AI-Based Solution to Enable On-Demand Forecasting
Bounteous x Accolite developed an advanced AI and machine learning platform for energy providers, overcoming significant forecasting challenges. Our robust solution includes a dynamic data lake, load forecasting, risk management, and innovative scheduling tools. This enabled real-time insights and a fully autonomous grid, setting a new standard for the energy industry.
- Artificial Intelligence & Machine Learning
- Business Intelligence & Insights
Business Issue
With an increasing customer base and subsequent demand for energy, energy providers were facing significant challenges in forecasting demand in real time. They lacked systems to capture, store, and process meter-level data to derive business insights.
They needed a built-in Advanced AI and machine learning platform that would provide insights in a timely, automated manner and a forecasting model powerful enough to predict unseen patterns.
Solution
Bounteous x Accolite architected data lake with dynamic configuration to quickly onboard multiple customers and implemented data platform and data lake, load forecasting, risk management, and laid scheduling. Additionally, we developed a risk management tool that allows Retail Energy Providers (REPs) to make decisions based on usage patterns and built a load scheduling tool that allows bid scheduling and offers needed by REPs, utilities, scheduling coordinators and traders.
We tested different forecasting models with multiple validations built with hybrid models.
Outcomes
The grid is fully autonomous and reliable, and the client can derive insights in real time to meet fluctuating demand. We created a structured, scalable data lake model that could scale up for future requirements.
Related Client Work
Check out more of our work with the world’s most ambitious brands.
