London – Markit, a leading, global financial information services company, today announced that Denmark-based DONG Energy, one of the leading energy groups in Northern Europe, has selected Markit Enterprise Data Management (EDM) (formerly Cadis Software) to help consolidate its data, improve operational efficiency and reduce the cost of data management.
As part of this initiative, DONG Energy will use Markit EDM to create a price master, which will automate the import of curves data, cleanse and enrich the data, and export it to the company’s pricing and modelling engines.
Soren Ilsoe Overgaard, Head of Corporate Markets Business Intelligence and Domain Architecture at DONG Energy, said: “Our business stakeholders selected Markit EDM for its user-friendly platform, which will help us enhance the transparency, quality assurance and governance of our internal and external data distribution processes. Data in an energy company are comparable to those found in financial institutions, but we also have many industry-specific data, which Markit EDM can handle with ease. The platform will enable us to build our own rules on a wide range of data – not only market data and trade prices, but also production, metering, weather, forecasting, distribution, and Geographical Information Systems (GIS) data.”
“By putting the business and IT in direct control of the data used within our company, Markit EDM will help us reduce the time spent on development, speed up our incidents management processes and reduce our overall data spend.”
Daniel Simpson, Managing Director of Markit EDM, said: “We were selected by DONG Energy following a successful proof of concept which demonstrated that our platform was able to handle the heavy data volumes processed by DONG Energy every day. This is testament to the strength of our platform and expands our footprint in the energy industry.”