How do you help an energy trading firm turn a mountain of data into a competitive advantage?
RWE Supply & Trading (RWEST) knew they were sitting on a goldmine of data and insights that could transform their business. Each trading desk had valuable price and market information that other desks could benefit from. But there was no platform to share that information. They needed a way to store, curate and manage data so everybody could trust it was accurate. And the tools to turn it into insights to make better trading decisions. They called on Baringa to turn them into data leaders.
We used our knowledge of the markets and technology to find the data gold
First up, defining the data strategy. To do this, we brought together our trading experts – who understand the energy market – and our data experts, who know technology and analytics. Together, they identified the data that was valuable and how RWEST could use it. They created a process to make sure it was accurate. Then they chose a technology platform that would put that data in one place, where the RWEST team could access it quickly and easily.
With the strategy in place, it was time to deliver – not by changing everything at once, but incrementally. One by one, we implemented use cases – making a little change in governance, technology and organisation (the three strategy pillars) for a small part of the data. With each release, a different team got more insight into the data they were using. They saw first-hand that the data was accurate and valuable. And the other teams could see the benefit that each change created.
Making data RWEST’s most valuable commodity
After 18 months, 20 trading desks around the world can now access 100 TB of market data, tapping into insights to make better trading decisions. We’ve implemented 50 use cases for the data, and over 100 people use the platform. So RWEST can truly say they’re a data-driven organisation.
"We didn't want to find a company where we could just come in and execute tasks […] We needed to find somebody with a collaborative mindset who could take us on that journey. This is why we started working with Baringa Partners."
Jennie Jackson, Programme Lead, RWE Supply & Trading, Lead in Data project
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