EDM Survey ReportSurvey Finds that Energy Data Management is Being Strongly Driven by IT
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AMSTERDAM, The Netherlands - 09 Sep 08: A survey commissioned by DataGenic has found that four in ten respondents believe that IT will be the major data management challenge faced by energy companies over the next three years; while only 18% cited business responsiveness to market challenges as a major challenge. The survey, conducted by the Energy Partnership, is based on interviews with European companies participating in the energy markets, including producers and consumers. The remit of the survey was to provide an overview of the challenges, opportunities and management issues prevalent in the market. Almost three quarters of respondents said they had policy in place that defines standards for the management and governance of data used in critical processes, with most of these utilising centralised IT infrastructure management in preference to using a centralised data acquisition team. With regards to data management, just over half of the respondents said they had considered outsourcing non-proprietary data management to a third party, with eight out of ten respondents saying they would be comfortable outsourcing non-proprietary data. Two-thirds of the respondents believe the management of Energy Data requires a specially designed platform, with an in-house solution being favoured due to its business importance and complexity. Moreover, a third of interviewees think there is a need to purchase an externally supplied system specifically built to manage that data. Commenting on the findings, Richard Quigley, Managing Director, DataGenic said "While many data management projects are IT driven, businesses still need to ensure that end users contribute their insight and requirements in order for any data management initiative to be successful, not only in terms of cost of ownership and supportability, but in ease of use, functionality and overall value for money". "DataGenic's flexible, user-driven data modelling tools, out of the box managed data services for market data feeds and scalable open standards platform allow clients to combine, enrich, permission and distribute internal data with external managed market data. The benefits of a secure, flexible, scalable data management platform using standard off the shelf technologies are immediate - rapid deployment of new services, ease of support, choice of deployment strategies and most importantly the means to put the right data, in the right form into the hands of the people who drive the business - whether it be the trading, risk, forecasting, portfolio management, sales, operations, planning or settlement departments. About DataGenicDataGenic solutions deliver an uncompromising and refreshing combination of technology, performance and value to meet the complex data management requirements for companies that provide services in the Utilities, Oil & Gas, Investment Banking and Public Sectors. From a low-cost entry level to a full enterprise strength system, DataGenic sets a new standard in data management and operational efficiency by delivering the system infrastructure, flexibility and features to empower all business functions - transforming data into a strategic asset.DataGenic solutions include Genic DataManager, a data management system which provides a controlled framework for the acquisition, processing, validation, management and distribution of complex usage data;Genic DataHub, a single source of market data that are thoroughly cleansed and validated and ready for use within downstream systems in a number of formats and distribution methods; and Genic DataGrid, a powerful charting, analytical and programming environment designed for energy market analysts, traders and researchers. About The Energy PartnershipThe Energy Partnership is an independent UK-based company providing research, analysis and commentary on the global energy and climate markets.For more informationMartin Rosemartin.rose@datagenicgroup.com EuropeLondon: +44 203 008 8261Amsterdam: +31 20 368 06 99 AsiaBangalore: +65 6227 5710
Jeremy Wilcox
Managing Director, The Energy Partnership Tel: +44 7785 566 565 jeremy@energy-partnership.co.uk Energy Partnership |
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