Energy Forecasting Model Approvals

Energy Forecasting Model Approvals

Bring accuracy into demand planning and improve grid reliability by automating the energy forecasting model approval workflows.

Why automate?

Energy and utilities companies need to predict the future energy demand to make informed operational decisions. To make such decisions and have visibility over energy demand, they need the right energy forecasting model. These forecasting models need to be evaluated for their relevance and suitability to the organizational needs. Approving these models involves checking their accuracy, comparing them with historical data and market trends, meeting regulatory requirements, and aligning them with energy planning goals. The review and approval of energy forecasting models when done manually, is a tedious and data-intensive process. Also, manual processes involve extensive paperwork and multiple review layers. This can lead to inaccurate forecasts, operational risks, and even service disruptions. Automating the approval process makes it faster and more efficient. It ensures all reviews and approvals are done on time and with precision. Automation also allows real-time tracking, improving transparency and accountability. Plus, workflows can be customized for different forecasting needs, helping utilities create more accurate and reliable demand plans.

How Cflow Can Help Automate the Process

Automated Model Evaluation and Compliance Review

Cflow integrates with energy management and forecasting systems to automatically evaluate the accuracy and compliance of energy forecasting models. This ensures that models are aligned with demand planning goals and meet all regulatory requirements.

Customizable Model Approval Workflows

Cflow allows utilities to create tailored workflows for different types of energy forecasting models, ensuring that each model is reviewed and approved according to its specific requirements. This enhances forecasting accuracy and reduces delays.

Transparent Documentation and Record Keeping

Cflow automatically generates and stores documentation for each energy forecasting model approval, ensuring that all records are accurate and easily accessible. Cflow provides deeper visibility and enhances the transparency of record keeping, which helps create a clear audit trail.

Real-Time Monitoring and Notifications

The status of energy forecasting model requests can be monitored in real-time in Cflow. Automated alerts ensure that any issues are addressed promptly, keeping the approval process on track and ensuring timely implementation.

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Ronald Tibay

Senior IT Manager @ NutriAsia, Inc

“The WFH environment during the COVID-19 pandemic made it clear how inefficient our processes were. Cflow allowed us to digitize paper forms with automated workflows. If you can envision a tool for an online workflow, it can be done in Cflow!”

Stephanie Duncan

Stephanie Duncan

Registrar @ Freed-Hardeman University

“We are extremely liking CFlow. So far any issues that we’ve had once we contacted support they were able to help us resolve the issue. This has helped us take a paper process and replace it, faster and more streamlined now for us.”

Bradley Wilkins

Bradley Wilkins

Director of Technology @Hazel Park School

Frequently Asked Questions

What is an energy forecasting model approval?

A process where management reviews and authorizes models used to predict future energy demand and supply.

What challenges arise in energy forecasting model approvals?

Inaccurate data, changing market conditions, and lack of historical trends.

How can organizations streamline energy forecasting model approvals?

By using AI-based models, integrating market data, and reviewing forecasting accuracy regularly.

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