It’s a crucial component of every energy buyer’s arsenal, but is your Market Intelligence really fit for purpose? Information must work for every type of buyer, but it’s only as good as its application, says Open Energy Market in this sponsored post.
Market intelligence is integral to energy buying. No matter how your business buys its power or gas, it’s an essential factor in making decisions with accuracy and confidence. Not only a touchstone for the quality of a consultant or suppliers’ expertise, but the underlying insight any company needs to build a successful energy strategy.
Within those broad pillars, Market Intelligence needs to perform a number of functions. It’s essential to keep up with the many drivers affecting prices, with analysis that anticipates change. But relevant insight must build a cumulative picture of market trends, just as it highlights immediate concerns and action points.
That remit can make it hard to find a happy medium. On one hand, unfocussed analysis for the sake of it will complicate vital decision making. On the other, succinct and vital information is irrelevant if the call to action can’t be implemented quickly and accurately. And if that intelligence comes into question, that crucial relevance is missed.
So, how can a company make sure that the insight they’re getting really is intelligent – more than blanket offering, but never missing the key trends and headlines?
First, it needs to be constant and consistent, so a business can rely on an ever-growing slice of insight. Over time, recipients will build a holistic view that’s essential to building a strong strategy.
Second, it needs to remain close to your portfolio. While good Market Intelligence must take every factor into account, it needs to remain relevant to your buying interests. That doesn’t simply mean concentrating on certain areas, it means concentrating on the right areas. If your company has a fixed strategy, that doesn’t reduce the need for market intelligence or restrict its relevance to contract renewal. Information that keeps surprises to a minimum is essential throughout a contract’s lifetime, matching insight to your portfolio as much as possible.
Open Energy Market has applied its core values of clarity and insight to the Market Intelligence that goes with energy procurement. On our Open platform, all users have access to twice-daily market notifications. Vital health-checks on current conditions that sit right next to your latest portfolio data. Just as users can drill down to analyse their energy use to the meter, they can also drill into up-to-date market charts to analyse key periods.
The Open platform allows energy buyers to run forecasts at any time, comparing their current contracts to prevailing market conditions. But users also receive automatic forecast emails, matching that data with the latest Market analysis.
In fact, you can access that right now with our weekly reports. A great starting point to Open MI, you can choose the level that suits you. At the start of the week we publish our Market Snapshot, picking out the main headlines in a 60-second digest. At the close of the week, benefit from our Open Market Report featuring an in-depth review of the week and a forecast for the next. Essential insight available to everyone.
We’re building Open insight for the 21st century, not just today, so take a look.
Find out more about evolving market intelligence, how our technology makes it work for you, and access our weekly reports at: info.openener.gy/marketintelligence
