Predictive Analytics and Big Data are currently two significant disruptive forces across the global economy, a trend which looks set to continue for the foreseeable future. Organisations that are sophisticated enough to leverage these tools are developing acute competitive advantages based on their nuanced insights and accurate forecasts.
The implementation of a strategy incorporating Big Data or Predictive Analytics poses several technical challenges that need to be reviewed in detail to build out a suitable infrastructure to reliably grow and utilise the vast reserves of data required for actionable business insights.
Within Renewable Energy Investment, the use of Predictive Analytics has not been as widespread as in other industries. One reason for this could be due to the lack of large datasets available to analyse. Despite this, there are currently applications of predictive maintenance, asset performance management and automated deal sourcing all leveraging different analytical tools and sources of data. Embracing these trends will allow investment funds to refine their processes and boost investor returns, providing a key differentiating factor between competitors.
As data availability is expected to improve in the future it is advisable for organisations to develop their competencies in this area early so they can begin answering their most crucial business questions and locating their main performance drivers to maintain their competitive positions.
