Discuss about the Information Assets for Risk Management.
The two information assets that have been identified in SIQs business information that needs to be taken into account for approaching risk management areIQ Data Warehouse and powerIQ:
IQ Data Warehouse
Derrar, Boussaid and Ahmed-Nacer (2015) explained that, Data Management for the SolarIQ (SIQ) client monitoring and reporting system has been taken over by IQ Data Warehouse, which will be used to aid and carry forward the future directions of the company. SolarIQ has taken into account the growing customer database and usage of their electricity generation and usage for the past 15 years, and the core business of maintaining the client's reporting system has remained part of the business’ core activity. The data warehouses will operate in real-time to process the reports and accounts of electricity usage which also includes the dynamic reporting interface. The dynamic reporting interface enables the clients to perform in-depth analysis and forecast usage, to monitor and deliver information on electricity usage to various devices and social media like Twitter and Facebook. SIQ itself is a source of major revenue, but data warehouse will present an even bigger opportunity for analysis of big data, which will support business intelligence. The SIQs would not be able to level the competition at this stage. In both internationally and domestically, SIQ is evaluating its licensing options for its data reselling to interested businesses, electricity suppliers, and to the government. All of these will, however, depend on the capacity supported by the center to interact with the customers securely over mobile and Wi-Fi networks. Therefore, the government has installed its continuous backup facility and continuous uninterruptible power supply, and they are linked from outside with high-speed broadband connection(Schmidt and Prado 2013).
Nasta (2013) opined that, SIQ has invested a significant amount over the five years in development and research of its patented in-house lithium battery storage system, which resulted in the release of PowerIQ pilot in June of 2016. Lithium battery technology stores generated household electricity, and the battery is combined with powerIQ connected with an intelligence system, which enables customers to minimize their dependence on suppliers and control their supply mix by using their stored electricity. SolarIQ realized that various lithium power solutions had entered the market, but SIQ has a leading edge with their benchmark intelligence system. SIQ therefore, have developed and optimized powerIQ, so that the customers can manage the cost and take action on real-time information, in the form of energy prices, consumer trends, stored power level, and home usage patterns among others. Currently, fewer customers are involved in the powerIQ pilot, but the customer has already notified that it will replace the old solarIQ monitoring platform and inverter, and hence the privacy and safety of this new customer information system and the solar energy is critical for the company’s future. powerIQ provides availability, integrity, and confidentiality of the information, which is not only essential to the company but also keeps the customers happy.
From the overall discussion it can be concluded that, in Solar IQ two assets such as IQ Data Warehouse and Power IQ are identified to improve the overall business Information System (IS). The IQ data warehouse has undertaken the data management system under consideration to develop the reporting and monitoring system. The system helped the organization to evaluate several advanced operations regarding big data and social services. In order to enhance the global competition backup facility and the supply management system are acquired. The report has indicated all the basic requirements of Power IQ. It has been found that, the intelligence system has generated the house hold electricity by utilizing the natural resources. It is less expensive and based on the nature of the supplier and consumers the cost is estimated. There are also certain benchmarks that are considered to optimize the Power IQ. In order to develop the future of the organization the company has implemented different customer management system, those are also elaborated in this report.
Derrar, H., Boussaid, O. and Ahmed-Nacer, M., 2015. An Objective Function for Evaluation of Fragmentation Schema in Data Warehouse.
Nasta, B., Raritan Americas, Inc., 2013. System and method for improving accuracy of measurements of a network of intelligent power distribution units through time synchronization. U.S. Patent Application 14/011,848.
Schmidt, S.O. and Prado, E.P.V., 2013. IT Architecture and Information Quality in Data Warehouse and Business Intelligence Environments.Information Quality and Governance for Business Intelligence, p.112.