The lack of available real-time streamed data is obviously one core issue. But even if this data is made more easily accessible, there are still barriers to use which we’ve previously explored in detail in our whitepaper.
Although the energy industry is taking strides towards digitalisation, it still relies on historic practices or legacy system architecture. This outdated infrastructure is unable to handle real-time data, particularly as data volume and complexity increase. Once captured, data needs to be cleansed and standardised before any useful insight can be extracted. This is particularly problematic for the energy industry where there is still a lack of common data standards and proprietary data is often siloed. Adding this extra layer between data capture and data insight can be technically challenging and costly.
Cost is indeed another barrier to accessing real-time data. Upgrading existing infrastructure to make it fit for purpose can be prohibitively expensive. However, we are starting to see the emergence of new technological solutions which enable the integration of real-time, or near real-time, data from multiple sources in a cost-effective process, which is exciting. These solutions, like our own re.alto Connect, combine innovative API connectivity with a new Data-as-a-Service model. Our re.alto Connect Metering service, for example, can provide near real-time metering data tailored to business requirements even in areas without a smart meter roll-out by retrofitting residential sensors over existing analogue metering installations. It then handles data collection, standardisation, API integration and analytics in a fully managed service.