe. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. Our Growth Partnership supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure. 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Contact Us: Start the discussion Join Us: Join our community Subscribe: Newsletter on the next big thing" Register: Gain access to visionary innovation Contact: Joanna Lewandowska Corporate Communications Europe P: +48 22 481 62 20 E: [email protected] http://www.frost.com Join our LinkedIn group: Future Growth Opportunities in ICT Joanna Lewandowska | Corporate Communications Manager - Europe | Frost & Sullivan [email protected] | P: +48 (0) 22 481 62 20 | F: +48 (0) 22 201 28 44 | www.frost.com Frost & Sullivan International Spka Akcyjna Oddzia w Polsce ul. Domaniewska 41A 02-672 Warszawa KRS 270322 / Sd Rejonowy dla m.st. Warszawy, XIII Wydzia Gospodarczy KRS NIP 1080002779 "50 Years of Growth, Innovation and Leadership" Join us at Frost & Sullivan's premier client event, Growth, Innovation and Leadership: A Frost & Sullivan Global Congress on Corporate Growth. 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