Advantage
Reliable decision-making basis for efficient electricity trading
Data
Electricity price developments and news reports from Reuters
Methods
Text Mining
Challenge
To leverage efficiency potential and develop new business areas, an energy provider is increasingly relying on data mining and predictive analytics. The goal is to analyze as much and as diverse data as possible to provide targeted and reliable support for company decision-making. For example, for electricity trading, reports from the Reuters news agency are collected minute by minute and individual news items are analyzed for their relevance to energy price developments.
Goal
The goal is to automatically classify news items according to their relevance to electricity price developments. An integrated system will support electricity traders in selecting relevant news items in the future.
Solution
The company decided to implement the necessary algorithms itself and optimize them in the future, as it considers data analysis expertise to be critical to its business. The solution will be implemented using the free statistical language R. R's advantages include its diverse capabilities in all areas of data mining and predictive analytics, its high quality software, and its ability to integrate into existing infrastructure. Furthermore, there are no license fees for R.
With the R Academy, eoda offers a comprehensive training program for R, which can be specifically expanded upon in customized training sessions.
Based on the client's objectives and eoda's experience, a customized training program was designed to provide participants with the greatest possible benefit. The resulting concept had two fundamental focuses:
- Introduction to data analysis with R
- Text mining with R
The second part of the training covered the analysis and classification of texts with R. Reuters news stories were prepared using tokenization, sentence splitting, and normalization, among other methods, and then analyzed using methods such as support vector machines and neural networks.
Result
Like many other companies, the energy supplier has recognized the potential of the free programming language R for data mining and predictive analytics. R can be optimally integrated into the existing infrastructure and offers the opportunity to quickly implement the highest-quality and most modern analytical methods.
eoda's customized training courses significantly support the customer in developing and productively deploying their own analytical solution. Analyzing thousands of messages per day with regard to company-specific goals is a typical example of the requirements in the Big Data environment. eoda's training courses specifically impart the knowledge that the customer's responsible employees need to profitably use "Big Data" for their own company.
eoda also supports the energy supplier after the training with its R support and methodological advice on the training content. This ensures that the achievement of the predefined goals is optimally supported even after completion of the training and that the benefits of using R are maximized.
Get started now:
We look forward to exchanging ideas with you.
Your expert on Data-Science-Projects:
Manfred Menze
projects@eoda.de
Tel. +49 561 87948-370
