The big three energy companies will have to comply with Consumer Data Right (CDR) by November this year, with the deadline for the remaining energy retailers coming a year later. To comply, energy companies will need to meet strict requirements before they can start sharing data with accredited data recipients.
So where does DataOps come into the equation?
Energy companies hold massive amounts of data, and like many industries, some have been treading water as they revamped their infrastructure to not only handle the growing volume of data, but also extract business value from it. If the deployment of CDR in the banking sector is any indication, energy companies need to agree as soon as possible, and having good data governance in place is a very important first step in the process. .
What you need to know about DataOps
Data today is messy and unpredictable, and it just doesn’t fit the traditional way automated business analytics was deployed. Over the past two decades, there has been an explosion of data alongside the introduction of new technologies – from AI to ML, which have radically changed the complexity of data integration. This has driven new expectations for instant, on-demand services that enable organizations to make real-time decisions. To do this, you need recent and reliable data.
DataOps is a set of practices and technologies that operationalize data management and integration to provide resilience, agility, and restore order to help organizations meet the challenges of transforming data into business value. . The practice of DataOps has grown in importance as companies reorganize their data supply chain and encounter what is known as “data drift” – unexpected and undocumented changes in the structure, semantics and data infrastructure that result from modern data architectures.
Over the past couple of years, we’ve seen DataOps evolve from an unknown element in data management, to organizations being well aware of what it can do for their business. This is especially true when organizations start streaming data across multiple sources and destinations and looking for ways to deliver real-time services.
From the introduction of Consumer Data Right to the explosion of customer data, it is essential for energy companies in particular to understand the need and value of DataOps to make sense of the data chaos they are experiencing without a solid foundation on which to manage their data integration.
Leverage DataOps for CDR Compliance
CDR’s goal is to ensure that customers have all the information they need to make an informed decision on the best retailer for them. If the retailer is unable to offer this detail at the lowest level, it cannot provide the Australian Energy Market Operator (AEMO) and its customers with the information needed to make a comparison equal.
The first priority for energy companies must be to get their data in order to facilitate real-time information sharing, as required by the regulator. To do this, companies will need to be able to connect data sets across all environments. This is a particular challenge for energy suppliers given the complex and different pricing models and the difficulties this creates in data management.
This is where DataOps comes in. For example, moving to a DataOps mindset can create pipelines for IoT energy meters to provide a much clearer view of a customer’s energy consumption. Add to this the information from the energy retailer’s billing system, and the customer has a much richer view of their information that is more accurate and able to meet the CDR for the purpose it was created for.
While cleaning up your company’s data can seem daunting, those who don’t operationalize data management and restore order to their ever-growing datasets will fail to harness the power of the data they have at hand. Not only that, but industries, like energy, that fall under CDR will soon find they will struggle to comply. Energy companies need to embrace DataOps to find ways to exploit data drift, rather than fight against it.