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by Gaby Flores
In recent blogs, we’ve explored the topics of Big Data and the Digital Transformation Journey as well as the importance of building a solid foundation in nodal power markets, and an understanding of the accompanying data.
As you embark on your digital transformation journey and progress from the Exploring Digital stage to the Being Digital (Deloitte, 2019) stage, what comes after your company has established a foundation in the markets? In this blog, we’ll explore the signs that indicate it’s time for your company to take the next step in its journey.
Time to Take the Next Step?
Power markets are fueled by data. Real-time data, forecasts, LMPs, and the list goes on. Nodal market data is increasing with every passing minute, and that means more and more data to inform your analyses and business decisions. In these ever-expanding markets, there are hidden opportunities that can be uncovered through deeper analysis using larger datasets once you’ve established yourself. Are you involved in multiple ISOs but find yourself running out of time to accomplish the volume of trades and depth of analysis you’re looking for? Are you ready to dip your toes into machine learning, AI solutions, or automation and want to attract today’s modern talent? Do you want to broaden the time horizons for your historical analysis with the ability to easily look back 3, 5, 10 years? If any of these describe you, then it’s probably time to take the next step in the journey.
The Next Step - Application Programming Interfaces (APIs)
When you’re ready to move on from user interface powered analysis, application programming interfaces (APIs) can help you and your company take the next steps towards Being Digital. According to Programmable Web, APIs are actually very similar to user interfaces, they just have a different intended audience - other applications and software.
APIs have many benefits. They allow users to pull larger quantities of data. MuleSoft explains that APIs in this day and age follow specific standards, which make them easy to access and understand. They are also designed to be easily used by developers. Additionally, APIs are designed in a way such that they are more akin to a product than code - one can expect that modern APIs receive regular maintenance, are standardized, and have reasonable security practices.
All of this makes APIs a logical, and easy next step for nodal market participants graduating from a user interface into the world of data science and automated analysis. Because APIs allow you to pull years worth of historical data, you can improve your market analyses. Downloading in a variety of formats, they allow you to integrate data into Excel, R, Python, etc. where you can begin to perform more sophisticated and automated analytics. An API will also allow you to perform in more ISOs and put on more trades, winning back time and providing more operational efficiency. If you’re ready to take the next step from the user interface in your data transformation an API is the perfect solution.
