76% of Australian Energy Companies Struggle with Data Accessibility

Appian research reveals that data challenges remain in spite of digital initiatives, impacting efficiency, reporting, customer service, and compliance

SYDNEY,Dec. 12, 2024/PRNewswire/ -- According to new research fromAppian(Nasdaq: APPN), Australian energy companies face data accessibility challenges. 78% of them have adopted new digital tools in the past five years but data silos remain a challenge.

As energy prices continue to soar acrossAustralia, scrutiny from consumers, government and businesses has also intensified. Data accessibility shortcomings mean many energy companies struggle to make informed business decisions and meet escalating industry and customer service demands.

The report,Appian Asia-Pacific Data Trends Survey 2024: Opportunities and impediments for data-driven enterprise growth, which surveyed over 300 professionals across the energy, utilities and oil and gas sectors, shows that nearly half (49%) of respondents cited data accessibility as a major challenge. More than 76% of respondents also indicated that they have had to work with incomplete or inaccessible data.

"Energy companies are under more pressure than ever before to streamline operations and respond quickly to market changes and demands,"said Luke Thomas, Area Vice President ofAsia-PacificandJapanat Appian."This is driven by heightened scrutiny over recent energy price spikes, alongside efforts to supportAustralia'sgoal of reducing its greenhouse gas emissions by 43% by 2030 and reaching net zero emissions by 2050.

"Our research results show that digital adoption alone is not enough. Without a unified approach to data management, organisations risk not realising the full value of their digital investments and not keeping up with market demands,"Thomas warned.

The problem: data silos

The survey found that 42% of respondents pointed todata silosas a primary concern. Data often remains in different systems as energy companies grow and acquire new applications. Data locked away in lots of different systems is hard to access and use, posing a major problem for workers.

"For Australian energy companies, the biggest cited problem is that organisational information is inaccessible because it's regularly stored in different systems and in different formats,"explainedRay Croxon, Area Vice President of Solutions Consulting at Appian."It's not so much being able to have the data but having it in a format that's easy to consume."

Thomas also raised concern around data silos:"Today, energy companies inAustraliaheavily rely on digital processes and accurate data to function. Yet due to data silos, their workers operate with incomplete or inadequate information to manage complex and critical operations."

The business impact

The research underscores how data issues are directly affecting critical business areas:

• Operational efficiency.55% of businesses said data issues caused operational inefficiencies. Poor data management leads to wasted resources, duplicated efforts, and slow response times, creating a ripple effect across the organisation's core functions.
  
  
  
  
• Customer service.34% of respondents cited customer service as a major issue."Fragmented or inaccurate data can lead to poor customer experiences. This can manifest as delays in resolving customer enquiries, incorrect billing, or misaligned service offerings,"said Croxon.
  
  
  
  
• Reporting and analysis.56% of businesses struggle to derive insights from their data for reporting and analysis. Without a reliable single source of truth, energy companies cannot accurately conduct predictive analytics, operational forecasting, and strategic planning. These are areas where even small errors can lead to significant financial and operational repercussions.
  
  
  
  
• Compliance and auditing.31% of energy companies said fragmented data impacted compliance and auditing."In an industry where regulatory scrutiny is intensifying, the inability to maintain a transparent, auditable data trail poses serious risks. Companies may face challenges responding to regulatory requests, leading to delays in filings, fines, or even non-compliance penalties,"said Thomas.

The end of data silos: Appian's solution to data challenges

To address data challenges, Appian advocates strategically implementing a modernprocess automationplatform with a data fabric. Platforms with data fabric give decision makers a complete picture of their enterprise in real time, at scale.

"A data fabricis an architectural layer and toolkit that seamlessly integrates data across disparate systems, whether on-premises or in the cloud. By creating a centralised, unified view, a data fabric helps … these companies leverage their digital investments for meaningful business outcomes,"concluded Thomas.

Appian's data fabric unifies, secures, and optimizes enterprise data. It lets organizations use their data to build impactful and data-rich digital solutions combined with automation, AI, and low-code design. It works by connecting and unifying data across enterprise systems in an integrated data layer. And because of Appian's low-code controls and auto-optimized performance, data fabric reduces the burden of integration and data management, so you can democratize data access and make smarter decisions faster.

Download the Appian Asia-Pacific Data Trends report to see how energy and utilities companies are transforming their data with automation. 

About Appian

Appian is a software company that orchestrates business processes. The Appian Platform empowers leaders to design, automate, and optimise important processes from start to finish. With our industry-leading platform and commitment to customer success, Appian is trusted by top organisations to drive transformational process change. For more information, visitappian.com. [Nasdaq: APPN]

Follow Appian: LinkedIn,X (Twitter)

Photo -https://mma.prnewswire.com/media/2579325/Appian_Research_Australia_Data_Challenges.jpg

Logo -https://mma.prnewswire.com/media/1948800/Appian_400px_Blank_Logo.jpg

View original content:https://www.prnewswire.com/apac/news-releases/76-of-australian-energy-companies-struggle-with-data-accessibility-302329667.html

SOURCE Appian