| | DEC 2018 - 8E ERGYTech Reviewin myopinionAdoption for Open Data SourcesThe significant costs of using Big Data­in analytics applications­are in the technical (information technology and data science) and industry/ business function subject matter expertise. These costs are rising because demand is very high and supply is low. Technology can mitigate the rising cost of talented personnel as it has in the past: the unit cost of storage continues to decrease and the competition for Big Data/analytics market share drives lower software prices for data integration and `on demand' hosting services for large data volumes. The increasing availability and adoption of `open data' sources, companies can incorporate new sources of data and ideas for free where, historically, data had to be purchased.Promise of a `Step Function'The combination of machine learning and robotic process automation has the promise of a `step function' improvement in lower-level task automation that can extract significant efficiency benefits across industries. These technologies go beyond the process automation we've grown accustomed to through the implementation of process design efficiencies combined with traditional transaction processing software solutions.Further, autonomous vehicles, drones, augmented/virtual all have the promise to drastically change the way we work in the office and in the field. Importantly for our employees, these technologies can improve safety related to many activities.Big Data's RoleQuietly and with increasing frequency at a consumer level, I've grown increasingly accustomed to real-time applications (like Uber) to support daily activities. The volume of data and application response time of smartphone applications makes me more productive at home and at work. In the context of my role at AEP, I can now ask questions without concern for the complexity and volume of data required to answer them. The rapid progress in cognitive computing (that leverages big data) combined with the mass market availability of effective voice interactions will drastically change how we interact with software services (from creating a simple shopping list to automated home control systems that learn your preferences...).Focus on Business ValueThe most important skill remains an appreciation and focus on business value returned by any technology investment. It is also critical for technology leaders to use logical frameworks that help explain technology evolutions.Leaders need to understand how to orchestrate and leverage combinations of existing, stand-along services into solutions. The technology leader, then, will be an expert in building partnerships with multiple, independent parties.Long-Term ObjectivesOur long-term objective is to find any people, process and technology savings to reduce `Run' costs so we can reallocate funds to `Grow' and `Transform' opportunities. Increasingly, we need to work closely with our partners in the operations Alberto RuoccoTechnology to Mitigate the Rising Big Data CostBy Alberto Ruocco, VP & CIO, American Electric Power
< Page 7 | Page 9 >