business objective
- To utilize offshore services in managing their renewable energy project database, thereby reducing operational costs, while maximizing the utilization of their in-house analysts for consultation.
- To reduce the turnaround time required to update the database with renewable energy projects from the specified countries, while maintaining extensive coverage, as the client was experiencing data gaps and inconsistencies in their current process.
Our solution
Cognition implemented a tech-led solution to increase efficiency and reduce the time spent updating renewable energy projects in the client’s database.
- Cognition utilized its proprietary tool ‘Media Signals’ to extract and evaluate renewable energy project details across the specified countries. By adding relevant keywords, the tool curated focused project news from multiple sources, enabling comprehensive coverage and analysis of relevant developments. The tool’s advanced search capability allowed the analyst team to refine the identified results using keyword-based filtering.
- Using ‘alerts’ feature, the tool started sending out regular updates on newly announced projects. The team also used RSS feeds from credible renewable energy e-journals and magazines to receive regular updates on the new projects posted on their websites.
- To ensure data accuracy, the Cognition team created a detailed checklist outlining data collection criteria for inputting information on renewable energy projects. This includes identifying sources and defining processes for adding project data fields, ensuring consistency in data format, structures, naming conventions used for storing and organizing project related information in the database and project value in standard units.
- The Cognition team also worked with the client to create a roadmap that included new geographies and other value-added capabilities in the database.
- The team suggested and gained client’s approval to conduct research in a few additional MENA countries (Egypt, Qatar, Israel) that are actively building renewable energy projects
- As a value-add service, the Cognition team began offering quarterly updates of key industry trends and developments, which the client found interesting and agreed to a regular update going ahead. These updates were recorded in the database.
Outcome
- Turnaround time for updating newly launched projects has decreased from a few days to less than 24 hours
- Data accuracy has increased from 70% to 95% with effective validation and audit procedures