The Costly Problem of Accessing Data Sources
Businesses are swamped with an information overload. The ability to meet the ongoing and ever-changing business data requirements is not an easy task. The market data world seems to have no end and continues to expand exponentially.
In North America, the majority of companies in the energy and commodities industry seem to have been struck by the volume of data all at once. Post-deregulation 1995, the growth in data and products and providers ballooned. The electricity industry had become a lot more granular – with more products, more nodes, more hubs, and more ISOs.
In 1995, pricing was set daily for a hub or zone and there was limited data published for transmission, capacity or ancillary services. Today, with ISOs publishing data points as much as every minute at thousands of nodes for multiple products, the data flow is exponentially higher. Aside from the volume of market data flow, the regulatory requirements (whether it is SOX, FASB, SEC or AICPA) only added to the burden.
Now, less than 20 years later, corporations that have to manage all this electricity market data (including utilities, traders, and risk managers) are being forced to reconcile their business processes, which is costly to do with old technology and impossible to do properly manually. Collecting all this data is costly, cumbersome and is not a core business focus. Companies need tools to help capture that data, centralize it, and make it available to end users and third-party downstream systems.
Developing the singular source of data mitigates substantive risk within the organization. These risks are typically realized by false entries in spreadsheets, manual transcription errors, multiple data collections, difficulty with harmonizing data, errant calculations, and loss of IP due to resource transfer.
The singular source of data, of analysis, distribution, and reporting helps relieve this risk.
Relief of such data risks is one massive benefit of the ZEMA Suite. This centralization has the potential to reduce human resource costs substantially and to also create opportunities for optimizing corporate operations.
Regardless of which commodity or region of which a company is based, the ZEMA enterprise data management platform is the answer to a company’s data needs. ZEMA Data Manager has a collection of over 400 unique data provider and over 4000 market data reports – making ZEMA’s data catalogue unmatched in the marketplace.
ZEMA’s database includes:
- Public data, client proprietary data or subscription supplied
- Power, gas, crude, agricultural, financial, transportation, and other market data
- Email, website, locally generated, FTP and web services data
- Data of any electronic format (xml, pdf, email, Microsoft Excel, text)
- Price, volume, storage, temperatures, transactions, settlements, events, and more
- Minute, hourly, daily, weekly, monthly, and annual feed granularities
- Real-time data capture and full historical data access
The ZEMA Suite offers an automated end-to-end holistic/inclusive data management solution that captures data, runs validation, performs analysis, offers curve management, and provides visualization and integration with downstream systems. To book a free demo to see how ZEMA can solve your company’s data management and analysis issues, feel free to contact us.https://blog.ze.com/our-industry-views/the-costly-problem-of-accessing-data-sources/https://blog.ze.com/wp-content/uploads/2013/09/iStock_000002216311Medium-1024x680.jpghttps://blog.ze.com/wp-content/uploads/2013/09/iStock_000002216311Medium-300x300.jpgIndustry ViewsThe ZEMA Solutiondata,data management,ZEMA,ZEMA SuiteBusinesses are swamped with an information overload. The ability to meet the ongoing and ever-changing business data requirements is not an easy task. The market data world seems to have no end and continues to expand exponentially. In North America, the majority of companies in the energy and commodities industry...Olga GorstenkoOlga Gorstenkoolga@ze.comAdministratorBlogs by data management Experts & Analysts | ZE